A premier bank owned by the Government of India, the Indian Bank was incorporated in 5th March of the year 1907 as Indian Bank Limited and commenced operations in 15th August of the year 1907 as part of the Swadeshi movement. Indian Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organisations. Credit/Advances/Loan Schemes specifically designed for its customers. Also offers various novel services to customers, both individuals and organisations.
The Bank opened its first overseas branch in Colombo, Sri Lanka during the year 1932 and also opened its Singapore branch in 1941. In the year 1962, Indian Bank acquired the businesses of Royalaseema Bank, the Bank of Alagapuri, Salem Bank, the Mannargudi Bank and the Trichy United Bank. The Bank was nationalised in 19th July of the year 1969. The Bank name was changed to Indian Bank after the nationalisation. It was appointed as the lead bank for nine districts in the States of Tamil Nadu, Andhra Pradesh and Kerala and the Union Territory of Pondicherry. The first regional rural bank sponsored by the Bank, Sri Venkateswara Grameena Bank, was founded in the year 1981. Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank during the year 1989. The Bank of Thanjavur Limited (with 157 branches) was amalgamated with the Bank during the year 1990. Ind Bank Housing Limited was incorporated in the year 1991 as a subsidiary. Indfund Management Limited was established in 1994 to manage the operations of Indian Bank Mutual Fund. During the year 1995, The Bank's own training establishment, Indian Bank Management Academy for Growth & Excellence (IMAGE) was established. Indian Bank has launched a scheme called `Cash Management Services' in the year 2001 for speedy collection of outstation cheques. The Bank entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life Insurance business for distribution of latter's insurance products.
The Bank with the Insurance Company signed a Memorandum of understanding in February of the year 2001. In 2002-03, Indian Bank received an award from NABARD for best performance under Self Help Group (SHG) in Tamil Nadu and Andhra Pradesh. In 2003, The Bank made association with the M S Swaminathan Research Foundation (MSSRF), Chennai to sponsor a programme on agriculturists to be aired on the All India Radio. The Bank in two branches implemented the Core Banking Solution in December of the year 2004. The Bank signed an agreement with Export Credit Guarantee Corporation of India in the year 2004 to distribute the latter's credit insurance packages for exporters and also in the same year the Bank joined hands with TimesofMoney for remittance solution, introduced 'IB Swarna Abharana' a new loan product for buying gold jewellery and made tie-up with Tamil Nadu Newsprint and Papers Ltd (TNPL) for financing farmers taking up farm forestry project with the sponsorship of TNPL. During the year 2004-05, The Bank entered into strategic alliance with Mahindra & Mahindra Limited and TAFE Limited for pushing up tractor usage among farmers. In the year 2005, the Bank made tie up with three overseas companies for money transfer, signed the papers with the National Exchange Company of Doha, Mussandum Exchange Company of Oman and Abu Dhabi-based UAE Exchange Company.
In 2006, Indian Bank sets up new branch in Mumbai and also launched the Bharat Card. During the year 2006-07, The Bank entered into a strategic alliance with Oriental Bank of Commerce and also with Corporation Bank. As of March 2007, Indian Bank launched Ind on-line Doorstep Banking to deliver Banking and Financial Services at the doorsteps of the common man. The Bank signed an agreement with Indian Railway Catering and Tourism Corporation Limited (IRCTC) for offering train ticket booking services through IRCTC website http://www.irctc.co.in/. The agreement was signed in 1st August of the year 2007 at New Delhi and also in December of the year 2007 Indian Bank entered into a MoU with Indian Railways to install ATMs in 51 Railway Stations across the country. Of these, 34 stations will have e-ticketing kiosks also along with ATMs. Indian Bank and SME Rating Agency of India Ltd. (SMERA) formally executed an MOU in January 31st 2008 for extending their co-operation in the arena of financing of SME sector. Indian Bank won the Financial Express's Best Bank Award 2008.
The network of the bank comprises 100% Business Computerisation, 168 Centres throughout the country covered under 'Anywhere Banking', Core Banking Solution (CBS) in 1557 branches and 66 extension counters, 618 connected Automated Teller Machines (ATM) in 225 cities/towns and also 24 x 7 Service through 32000 ATMs under shared network.