Indian Bank Company History

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

HISTORY AND CERTAIN CORPORATE MATTERS

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 Parry’s Buildings, Parry’s 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 Bentinck’s 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 1990’s 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 Bank’s 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.

An increase in bank's benchmark prime lending rate (BPLR) by 0.25 percent.The BPLR is the interest rate charged to their most trust worthy customers by the commercial bank. The bank's BPLR has increased to 13.50 from 13.25. all the changes made in the BPLR can be regulated by the bank, but it has to be under compliance of the BPLR fixed.

India bank loans provisional up 21.38% on year: RBI.

Indian Bank launches e-Treasury service.

Indian Bank has appointment of the following Statutory Central Auditor (SCA).

Indian Bank reduces home, car loan rates by up to 50 bps.

Scheme of Amalgamation of M/s. lndfund Management Limited, a wholly owned subsidiary of the Bank with Indian Bank, Indian Bank.

Indian Bank inaugurates two ATM centres at Chennai airport.

Indian Bank and United India Insurance Company (UIIC) have launched a webportal offering online entry and renewal of group insurance policies.

The Board has also declared an Interim Dividend of Rs. 3.00 (30%) per Equity Share and the Final Equity Dividend of Rs. 1.70 (17%) per Equity Share of face value of Rs. 10/- each

Indian Bank revises interest rates on foreign currency

Indian Bank has launched a unique, easy & hassle free home loan product IB Home Enrich” for repairs and renovation of residential dwelling units.

National Award for Excellence in Lending to Micro Enterprises during 2015-16 - First Rank and National Award for Excellence in MSE Lending by Public Sector Banks during 2015-16 - Second Rank to Indian Bank.

Indian Bank (IB) has launched Three unique, easy-to-use, environment friendly, Tech products to overcome the effects of Demonetization for its customers without coming to the Branches.

Indian Bank, Muthoot Microfin sign MoU.

Indian Bank - In Principle Approval Of Alternative Mechanism (AM) To Amalgamation Of Allahabad Bank

Indian Bank Celebrates 114Th Foundation Day 14.08.2020

Indian Bank Inaugurates Amalgamated Branches In Chennai 31.08.2020

Indian Bank Conducts Vehicle Loan Mela 25.09.2020

Indian Bank Inaugurates Customer Acquisition Processing Centre (Capc),Chennai Branch 05.10.2020

Indian Bank starts fifth batch of MSME Prerana 18.12.2020.

Indian Bank received award from Government of West Bengal

Indian Bank Launches new Vision & Mission Statement of the Bank.

Indian Bank signs MOU with The Chennai Angels for financing Start-ups

Indian Bank signs MoU with BSNL & MTNL

Indian Bank Sponsored utility vehicle to Blue Cross India.

Indian Bank signs MoU with PCI.

Indian Bank unveils the Dynamic QR Code bill payment system for CESC, Mysuru.

Indian Bank launches new initiatives under Project WAVE.

Indian Bank launches MSME Prerana in Rajasthan.

Indian Bank signs MOU with Honda.

Indian Bank opens Digital Banking Unit in Delhi.

Indian Bank Launches 24 New Resources Acquisition Centres taking its RAC strength to 75.

Indian Bank partners with Intellect Design Arena for the implementation of Innovative Cash Management Service Platform for Corporate and Institutional customers.

Indian Bank signs MoU with DHBVNL for payment gateway services.

Indian Bank launches IB SAATHI to revolutionize Financial Inclusion.

Indian Bank partnered with Maruti Suzuki India Ltd for Supply-chain Finance.