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Indian Bank, established in 1907 , is a major Indian Commercial Bank headquartered in Chennai ( Madras ), South India with almost 1,400 branches throughout India and overseas branches in Colombo (Sri Lanka), and Singapore . The bank, along with 13 other major commercial banks of India, was nationalisd on 19th July , 1969 , by the Government Of India .


HISTORY


  • 1907: Established on 15th August as part of the Swadeshi movement. Head office is in Chennai ( Madras ). Though not a Chettiar bank, some of the founders were Chettiars.

  • 1932: Indian Bank opened a branch in Colombo .

  • 1935: IB opened a branch in Jaffna .

  • 1939: IB closed the Jaffna branch.

  • 1940: IB opened a branch in Rangoon ( Yangon ).

  • 1941: IB closed the Rangoon branch but opened branches in Singapore , and in Kuala Lumpur , Ipoh , and Penang . The rapid advance of the Japanese Army forced IB to close all its branches in Malaya and Singapore.

  • 1942: IB closed the Colombo branch.

  • 194?: IB reopened its Malayan and Singapore branches.

  • 1948: IB reopened its branch in Colombo.

  • 1960s: IB acquired Mannargudi 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 Indonesia , the result of the merger of P T Bank Masyarakat and P T Bank Ramayana.

  • 1980: Bank Of Baroda , Union Bank of India and Indian Bank 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 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.



SEE ALSO



FURTHER READING

  • Seshadri, R.K. 1982. ''A swadeshi bank from south India''. Madras: Indian Bank.



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