Indian Bank

INDIAN BANK

Your Own Bank
Type	Public
Traded as	:  : INDIANB
Industry	Banking, Financial services
Founded	15 August 1907; 109 years ago (1907-08-15)
Headquarters	Chennai, India
Key people	kishore kumar kharat (MD & CEO) M K Bhattacharya & A S Rajeev Executive Directors
Products	Consumer Banking Corporate Banking Finance and Insurance Mortgage Loans Investment Banking Merchant Banking Private Equity Private Banking Savings wealth management Credit Cards
Revenue	₹16,243.78 crore (US$2.5 billion) (2016)
Operating income	₹3,032 crore (US$470 million) (2016)
Net income	₹711.38 crore (US$110 million) (2016)
Total assets	₹203,941.09 crore (US$32 billion) (2016)
Owner	Government of India
Number of employees	20,140 (2016)
Capital ratio	13.20%
Website	http://www.indianbank.in/

Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has 20,661 employees, 2594 branches and is one of the top performing public sector banks in India. It has overseas branches in Colombo and Jaffna in Sri Lanka, and in Singapore, and 223 correspondent banks in 71 countries. Since 1969 the Government of India has owned the bank.

In the last quarter of 1906, Madras (now Chennai) was hit by the worst financial crisis the city was ever to suffer. Of the three best-known British commercial names in 19th century Madras, one crashed; a second had to be resurrected by a distress sale; and the third had to be bailed out by a benevolent benefactor. Arbuthnot & Co, which failed, was considered the soundest of the three. Parry's (now EID Parry), may have been the earliest of them and Binny & Co.'s founders may have had the oldest associations with Madras, but it was Arbuthnot, established in 1810, that was the city's strongest commercial organisation in the 19th Century. A key figure in the bankruptcy case for Arbuthnot's was the Madras lawyer, V. Krishnaswamy Iyer who founded the Indian bank which was an offshoot of nationalistic fervour and the Swadeshi movement, when the then British Arbuthnot Bank collapsed and the Indian Bank emerged. Mr V. Krishnaswamy Iyer solicited the support of the Nagarathar Chettiars authored by Mr. Ramasamy Chettiar, who was Annamalai Chettiar's elder brother. Sri V. Krishnaswamy Iyer and Mr. Ramasamy Chettiar were one of the first directors of Indian Bank. Later on in 1915, Mr. Annamalai Chettiar was inducted into the board of the Indian Bank. It commenced operations on 15 August 1907 with its head office in Parry's Building, Parry Corner, Madras.

In 1932 IB opened a branch in Colombo. It opened its second branch in Ceylon in 1935 at Jaffna, but closed it in 1939. IB next opened a branch in Rangoon, Burma, in late 1940. Then in late 1941 IB opened branches in Singapore, Kuala Lumpur, Ipoh, and Penang. The exigencies of war forced IB to close its Singapore and Malayan branches with months. The closing of the Singapore branch resulted in little loss to IB; the loss of the branches in Malaya was much more costly.