Indian Bank

Indian Bank is a public sector bank with its main offices in Chennai and was founded in 1907. With 5,814 locations, 4,929 ATMs, and 41,645 workers, it provides service to over 100 million consumers. As of the end of March 2023, the bank’s total business reached Rs. 1,094,752 crore (US$140 billion).

The information systems and security procedures at the bank have received certification that they adhere to ISO27001:2013. It has overseas locations in Singapore and Colombo, as well as foreign currency banking units in Jaffna and Colombo. It has 227 foreign correspondent banks spread throughout 75 nations. The bank has been owned by the Indian government since 1969. According to the declaration made by the Indian Finance Minister Nirmala Sitharaman on August 30, 2019, Indian Bank and Allahabad Bank will combine as of April 1, 2020.

The biggest financial crisis Madras (now Chennai) has ever experienced struck during the final quarter of that year. One of the three most well-known British brand names in Madras in the 19th century crumbled; the second had to be saved by a distress sale; and the third needed help from a generous donor. The soundest of the three was Arbuthnot & Co, which collapsed. The founders of Binny and Co. and Parry’s (now EID Parry) may have had the oldest ties to Madras, but Arbuthnot, which was founded in the 1810s, was the city’s most powerful commercial organization in the 19th century. The Madras attorney V. Krishnaswamy Iyer played a significant role in Arbuthnot’s bankruptcy case.

When the then-British Arbuthnot Bank failed and the Indian Bank formed, it was the Madras lawyer V. Krishnaswamy Iyer who created the latter. The Indian Bank was an outgrowth of patriotic fervor and the Swadeshi movement. The Nagarathar Chettiars, written by Mr. Ramasamy Chettiar, the elder brother of Annamalai Chettiar, were asked for assistance by Mr. V. Krishnaswamy Iyer. One of the initial directors of Indian Bank was Mr. Ramasamy Chettiar, along with Sri V. Krishnaswamy Iyer. Mr. Annamalai Chettiar was appointed to the Indian Bank board of directors later in 1915. On August 15, 1907, it officially opened for business, with its headquarters located at Madras’ Parry Corner in Parry’s Building.