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Indian Bank > Company History > Banks - Public Sector > Company History of Indian Bank - BSE: 532814, NSE: INDIANB

Indian Bank

BSE: 532814|NSE: INDIANB|ISIN: INE562A01011|SECTOR: Banks - Public Sector
Jul 17, 16:00
0.2 (0.09%)
VOLUME 107,665
Jul 17, 15:59
-1.75 (-0.75%)
VOLUME 668,526
Company History - Indian Bank
 2000 - Mrs. Ranjana Kumar assumed charge as the Chairperson and
              Director of Indian Bank.
           - The Bank has launched its vehicle loan and consumer loan
              in select cities viz., Bangalore, Chandigarh, Chennai,
             Coimbatore, Ernakulam, Hyderabad, Kochi, Madurai, New
              Tiruchi and Thiruvananthapuram.
           - Indian Bank is a scheduled public sector bank.
           - Indian Bak will launch a `Specialised Loan Scheme' to
 individuals for the
             construction or purchase of flat or house.
           - Indian Bank has launched a new trade financing scheme.
 2001 - Sterling Infotech Ltd has tied up with Indian Bank to help
 students obtain low-cost
              finance for the Carnegie Technology education software
 engineering course.
            - Indian Bank has entered into a strategic tie-up with
 HDFC Standard Life Insurance
              for distribution of the latter's life insurance
            - Indian Bank has launched a scheme called `Cash
 Management Services' for speedy
              collection of outstation cheques.
           -  Indian Bank has contributed Rs 62 lakh towards the Prime
 Minister's Relief Fund. 
 - Indian Bank has associated with the M S Swaminathan Research
 Foundation (MSSRF), Chennai to sponsor a programme on agriculturists
 to be aired on the All India Radio.
 -Indian Bank gets best commercial bank award
 -Indian Bank on January 22, 2004, signed an agreement with Export
 Credit Guarantee Corporation of India to distribute the latter's
 credit insurance packages for exporters.
 -Indian Bank gets prize for granting loans to self-help groups (SHGs)
 in Andhra Pradesh
 -Indian Bank's Singapore branch launches ``Sunday remittance
 service'' on the basis of what the bank saw as a need felt by the
 Indian nationals in the City-State
 -Indian Bank has introduced 'IB Swarna Abharana' a new loan product
 for buying gold jewellery
 -Indian Bank join hands with TimesofMoney for remittance solution
 -Indian Bank and Andhra Bank signed an agreement on June 28, 2004, to
 share their automated teller machine (ATM) facilities
 -Indian Bank and Corporation Bank on July 12 signed an agreement to
 share their ATM network
 -Indian Bank join hands with TimesofMoney for remittance market
 -United India Insurance Company is launching `Arogya Raksha', a
 scheme to provide mediclaim coverage in association with Indian Bank
 -Indian Bank introduces online money transfer service for NRIs in US
 -Indian Bank unveils 4 new loan schemes
 - Ties-up with Tamil Nadu Newsprint and Papers Ltd (TNPL) for
 financing farmers taking up farm forestry project with the
 sponsorship of TNPL
 -Indian Bank has signs the papers with the National Exchange Company
 of Doha, Mussandum Exchange Company of Oman and Abu Dhabi-based UAE
 Exchange Company for money transfer business
 -Indian Bank ties up with three overseas cos for money transfer
 --Indian Bank sets up new branch in Delhi
 -Indian bank in negotiations with LIC
 -Indian Bank sets up new branch in Mumbai
 -Indian Bank launches Bharat Card
 The Bank was incorporated on March 5, 1907 under the Indian 
 Companies Act, 1882 as Indian Bank Limited and commenced 
 operations on August 15, 1907. The Head Office of the Bank was 
 set up at Parrys Buildings, Parrys Corner in Chennai (then known 
 as Madras) and was shifted to Bentincks Buildings on Rajaji Salai 
 (then known as North Beach Road), Chennai in July 1910. 
 Subsequently, in May 1970, the Head Office was shifted to its 
 present location with its address as 31, Rajaji Salai, Chennai, in a
 building which stands on the same site as Bentincks Building. On 
 February 8, 2003 the Head Office was renumbered as 66, Rajaji 
 Salai, Chennai 600 001, India.
