Indian Bank is a major commercial bank in India that was established on 15th August 1907 it being part of the Swadeshi Movement.
Its headquarters is in Chennai, India. It’s over 1500 branches spread all over India employs over 22,000 employees.
It is among the biggest Public Sector Banks in the country. The bank also has established oversees branches in Colombo, Sri Lanka and Singapore and also corresponds with 229 other banks in 69 countries.
The bank becomes a nationalized bank India in July of 1969 with 13 other banks. In December 2008, its total business crossed to Rs. 101274 Crores. The bank offers diversified banking activities in its three subsidiary companies namely IndFund Management Ltd., IndBank Housing Ltd and Indbank Merchant Banking Services Ltd,
Indian bank is in the front line in offering specialized banking to its clients. It boosts of 90 branches that are authorized to conduct Forex trading. The bank also has one specialized overseas branch at its headquarters in Chennai that is responsible for the exclusive handling forex transactions that are obtained from Non-resident Indian business, exports, imports, and Remittances. It also has one small branch that exclusively handles finances for Small Scale Industries.
The Indian Bank has been in the forefront of championing Leadership in Rural Development as well as community development. The bank was a pioneer in introducing self-help groups and projects of Financial Inclusion in India. It has won an award from the Honorable Union minister for Finance for excellent leadership in agricultural lending among a host of other awards.
The bank has also helped in harnessing information and communication technology (ICT) for rural development. There are a host of services that are on offer to clients by the bank including customer Remittance Facilities, Investors services cell, wealth management and Public awareness on deposit insurance among others.
There is also personal banking where one can gain access to home loans, agricultural loans, educational loans and personal loans among others. The bank also has a number of running schemes including the IB Tax saver scheme, special Home Loans Scheme and the Reverse mortgage Scheme that is especially geared toward senior citizens.
The Indian Bank was one of the pioneer banks to introduce the latest technology in their banking systems. For instance, all their business practices are 100% computerized, 168 of their branches offer “Anywhere Banking”, there are e-payment facilities for their corporate clients and the bank has a shared network of over 32,000 ATMs that offers 24/7 service to their clients.