Indian Bank was established as a part of Swadeshi movement on 15 August 1907. It provides a wide spectrum of banking products and services. It is pioneer in introducing Self Help Groups and Financial Inclusion Project in the country
It has entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life Insurance business for distribution of latter’s insurance products. A Memorandum of understanding has been signed by the Bank with the Insurance Company on February 8, 2001 to this effect.
The year 2019-20 was eventful for Indian Bank as the Bank was identified as the Anchor Bank in consolidation of PSBs. The Government on 30 August 2019 announced the Amalgamation of Allahabad Bank- a bank with 155 years legacy into Indian Bank. Customers of both the banks will now have a banking experience that is “Twice as Good'.
Post amalgamation, Indian Bank enjoys the benefits of doubled balance sheet size, optimized capital utilization and wider geographic reach leading to deeper penetration. The Bank has access to larger talent pool, better products and opportunities to cross sell / upsell. It would also leverage upon the increased operational and process efficiencies.
Business area of the bank
The bank provides a wide spectrum of banking products and services. The services offered by the bank includes Personal Banking -Under this the bank offers fixed deposits, saving accounts, recurring accounts, saving accounts for kids and senior citizens, internet banking, ATM facility, debit/credit cards, home loans, personal loans. NRI services- The bank offers banking products and services to NRI clients such as saving accounts, remittance facilities, forex advisory services, home loans, etc. It also provide cash management services (CMS), eletronic funds transfer schemes as well as provides seven-day banking at few of their branches
Awards & Accolades
FY 17-18
Named the Best Brand by ‘the Economic Times Best BFSI Brands 2018’
Financial Express/EY Best Bank 2016-17 - Nationalised Banks
ASSOCHAM Social Banking Excellence Awards 2017 Winner Best Social Bank category and Runner up Priority sector lending
FY 18-19
Best performing PSB under APY 2017-18 - PFRDA
Best Performance - Financial Literacy - 2018-19 - NABARD
Best Bank in SHG Bank linkage Programme' for 2017-18 from Govt of Tamil Nadu. Bank has bagged this award for consecutive years.
National Award for Best Performance in SHG Bank Linkages 2017-18 Public Sector Banks (Small Category) by National Rural Livelihoods Mission, Ministry of Rural Development, Government of India.
Best Financial Inclusion Initiatives - Runner up - Indian BanksAssociation (IBA).
ASSOCHAM - Social Banking Excellence Award 2018 - Winner in Agricultural Banking, Priority Sector Lending, Technology & Overall Best Social Bank.
Best Public Sector Bank Banking Excellence Award 2018 - By State Forum of Banker's Clubs Kerala.
FY 19-20
Technology Senate’ award from Indian Express Group for the product ‘VCollect Plus’ for enabling collection through Cash / Cheque at any branch or NEFT / RTGS through any Bank
MeitY Award for Digital Payments under Mid-Size Bank category for the highest digital transactions
Milestones
1907: Bank was incorporated on March 5, 1907 with an Authorized Capital of Rs 20 lakhs and commenced its business on August 15, 1907.
1907: In the year 1907, the Indian Bank Ltd. had the tree 'Banyan' as a part of its emblem denoting an all-around progress, growth (far and wide) and an ever increasing prosperity.
1921: Bank's capital was raised to Rs 60 lakhs from Rs 20 lakhs.
1932: Bank celebrated its Silver Jubilee
1932: Bank opened its first overseas operations in Colombo
1941: Singapore branch was opened
1952: Bank's deposits crossed Rs 20 crore at the end of 1952.
1957: Bank celebrated its Golden Jubilee
1967: Bank celebrated its Diamond Jubilee
1970: Bank's Head Office housed in a rental building, moved into the new building.
1978: Indian Bank's logo was approved in July 1978 comprising of three circling arrows arranged around a central point.
1980: Bank's deposit crossed Rs 1000 crore.
1982: Bank celebrated its Platinum Jubilee
1983: Bank crossed its Rs 1000 crore mark in credit.
1985: Global Deposit crossed the Rs 3000 crore mark.
1986: Global credit crossed Rs 2000 crore.
1989: The era of technology initiated with the installation of Mainframe at the Head Office.
1989: Indian Bank was the first Public Sector Bank to install ATM.
1990: Bank of Thanjavur Ltd. (BoT) with 157 branches was amalgamated with the Bank.
1993: The first total branch computerization project was inaugurated.
1999: Bank's domestic deposits crossed the Rs 15000 crore mark during the year.
1999: Government of India infused a sum of Rs 100 crore during March 1999 as additional capital.
2002: Bank turned around by earning a net profit of Rs 33.22 crore during the year after a gap of 6 years.
2002: Bank posted an operating profit of Rs 307.15 crore, with an increase of nearly 399%.
2006: The centenary year celebration of the Bank was inaugurated by His Excellency the President of India Shri.AP JAbdul Kalam on 4 September.
2007: Bank went in for Initial Public Offer in February, 2007.
2008: Bank's business crossed the Rs 1 lakh crore mark in March 2008.
2008: Achieved 100 per cent Core Banking Solutions (CBS) compliant.
2011: Jaffna branch was opened on January 21, 2011.
2012: Inauguration of new Hi-Tech Corporate Office, at Royapettah which is considered a landmark in Chennai.
2012: Bank crossed the Rs 2 lakh crore mark in business.
2013: Bank crossed the 2000 mark in branch network.
2013: First Corporate Office building among PSBs in India to get the ISO 9001:2008 Certification
2015: Bank's business crossed milestone of Rs 3 lakh crore in June 2015.
2018: Bank was the only PSB which had not received capital from Govt of India.
2019: Bank's business crossed Rs 4.5 lakh crore in December 2019.
2019: Government of India announced Amalgamation of Allahabad Bank - a bank with 155 years legacy into Indian Bank.
2020: Indian Bank launches emergency credit facilities for agriculture sector
2021: Indian Bank entered into an Memorandum of Understanding (MOU) with Society for Innovation and Development (SID), an initiative of Indian Institute of Science, for extending exclusive credit facility to Start-ups and MSMEs.
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