Home  »  Company  »  Indian Bank  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Indian Bank Company History and Annual Growth Details

2000 - Mrs. Ranjana Kumar assumed charge as the Chairperson and Managing
Director of Indian Bank.

- The Bank has launched its vehicle loan and consumer loan schemes
in select cities viz., Bangalore, Chandigarh, Chennai,
Coimbatore, Ernakulam, Hyderabad, Kochi, Madurai, New Delhi,
Tiruchi and Thiruvananthapuram.

- Indian Bank is a scheduled public sector bank.

- Indian Bak will launch a 'Specialised Loan Scheme' to individuals for the
construction or purchase of flat or house.

- Indian Bank has launched a new trade financing scheme.

2001 - Sterling Infotech Ltd has tied up with Indian Bank to help students obtain low-cost
finance for the Carnegie Technology education software engineering course.

- Indian Bank has entered into a strategic tie-up with HDFC Standard Life Insurance
for distribution of the latter's life insurance products.

- Indian Bank has launched a scheme called 'Cash Management Services' for speedy
collection of outstation cheques.

- Indian Bank has contributed Rs 62 lakh towards the Prime Minister's Relief Fund.

- Indian Bank has associated with the M S Swaminathan Research Foundation (MSSRF), Chennai to sponsor a programme on agriculturists to be aired on the All India Radio.


-Indian Bank gets best commercial bank award

-Indian Bank on January 22, 2004, signed an agreement with Export Credit Guarantee Corporation of India to distribute the latter's credit insurance packages for exporters.

-Indian Bank gets prize for granting loans to self-help groups (SHGs) in Andhra Pradesh

-Indian Bank's Singapore branch launches ''Sunday remittance service'' on the basis of what the bank saw as a need felt by the Indian nationals in the City-State

-Indian Bank has introduced 'IB Swarna Abharana' a new loan product for buying gold jewellery

-Indian Bank join hands with TimesofMoney for remittance solution

-Indian Bank and Andhra Bank signed an agreement on June 28, 2004, to share their automated teller machine (ATM) facilities

-Indian Bank and Corporation Bank on July 12 signed an agreement to share their ATM network

-Indian Bank join hands with TimesofMoney for remittance market

-United India Insurance Company is launching 'Arogya Raksha', a scheme to provide mediclaim coverage in association with Indian Bank

-Indian Bank introduces online money transfer service for NRIs in US

-Indian Bank unveils 4 new loan schemes

- Ties-up with Tamil Nadu Newsprint and Papers Ltd (TNPL) for financing farmers taking up farm forestry project with the sponsorship of TNPL


-Indian Bank has signs the papers with the National Exchange Company of Doha, Mussandum Exchange Company of Oman and Abu Dhabi-based UAE Exchange Company for money transfer business

-Indian Bank ties up with three overseas cos for money transfer

--Indian Bank sets up new branch in Delhi


-Indian bank in negotiations with LIC

-Indian Bank sets up new branch in Mumbai

-Indian Bank launches Bharat Card


The Bank was incorporated on March 5, 1907 under the Indian
Companies Act, 1882 as 'Indian Bank Limited' and commenced
operations on August 15, 1907. The Head Office of the Bank was
set up at Parrys Buildings, Parrys Corner in Chennai (then known
as Madras) and was shifted to Bentincks Buildings on Rajaji Salai
(then known as North Beach Road), Chennai in July 1910.
Subsequently, in May 1970, the Head Office was shifted to its
present location with its address as 31, Rajaji Salai, Chennai, in a
building which stands on the same site as Bentincks Building. On
February 8, 2003 the Head Office was renumbered as 66, Rajaji
Salai, Chennai 600 001, India.

Pre Nationalisation

The Bank commenced business as 'Indian Bank Limited' at
Madras. The Bank opened its first overseas branch in Colombo,
Sri Lanka, in 1932. In 1962, the Bank acquired the businesses
of Royalaseema Bank, the Bank of Alagapuri, Salem Bank, the
Mannargudi Bank and the Trichy United Bank.

Post Nationalisation

The Bank was nationalised on July 19, 1969. After nationalisation,
the Bank was renamed Indian Bank. The Bank of Thanjavur Limited
(with 157 branches) was amalgamated with the Bank 1990. The first
RRB, Sri Venkateswara Grameena Bank, was sponsored by the Bank
in 1981.

Restructuring Plan

The Bank experienced some financial setbacks in the 1990s consequent
upon the introduction of prudential norms by the RBI and other factors and
incurred losses in 1994 and during the period from fiscal 1996 to fiscal 2001.

The Bank submitted a Restructuring Plan 2000-03 in June 2000 to the
Government of India (the 'Plan') seeking, inter alia, recapitalisation for
improving the financial strength of the Bank, to reach the required capital
adequacy ratio of 9% and to meet the gap created by application of the
prudential income recognition norms.

