Public Sector Banks are a major type of government owned banks in India, where a majority stake is held by Central or State Government. This is one such article in series of articles on PSBs such as SBI, Bank of Baroda, PNB, UBI, BOI etc. In this article, we will provide you with the details on Indian Bank, its CEO and MD, Head office (HQ), Origin, Interest Rate on Deposit etc.
Recently, Allahabad Bank has been merged into Indian Bank making it the seventh largest bank of India. Read all the details here.
Origin of Indian Bank
- Indian Bank was incorporated on 5th March 1907 as Indian Bank Limited and commenced its operations in 15 August 1907 as part of the Swadeshi movement.
- The bank was founded by V. Krishnaswamy Iyer and Ramasamy Chettiar with its head office in Parry's Building, Parry Corner, Madras.
- Indian bank was nationalised in 1969 by Government of India. It was also appointed as the lead bank for nine districts of Tamil Nadu, Andhra Pradesh and Kerala and Union Territory Puducherry.
- Indian Bank launched its First Public Offer in 2007.
- The bank has demonstrated consistent performance in a challenging environment and established its supremacy in South India.
- It has overseas branches in Colombo and Singapore including a Foreign Currency Banking Unit at Colombo and Jaffna.
- It currently has 227 Overseas Correspondent banks in 75 countries.
Merger of Indian Bank and Allahabad bank
- Finance Minister Nirmala Sitharaman announced the merger of Allahabad Bank with Indian bank in 2019.
- The proposed merger was to create seventh largest public sector bank in the country with assets of ₹8.08 lakh crore (US $ 110 billion).
- Union Cabinet approved the merger on 4th March 2020.
- Indian Bank assumed control over Allahabad Bank on 1 April 2020.
- The combined entity has 8.50 lakh Crore business 43000 strong workforce and over 6000 branch network with a strong CASA base.
Board Of Directors
Indian Bank has a MD and CEO who is the head of the Board of Directors and three Executive Directors.
Board of Directors of Indian Bank
MD and CEO
|Ms Padamaja Chunduru|
Mr Shenoy Vishwanath V
Indian Banks Headquarters and Offices
Corporate Centre or Headquarters
Subsidiaries of Indian Bank
Ind Bank Housing Ltd.
|Indbank Merchant Banking Svc|
|Tamil Nadu Grama Bank (RRB)|
Logo & Tagline of Indian Bank
Logo: The three arrows in the symbols of Indian Bank mean;
1. Savings that leads to investment;
2. Investment that leads to income;
3. Surplus that turns into income.
- Bank of India Tag line is - Your Own Bank & Banking That's Twice as Good.
Awards & Accolades
- Trusted Brands 2019: One of the most trusted brands by Reader's Digest
- Indian Bank won Six awards at SKOCH Technology Innovation Awards for Tecno Products.
- The Financial Express awards: India's Best Bank award.
Saving Bank Account
Interesting Facts about Bank of India
- Sri Venkateswara Grameena Bank was the first RRB that was sponsored by the Indian Bank.
- Indian bank has three overseas branches in Singapore, Colombo, and Jaffna.
- Bank acquired the Royalaseema Bank, Bank of Alagapuri, Salem Bank, Mannargudi Bank and Trichy United Bank
- Indian Bank launches Bharat Card in 2006.
- Indian Bank launches e-Treasury service in 2011.
Also, Read Similar interesting facts about all the Public Sector Banks of India.
Preparing for SBI Clerk 2021? Get our best live courses for the upcoming SBI Clerk Exam 2021.
Why take this course?
- 180+ Live Classes
- 150+ Interactive Quizzes
- 100+ PDFs
- 30+ Mock Test
- Test Series Included
All the Best!
Sahi Prep Hai Toh Life Set Hai!!