Indian Bank

By: EconomyWatch Content   Date: 2 November 2009

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Indian Bank is a public sector bank in India with its headquarters at Chennai. It offers core and online banking services to its customers, along with investment and insurance products.

Indian Bank: Company Information

Indian Bank was established in 1907 in the city of Madras (now Chennai). During the initial years, the bank’s business operations were more concentrated on the Chettiar population, a community residing in the southern states of India. In 1932, the bank opened its first overseas branch in Colombo, followed by branches in Jaffna and Rangoon. It also opened offices in Malaysia and Singapore. However, by the end of 1942, all overseas branches were closed due to either poor business or the political scenario. In 1969, Indian Bank was nationalized due to its considerable presence in the southern part of the nation. Over the years, Indian Bank undertook acquisitions, collaborations and mergers to expand its business in India as well as abroad.

According to the 2009 data, the bank has over 1650 branches and about 22,000 employees. All the branches are covered under Core Banking Solutions (CBS). It has overseas branches in Singapore and Colombo (Sri Lanka), along with 240 correspondent banks in 70 countries. Being a partner of the CashTree ATM network, Indian Bank customers can make free transactions from over 40,000 ATM machines across the nation.

In the financial year 2008-09, the total business of the bank crossed over Rs12 lakh crores. The bank has three subsidiaries for specialized services:

·        Indbank Merchant Banking Services Ltd

·        IndFund Management Ltd

·        IndBank Housing Ltd

Indian Bank: Products and Services

Indian Bank caters to individual, corporate, enterprise, rural and non-resident Indian (NRI) customers. The products and services palette include:

·        Deposits

·        Loans

·        Savings and current account

·        Credit cards and ATM-cum-Debit card products

·        Wealth management

·        Depository services

·        Capital markets

·        Insurance

·        Remittances (particularly for NRIs)

·        Foreign exchange

Internet banking services provided by Indian Bank allow customers to perform online trading, pay utility bills, deposit taxes, manage their accounts and shop online. The bank has secured a socket layer platform for safe online banking, along with chip and PIN technology.


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