History of Indian Bank Limited

Incorporated in 1907, Indian Bank Limited is a bank in India that offers various banking products and solutions, including loans, deposits, insurance, and derivatives services to corporates, MSMEs, etc. The bank started its operation on August 15, 1907, with an authorised capital of ₹20 lakh. In 1921, the capital grew to ₹60 lakh. 1931, Indian Bank opened its first branch outside India at Colombo, which was followed by another overseas branch in Singapore in 1941. In 1990, the Bank of Thanjavur Ltd (BoT), which had 157 branches in India, was amalgamated with the Indian Bank. In February 2007, the Indian Bank released its IPO. In the next year, i.e., in 2008, the bank got Core Banking Solutions (CBS) compliant. In 2019, Allahabad Bank, which has more than 150 years of legacy, was amalgamated with the Indian Bank, and the bank commenced its operations as an amalgamated entity in 2020. In 2022, Indian Bank’s global business crossed ₹10 lakh crore. As of September 2023, the Indian Bank has more than 5,700 branches in India and 3 branches outside India located in Colombo, Singapore and Jaffna. The bank has 1 IFSC banking unit located in Gujarat, India, has more than 4,800 ATMs, over 2,900 passbook kiosks, and more than 10,800 business correspondents.

Business Segments of Indian Bank Limited 

The primary business segments of the bank are as follows:

• Treasury: Under this segment, the bank provides the entire investment portfolio and trades in foreign exchange and derivative contracts.

• Corporate or Wholesale Banking: Under this segment, the bank carries out lending and transaction services to corporate and institutional customers.

• Retail Banking: Under this segment, the bank provides personal retail banking services, such as loans, accounts, cards, and much more for customers.

The bank also offers services to NRIs, agriculture-related customers, etc. They provide internet banking, WhatsApp banking, etc., banking services to their customers. Indian Bank also provides online loan services to customers, which include pre-approved personal loans, credit cards, vehicle loans, home loans, jewel loans, Micro, Small & Medium Enterprises (MSME) loan renewal, overdraft against insurance, etc., services. Through their mobile application, Bhim Aadhaar-Indian Bank, they provide Aadhaar-enabled payment services for customers. As of March 31, 2023, the 2 subsidiary companies of Indian Bank Limited are:

• Ind Bank Merchant Banking Services Limited: This subsidiary is registered with AMFI (Association of Mutual Funds in India) and distributes mutual funds and other investment products. Indian Bank holds a stake of 64.84% in this company.

• Ind Bank Housing Ltd: This subsidiary of the bank provides home loans. Indian Bank holds a stake of 51% in this company.

Key Personalities of Indian Bank Limited

Shri Shanti Lal Jain, Managing Director and Chief Executive Officer (CEO) Shri Shanti Lal Jain has been the Managing Director and CEO of Indian Bank Limited since September 2021. He has more than 30 years of experience in the banking sector. Before joining Indian Bank, he was the Executive Director of Bank of Baroda and also worked at Allahabad Bank.