 Pre Nationalisation
 The Bank commenced business as Indian Bank Limited at 
 Madras. The Bank opened its first overseas branch in Colombo, 
 Sri Lanka, in 1932. In 1962, the Bank acquired the businesses 
 of Royalaseema Bank, the Bank of Alagapuri, Salem Bank, the 
 Mannargudi Bank and the Trichy United Bank. 
 Post Nationalisation
 The Bank was nationalised on July 19, 1969. After nationalisation, 
 the Bank was renamed Indian Bank. The Bank of Thanjavur Limited 
 (with 157 branches) was amalgamated with the Bank 1990. The first 
 RRB, Sri Venkateswara Grameena Bank, was sponsored by the Bank 
 in 1981.
 Restructuring Plan
 The Bank experienced some financial setbacks in the 1990s consequent
 upon the introduction of prudential norms by the RBI and other
 factors and 
 incurred losses in 1994 and during the period from fiscal 1996 to
 fiscal 2001.
 The Bank submitted a Restructuring Plan 2000-03 in June 2000 to the 
 Government of India (the Plan) seeking, inter alia, recapitalisation
 improving the financial strength of the Bank, to reach the required
 adequacy ratio of 9% and to meet the gap created by application of
 prudential income recognition norms.
 The Plan was a comprehensive package of various initiatives such as 
 structural, operational and business growth initiatives including:
 1. Elimination of one tier in place of the four-tier structure;
 2. Introduction of customer-centered products and service and
 channels and segmentation of the business into corporate, credit
 commercial, personal and rural banking branches; 
 3. Rationalisation of branches;
 4. Development of a more flexible and pragmatic compromise settlement
 5. Framing, revising Policies in all operational areas;
 6. Increasing staff motivation and involvement;
 7. Introduction of a voluntary retirement scheme; and
 8. Upgrading of technology.
 The Plan was operational with effect from September 30, 2000. Under
 Plan, we were provided assistance of Rs. 3,250 million for
 implementation of a 
 voluntary retirement scheme and Rs. 2,710 million for implementation
 of a 
 technological upgradation plan, which are repayable (with a
 moratorium of three
 years) over a period of 66 months and 60 months, respectively.
 Key Milestones
 1932  - The Bank opened its Colombo branch.
 1941 - The Bank opened its Singapore branch
 1962  - The Bank acquired the Royalaseema Bank, the Bank of
 the Salem Bank, the Mannargudi Bank and the Trichy United Bank
 1969 - The Bank was nationalized. It was appointed as the lead bank
 for nine 
 districts in the States of Tamil Nadu, Andhra Pradesh and Kerala and
 the Union 
 Territory of Pondicherry.
 1970 - The Head Office of the Bank was shifted to its own building
 1981 - The first regional rural bank sponsored by the Bank, Sri
 Grameena Bank, was founded
 1989 - Indbank Merchant Banking Services Ltd was incorporated as a
 of the Bank 
 1990 - Bank of Thanjavur Limited (with 157 branches) was amalgamated
 1991 - Ind Bank Housing Limited was incorporated as a subsidiary
 1994 - Indfund Management Limited was established to manage the
 of Indian Bank Mutual Fund
 1995 - The Banks own training establishment, Indian Bank Management
 Academy for Growth & Excellence (IMAGE) established.
 2002-03 - The Bank received an award from NABARD for best performance
 SHG in Tamil Nadu and Andhra Pradesh.
 2004-05 - The Bank entered into strategic alliance with Mahindra &
 Mahindra Limited 
 and TAFE Limited for pushing up tractor usage among farmers
 2004-05 - Core Banking Solution was implemented by the Bank in 2
 branches on 
 December 22, 2004
 2006-07 - The Bank entered into a strategic alliance with Oriental
 Bank of Commerce 
 and Corporation Bank
 -Indian Bank launches Bharat Card
 -Indian has appointed Shri. M S Sundara Rajan as Chairman and
 Managing Director of the Bankwith effect from June 04, 2007.
