Indian Bank offers many financial and banking services to the customers of India. The organization offers savings, current accounts, deposit products, term deposits, as well as NRI accounts. The organization mainly deals with the other naming operations such as the banking agricultural loans, education, personal as well as business loans to its customers.
The Indian Bank provides NRIs many services, and they also provide loans to the NRIs, which can be much more helpful in setting up a business. The organization provides insurances, debit and credit card services to their customer's many additional services are also provided to the account holders of the bank.
Indian Bank also offers net banking, mobile banking as well as phone banking for their customers that the transactions get easy. The bank acquired 2872 branches all over the world, and it also acquires 2849 ATMs. The bank was incorporated in 1907, and the banking operations revolve around Chennai.
About Company Information:
In 1907, the Swadeshi movement was started all across India, and the people of India needed their bank for getting the financial services from their countrymen. For this reason, the Indian Bank was established in that year. The owner and the manager of the bank were all wanted to start their business operation in a day when it could pose as a catalyst of the Swadeshi movement. At that time all the employees and staff of the bank were Indians.
During 1932-1969, the Indian Bank had reached its new heights as the bank inaugurated their pioneer overseas branch in the capital of Srilanka. In this period, the bank acquired many banks and their businesses such as Royalseema bank, Salem Bank, United Bank of Trichy, the Mannargudi bank. In this period, the bank got nationalized and changed their name to the present name the Indian Bank.
During 1981-1991, the Indian Bank inaugurated its first rural bank which could manage the banking services to any particular region. Indian Bank Merchant Banking Services limited was also set up as the subsidiary bank of the Indian Bank. The amalgamation between The Bank of Thanjavur Limited and the subsidiary banks also occurred in the same period, more precisely during 1990. The Indian Bank Housing Limited was also set up in this time. This organization was considered as the subsidiary company of the Indian Bank. The mutual funds of the Indian Bank were managed by a subsidiary company of Indian Bank which was also founded in the latter half of the period.
During the year of 1995 -2001, Indian Bank commenced training institute of their own, which taught the trainees to manage the banking services. Indian Bank also started a scheme for quick collection of cheques which were from outstation. The bank signed a contract with HDFC life insurance. An MOU had been signed between them. The HDFC bank was considered as the first private bank which acquired the license of insurances products so it could be beneficial for the bank itself.
During 2002-2003, Indian Bank was awarded for excellence in performance under SHG in Andhra Pradesh and Tamilnadu. The award had been given by NABARD. The Indian Bank collaborated with the MSSRF for sponsoring a program on agriculture aired on AIR. Between 2006 and 2007, the Indian Bank went for a strategic alliance with Corporation Bank and another by the name of Oriental Bank of Commerce.
In 2017, Indian Bank declared that SEBI had allowed the bank to raise their capital in the equity shares and accomplish minimum shareholdings following the terms that were mainly written in rule 19A of the SCR. The capital raise had been decided of rupees 7000 crores.
In 2018, Indian Bank came up with an innovative loan product namely IB MUDRA TVS KING. The bank entered into an MOU with the famous bike manufacturing company, namely TVS company, to finance three-wheeler. In the year the bank also launched two innovative technological products which facilitate the transactions of the businessmen and merchant.
How Indian Bank, is categorised as Banks Sector, and Finance - Banks - Public Industry :
The Financial Industry is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Indian Bank Ltd comes under the Banking sector. The banking sector is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking sector in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Indian Bank, Competitors and Sector Peers:
Bank of Maharashtra - BANK5
Central Bank of India - CENTRB
Corporation Bank - CORBAN
Indian Overseas Bank - INDOVE
Oriental Bank of Commerce - ORIBAN
Punjab & Sind Bank - PUNSI
Punjab National Bank - PUNNAT
State Bank Of Bikaner and Jaipur [Merged] - STABAN
State Bank Of India - SBIN
State Bank Of Mysore - STATE3
State Bank of Travancore [Merged] - STATE6
Union Bank of India - UNIBAN
United Bank of India - UNITBA