The Plan was a comprehensive package of various initiatives such as
structural, operational and business growth initiatives including:

1. Elimination of one tier in place of the four-tier structure;

2. Introduction of customer-centered products and service and delivery
channels and segmentation of the business into corporate, credit intensive,
commercial, personal and rural banking branches;

3. Rationalisation of branches;

4. Development of a more flexible and pragmatic compromise settlement policy;

5. Framing, revising Policies in all operational areas;

6. Increasing staff motivation and involvement;

7. Introduction of a voluntary retirement scheme; and

8. Upgrading of technology.

The Plan was operational with effect from September 30, 2000. Under the
Plan, we were provided assistance of Rs. 3,250 million for implementation of a
voluntary retirement scheme and Rs. 2,710 million for implementation of a
technological upgradation plan, which are repayable (with a moratorium of three
years) over a period of 66 months and 60 months, respectively.

Key Milestones

1932 - The Bank opened its Colombo branch.

1941 - The Bank opened its Singapore branch

1962 - The Bank acquired the Royalaseema Bank, the Bank of Alagapuri,
the Salem Bank, the Mannargudi Bank and the Trichy United Bank

1969 - The Bank was nationalized. It was appointed as the lead bank for nine
districts in the States of Tamil Nadu, Andhra Pradesh and Kerala and the Union
Territory of Pondicherry.

1970 - The Head Office of the Bank was shifted to its own building

1981 - The first regional rural bank sponsored by the Bank, Sri Venkateswara
Grameena Bank, was founded

1989 - Indbank Merchant Banking Services Ltd was incorporated as a subsidiary
of the Bank

1990 - Bank of Thanjavur Limited (with 157 branches) was amalgamated

1991 - Ind Bank Housing Limited was incorporated as a subsidiary

1994 - Indfund Management Limited was established to manage the operations
of Indian Bank Mutual Fund

1995 - The Banks own training establishment, Indian Bank Management
Academy for Growth & Excellence (IMAGE) established.

2002-03 - The Bank received an award from NABARD for best performance under
SHG in Tamil Nadu and Andhra Pradesh.

2004-05 - The Bank entered into strategic alliance with Mahindra & Mahindra Limited
and TAFE Limited for pushing up tractor usage among farmers

2004-05 - Core Banking Solution was implemented by the Bank in 2 branches on
December 22, 2004

2006-07 - The Bank entered into a strategic alliance with Oriental Bank of Commerce
and Corporation Bank


-Indian Bank launches Bharat Card


-Indian has appointed Shri. M S Sundara Rajan as Chairman and Managing Director of the Bankwith effect from June 04, 2007.

- Indian Bank has informed that in exercise of the powers conferred by Clause (f) of sub-section (3) of Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 / 1980 read with sub-clause (1) & (2) of Clause 9 of the Nationalized Banks (Management & Miscellaneous Provisions) Scheme, 1970 / 1980, the Central Government, after consultation with the Reserve Bank of India, has, vide notification dated November 22, 2007, nominated Shri. T T Natarajan, Senior Manager and Secretary General, Indian Bank Officers Association as Officer Employee Director on the Board of Directors of the Bank for a period of three years from the date of the notification or till he ceases to be an officer of the Bank or until further orders, whichever is the earliest.

-Indian Bank rolls out biometric-enabled smart cards


- Indian Bank has appointed Shri. Anup Sankar Bhattacharya as a whole time director (designated as Executive Director).

-Indian Bank has informed that: 'Indian Bank has signed an Agreement with Reliance Capital Asset Management Ltd. to act as a Corporate Agent to sell the Mutual Fund products of Reliance Mutual Fund .


- Indian Bank has brought down its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 12 per cent from 12.50 per cent with effect from June 1. Meanwhile, the bank has increased interest rates on FCNR (B) as well as NRE deposits effective from June 1.

- Indian Bank has informed about the appointment of the following three Statutory Central Auditors (SCAs) of the Bank for the year 2009-10 in place of the three retiring SCAs viz. (1) M/s. R. Subramanian & Company, Chartered Accountants (2) R. Gopal & Associates, Chartered Accountants and (3) M/s. Grandhy & Co., Chartered Accountants.
(1) M/s. Suri & Co., Chartered Accountants, Chennai.
(2) M/s. Kalyanasundaram & Co., Chartered Accountants, Chennai.
(3) M/s. Chandran & Raman, Chartered Accountants, Chennai.

- For its contribution towards lending revolving fund and loans to the Self Help Groups during 2008-09, Indian Bank bagged 5 State awards from the State government.

-Indian Bank has joined hands with Tata Motors for financing its range of passenger cars. Under the MoU, the bank will offer loans at an interest rate of 11.5 per cent to customers buying Tata Motors' passenger cars.


- Indian Bank has launched visa business card to address the credit card and payment requirements of corporates and small and medium enterprise (SME) clientele segments.
Oct 21, 12:00 am
Oct 21, 4:14 pm
Subscribe now to get personal finance updates in your inbox!