 - Indian Bank has informed that in exercise of the powers conferred
 by Clause (f) of sub-section (3) of Section 9 of the Banking
 Companies (Acquisition & Transfer of Undertakings) Act, 1970 / 1980
 read with sub-clause (1) & (2) of Clause 9 of the Nationalized Banks
 (Management & Miscellaneous Provisions) Scheme, 1970 / 1980, the
 Central Government, after consultation with the Reserve Bank of
 India, has, vide notification dated November 22, 2007, nominated
 Shri. T T Natarajan, Senior Manager and Secretary General, Indian
 Bank Officers Association as Officer Employee Director on the Board
 of Directors of the Bank for a period of three years from the date of
 the notification or till he ceases to be an officer of the Bank or
 until further orders, whichever is the earliest.
 -Indian Bank rolls out biometric-enabled smart cards
 - Indian Bank has appointed Shri. Anup Sankar Bhattacharya as a whole
 time director (designated as Executive Director).
 -Indian Bank has informed that: Indian Bank has signed an Agreement
 with Reliance Capital Asset Management Ltd. to act as a Corporate
 Agent to sell the Mutual Fund products of Reliance Mutual Fund . 
 - Indian Bank has brought down its Benchmark Prime Lending Rate
 (BPLR) by 50 basis points to 12 per cent from 12.50 per cent with
 effect from June 1. Meanwhile, the bank has increased interest rates
 on FCNR (B) as well as NRE deposits effective from June 1.
 - Indian Bank has informed about the appointment of the following
 three Statutory Central Auditors (SCAs) of the Bank for the year
 2009-10 in place of the three retiring SCAs viz. (1) M/s. R.
 Subramanian & Company, Chartered Accountants (2) R. Gopal &
 Associates, Chartered Accountants and (3) M/s. Grandhy & Co.,
 Chartered Accountants.
 (1) M/s. Suri & Co., Chartered Accountants, Chennai.
 (2) M/s. Kalyanasundaram & Co., Chartered Accountants, Chennai.
 (3) M/s. Chandran & Raman, Chartered Accountants, Chennai.
 - For its contribution towards lending revolving fund and loans to
 the Self Help Groups during 2008-09, Indian Bank bagged 5 State
 awards from the State government.
 -Indian Bank has joined hands with Tata Motors for financing its
 range of passenger cars. Under the MoU, the bank will offer loans at
 an interest rate of 11.5 per cent to customers buying Tata Motors'
 passenger cars.
 - Indian Bank has launched visa business card to address the credit
 card and payment requirements of corporates and small and medium
 enterprise (SME) clientele segments.
 -An increase in bank's benchmark prime lending rate (BPLR) by 0.25
 percent.The BPLR is the interest rate charged to their most trust
 worthy customers by the commercial bank. The bank's BPLR has
 increased to 13.50 from 13.25. all the changes made in the BPLR can
 be regulated by the bank, but it has to be under compliance of the
 BPLR fixed.
 -India bank loans provisional up 21.38% on year: RBI.
 -Indian Bank launches e-Treasury service.
 -Indian Bank has appointment of the following Statutory Central
 Auditor (SCA).
 -Indian Bank reduces home, car loan rates by up to 50 bps.
 - Scheme of Amalgamation of M/s. lndfund Management Limited, a wholly
 owned subsidiary of the Bank with Indian Bank, Indian Bank.
 -Indian Bank inaugurates two ATM centres at Chennai airport.
 -Indian Bank and United India Insurance Company (UIIC) have launched
 a webportal offering online entry and renewal of group insurance
 -The Board has also declared an Interim Dividend of Rs. 3.00 (30%)
 per Equity Share and the Final Equity Dividend of Rs. 1.70 (17%) per
 Equity Share of face value of Rs. 10/- each
 -Indian Bank revises interest rates on foreign currency
 - Indian Bank has launched a unique, easy & hassle free home loan
 product IB Home Enrich for repairs and renovation of residential
 dwelling units. 
 -National Award for Excellence in Lending to Micro Enterprises during
 2015-16 - First Rank and National Award for Excellence in MSE Lending
 by Public Sector Banks during 2015-16 - Second Rank to Indian Bank.
 -Indian Bank (IB) has launched Three unique, easy-to-use, environment
 friendly, Tech products to overcome the effects of Demonetization for
 its customers without coming to the Branches.
Source : Dion Global Solutions Limited
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