Indian Bank
Encyclopedia
Indian Bank is a major India
n Commercial Bank
headquartered in Chennai
(Madras), India
. It has 22,000 employees, 1923 branches(all CBS) and is one of the big public sector banks of India. It has overseas branches in Colombo
, Sri Lanka
, Singapore
, and 229 correspondent banks in 69 countries. The Government of India
nationalized the bank, along with 13 other major commercial banks, on 19 July 1969.
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n Commercial Bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
headquartered in Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
(Madras), India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. It has 22,000 employees, 1923 branches(all CBS) and is one of the big public sector banks of India. It has overseas branches in Colombo
Colombo
Colombo is the largest city of Sri Lanka. It is located on the west coast of the island and adjacent to Sri Jayawardenapura Kotte, the capital of Sri Lanka. Colombo is often referred to as the capital of the country, since Sri Jayawardenapura Kotte is a satellite city of Colombo...
, Sri Lanka
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, and 229 correspondent banks in 69 countries. The Government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
nationalized the bank, along with 13 other major commercial banks, on 19 July 1969.
History
Indian bank was founded by Annamalai and Ramaswami Chettiar in 1907. This was in response to the financial crash faced by two leading trading companies in Madras, Arbuthnot's and Binny's.Timeline
- 1907: Established on 15 August
- 1932: Indian Bank opened a branch in ColomboColomboColombo is the largest city of Sri Lanka. It is located on the west coast of the island and adjacent to Sri Jayawardenapura Kotte, the capital of Sri Lanka. Colombo is often referred to as the capital of the country, since Sri Jayawardenapura Kotte is a satellite city of Colombo...
. - 1935: IB opened a branch in JaffnaJaffnaJaffna is the capital city of the Northern Province, Sri Lanka. It is the administrative headquarters of the Jaffna district located on a peninsula of the same name. Jaffna is approximately six miles away from Kandarodai which served as a famous emporium in the Jaffna peninsula from classical...
. - 1939: IB closed the Jaffna branch.
- 1940: IB opened a branch in Rangoon (YangonYangonYangon is a former capital of Burma and the capital of Yangon Region . Although the military government has officially relocated the capital to Naypyidaw since March 2006, Yangon, with a population of over four million, continues to be the country's largest city and the most important commercial...
). - 1941: IB closed the Rangoon branch but opened branches in SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
(where future branch manager KB PisharodyPisharodyPisharody is a sub-caste of the Pushpaka Brahmin caste in Kerala. As Vaishnavite Brahmins, Pisharodys were traditionally caretakers of Hindu temples, with temple related jobs and hence clubbed under Ambalavasis...
(1915–1998) started his career in the same year), and in Kuala LumpurKuala LumpurKuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
, IpohIpohIpoh is the capital city of Perak state, Malaysia. It is approximately 200 km north of Kuala Lumpur on the North-South Expressway....
, and PenangPenangPenang is a state in Malaysia and the name of its constituent island, located on the northwest coast of Peninsular Malaysia by the Strait of Malacca. It is bordered by Kedah in the north and east, and Perak in the south. Penang is the second smallest Malaysian state in area after Perlis, and the...
. The rapid advance of the Japanese Army forced IB to close all its branches in Malaya and Singapore. - 1942: IB closed the Colombo branch.
- Post-WWII: IB reopened its Malayan and Singapore branches.
- 1948: IB reopened its branch in ColomboColomboColombo is the largest city of Sri Lanka. It is located on the west coast of the island and adjacent to Sri Jayawardenapura Kotte, the capital of Sri Lanka. Colombo is often referred to as the capital of the country, since Sri Jayawardenapura Kotte is a satellite city of Colombo...
. - 1960s: IB acquired MannargudiMannargudiIndia census, Mannargudi had a population of 61,588. Males constitute 50% of the population and females 50%. Mannargudi has an average literacy rate of 79%, higher than the national average 59.5%: male literacy is 84%, and female literacy is 74%. In Mannargudi, 9% of the population is under 6...
Bank (est. 1932) and Salem Bank (est. 1925). - 1969: The Government of India nationalized 14 top banks, including Indian Bank.
- 1973: Indian Overseas Bank, Indian Bank and United Commercial Bank established United Asian Bank Berhad in which IOB held 16.67% of the paid up capital, as a result of a new banking law in Malaysia that prohibited foreign government banks from operating in the country.
- 1978: IB became a technical adviser to P T Bank Rama in IndonesiaIndonesiaIndonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
, the result of the merger of P T Bank Masyarakat and P T Bank Ramayana. - 1980: IB, Bank of BarodaBank of BarodaBank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank. BoB is ranked 763 in Forbes Global 2000 list. BoB has total assets in excess of Rs. 3.58 lakh crores, or Rs. 3,583 billion, a network of over 3,409 branches and...
, and Union Bank of IndiaUnion Bank of IndiaUnion Bank of India is one of India's largest state-owned banks , is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 1135 ATMs. Its online Telebanking facility are available to all its Core Banking Customers - individual as...
established IUB International Finance, a licensed deposit taker in Hong Kong. Each of the three banks took an equal share in the joint venture. - 1987: IB acquired Bank of Tanjore (Bank of Thanjavur) in Tamil NaduTamil NaduTamil Nadu is one of the 28 states of India. Its capital and largest city is Chennai. Tamil Nadu lies in the southernmost part of the Indian Peninsula and is bordered by the union territory of Pondicherry, and the states of Kerala, Karnataka, and Andhra Pradesh...
in a rescue. - 1998: Bank of BarodaBank of BarodaBank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank. BoB is ranked 763 in Forbes Global 2000 list. BoB has total assets in excess of Rs. 3.58 lakh crores, or Rs. 3,583 billion, a network of over 3,409 branches and...
bought out its partners in IUB Intl. Fin. in Hong Kong. Apparently this was a response to regulatory changes following Hong Kong’s reversion. IUB became Bank of Baroda (Hong Kong), a restricted license bank. - 2007: IB celebrated its centenary year.
Diversified banking activities - 3 Subsidiary companies
- Indbank Merchant Banking Services Ltd
- IndBank Housing Ltd.
- IndFund Management Ltd
Further reading
- Seshadri, R.K. 1982. A swadeshi bank from south India. Madras: Indian Bank.