Indian Bank (IB) was established in 1907 and is headquartered in Chennai, India. The state-owned financial services company serves its 100 million customers through a massive network of 6089 branches, 5,022 ATMs and 1,494 cash deposit machines.
Indian Bank is one of the top performing public sector banks. Its Information Systems and Security processes are certified with robust ISO27001:2013 standards. The bank was nationalised in 1969.
Listing and Revenue
Indian Bank is listed on both BSE and NSE.
|Operating Income||₹6,498 crore|
|Net Income||₹753 crore|
|Total Assets||₹808,000 crore|
Products and Services
Indian Bank offers products and services including Credit cards, Corporate banking, Consumer banking, Finance and Insurance, Private banking, Mortgage loans, Wealth management, and Investment banking.
Indian Bank started its operations on 15 August 1907. Its head office is in Parry's Building, Parry Corner, Madras. IB opened its first international branch in Colombo in 1932 followed by a second branch in Ceylon in 1935 at Jaffna. But the Jaffna branch closed in 1939. In 1940, it opened a branch in Rangoon, Burma. IB opened multiple international branches in 1941 in branches in Kuala Lumpur, Singapore, Ipoh, and Penang.
Malayan and Singapore were later shut due to war. Abrupt closing of branches also led to loses to the bank. IB was again forced to close multiple branches in India and Colombo due to World War II.
Indian Bank was nationalised on 19 July 1969 by the Government of India. After the nationalisation, IB had only two international branches in Singapore and Colombo.
IB expand in the domestic market in 1960 by acquiring several regional banks. Its major acquisitions included Rayalaseema Bank, Mannargudi Bank, Bank of Alagapuri, Salem Bank, and Trichy United Bank.
However, all these banks were small and acquisitions only add 38 more branches to the network of IB. After the acquisition of Trichy United, the total branch count of the bank was 210.
Awards and Recognition
Indian Bank has won 5 State awards in 2008-09 from the government.
Its overseas branches are present in Colombo and Singapore. IB also runs a Foreign Currency Banking Unit at Colombo and Jaffna. It also has a wide network 227 Overseas Correspondent banks across 75 countries.
In 1989, Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank 1990 - Bank of Thanjavur Limited (with 157 branches) was amalgamated.
In 1991, it incorporated Ind Bank Housing Limited as its subsidiary. Scheme of Amalgamation of M/s. lndfund Management Limited became the wholly owned subsidiary of Indian Bank.