Indian Bank history, company profile (overview) and corporate video
Indian Bank is a public sector bank headquartered in Chennai, India. It offers deposits, loans, cards, insurance, mutual funds, remittances, foreign exchange, wealth management, and others.
HISTORY
Indian Bank was incorporated in 1907 as “Indian Bank Limited” with an Authorized Capital of Rs 20 lakhs.
In 1932, the Bank opened its first overseas operations in Colombo.
In 1941, the Singapore branch was opened.
In 1969, the Bank was nationalized by the government of India along with 13 other banks.
In 1990, the Bank of Thanjavur Ltd. (BoT) with 157 branches was merged into Indian Bank.
In 2007, the Bank came out with Initial Public Offer (IPO).
In April 2019, Tamil Nadu Grama Bank commenced operations in 2019 after the merger of Pandyan Grama Bank of Indian Overseas Bank with Bank’s Pallavan Grama Bank.
In 2019, the Government of India announced the merger of Allahabad Bank with Indian Bank.
SUBSIDIARIES
- Indbank Merchant Banking Services Ltd
- Ind Bank Housing Ltd
JOINT VENTURES
- Universal Sompo General Insurance Co. Ltd
- ASREC (India) Limited
With more than 39,000 employees and over 5,000 branches, Indian Bank is considered one of India’s largest public sector banks. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.indianbank.in.
**Video published on YouTube by “OUT MEDIA“