- Indian Bank
Infobox Company
company_name = Indian Bank
company_
company_type =Public (BSE, NSE)
foundation = 1907
location =
industry =Banking
branches = 1402
key_people = Mr. M.S. Sundara Rajan (Chairman and MD)
revenue = 3895.99 Crores ~ $865m (2005-06)
operating_income =
net_profit = 504.48 Crores ~ $113m (2005-06)
num_employees = 22,000
parent =Reserve Bank of India
subsid =
homepage = [http://www.indianbank.in/ www.indianbank.in]
footnotes =Indian Bank, established in 1907, is a major
India ncommercial bank headquartered inChennai (Madras ),India . It has 22,000 employees and 1,543 branches and is one of the big public sector banks of India. It has overseas branches inColombo ,Sri Lanka andSingapore , and 229 correspondent banks in 69 countries. TheGovernment of India nationalized the bank, along with 13 other major commercial banks, on19 July ,1969 .History
*1907: Established on
15 August as part of theSwadeshi movement (Freedom Movement in India). [cite web | title= Webelementsndash About Indian bank | url=http://www.indianbank.in/profile.htm | accessmonthday= October 29 | accessyear= 2006 ] Though not aChettiar bank, some of the founders were Chettiars. The key figure wasV. Krishnaswamy Iyer , a lawyer inMadras , who had made a name for himself defending claimants onArbuthnot & Co , which had failed the previous year. In its early international expansion, IB would open branches in cities with important Chettiar populations.
*1932: Indian Bank opened a branch inColombo .
*1935: IB opened a branch inJaffna .
*1939: IB closed the Jaffna branch.
*1940: IB opened a branch in Rangoon (Yangon ).
*1941: IB closed the Rangoon branch but opened branches inSingapore (where future branch manager KBPisharody (1915-1998) started his career in the same year), and inKuala Lumpur ,Ipoh , andPenang . 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 inColombo .
*1960s: IB acquiredMannargudi 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 inIndonesia , the result of the merger of P T Bank Masyarakat and P T Bank Ramayana.
*1980: IB,Bank of Baroda , andUnion Bank of India 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 ofTanjore (Bank ofThanjavur ) inTamil Nadu in a rescue.
*1998:Bank of Baroda 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 celebrates its centenary year.ee also
*
Indian banking References
Further reading
* Seshadri, R.K. 1982. "A swadeshi bank from south India". Madras: Indian Bank.
External links
* [http://www.indianbank.in Indian Bank's official website]
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