Indian Bank

Indian Bank @ Indianbanks.org

Indian Bank is a state-owned bank which was established on 15th Aug 1907. The bank has its headquarters in Chennai, India. The bank has many deposit schemes tailored to suit the needs of its customers, both individuals, and organisations. The bank also provides a wide range of products and services for its customers.

The bank opened its first overseas bank in Sri Lanka Colombo during the year 1932 and later opened another branch in Singapore in the year 1941. in the year 1962, the bank acquired the businesses of the Royalseema Bank, Mannargudi Bank, and the Trichy United Bank. The bank was finally nationalised on 19th July of the year 1969. The bank was named as Indian Bank after the nationalisation. It was appointed as the lead bank of the 9 districts of the State Tamil Nadu, Andhra Pradesh and Kerala and the Union Territory of Pondicherry. The banks also owned a training Management Institute called as Indian Bank Management Academy for Growth and Excellence (IMAGE).

In the year 2001, the Indian Bank launched a new service called as Cash Management Service for speedy collection of outstation cheques. The Bank also tied up and partnered with the HDFC Standard Life Insurance Company Ltd, which is the first private sector to receive the Certificate of Registration for Foray into Life Insurance Business for the distribution of the Insurance products.

In 2002-03 the Bank received an award from NABARD for the best performance under the Self-Help Group in Tamil Nadu and Andhra Pradesh. In the year 2003, the bank associated with the M.S Swaminathan Research Foundation, Chennai to sponsor a programme on the agriculturist to be aired on All India Radio. On December 2004, the Bank split into two branches and implemented the Core Banking Solution. On the year 2004, the Bank made an agreement with the Export Credit Guarantee Corporation In India to distribute the credit card insurance packages for the exporters. It also joined hands with the Times of Money for remittance solution and introduced a new loan project called IB Swarna Abhrana. This loan scheme is meant for buying Gold-jewellery. The bank also tied-up with Tamil Nadu Newsprint and Papers to finance farmers taking up Farm Forestry project with the sponsorship of Tamil Nadu Newsprint and Papers. In the year 2004-05 the bank made an alliance with Mahindra and Mahindra Limited and TAFE Limited for levitating the tractor usage among the farmers. In the year 2005, the Bank tied-up with three overseas banks for money transfer service and signed the papers with the National Exchange Company of Doha, Mussandum Exchange Company of Oman and Abu-Dhabi based UAE-Exchange Company.

In the year 2006, Indian Bank introduced a new bank in Mumbai and also launched a new service called Bharat Card. In March 2007, the Bank launched Ind On-Line Doorstep Banking to deliver Banking and Financial Services at the doorsteps of a Common Man. The bank also signed an agreement with the Indian Railway and Catering and Tourism Corporation Limited (IRCTC) with an aim to offer ticket booking services through IRCTC website. The agreement was signed on 1st of August 2007, at New Delhi. On December 2007, the Bank installed about 51 ATMs in the Railway Stations across the country. In the year 2008, the Indian Bank won the Financial Express Best Bank Award. 

The Bank follows 100% Business Computerization Service, it has 168 centers throughout the country with 20,661 employees. The Indian Bank has a total network of 2594 branches and 66 extension counters and around and also provides 24*7 service through 32000 ATMs.

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