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Indian Bank.

BSE: 532814 Sector: Financials
NSE: INDIANB ISIN Code: INE562A01011
BSE 00:00 | 20 Jul 310.95 -16.05
(-4.91%)
OPEN

327.60

HIGH

327.60

LOW

307.75

NSE 00:00 | 20 Jul 310.25 -17.10
(-5.22%)
OPEN

328.05

HIGH

329.00

LOW

306.45

OPEN 327.60
PREVIOUS CLOSE 327.00
VOLUME 114933
52-Week high 428.00
52-Week low 254.00
P/E 11.84
Mkt Cap.(Rs cr) 14,935
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 327.60
CLOSE 327.00
VOLUME 114933
52-Week high 428.00
52-Week low 254.00
P/E 11.84
Mkt Cap.(Rs cr) 14,935
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indian Bank. (INDIANB) - Company History

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. Indian Bank has pan India presence with 2820 domestic branches 3 overseas branches 3399 ATM/BNAs and 2742 active Business Correspondents as on 31 March 2018.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. Indian Bank launched Application Supported by Blocked Amount (ASBA) Phase II in Mumbai on 3 May 2010. ASBA functions as an application for subscribing to a public issue or rights issue along with an authorization to a Self Certified Syndicated Bank (SCSB) to block the application money in the bank account maintained with it. On 2 August 2010 Indian Bank signed Memorandum of Understanding (MOU) with Unique Identification Authority of India (UIDAI) to act as Registrar for `AADHAR' project. On 18 October 2010 Indian Bank announced the opening of its 1800th branch in Noida Gautam Budh Nagar Uttar Pradesh.The Board of Directors of Indian Bank at its meeting held on 27 November 2010 approved a proposal to transfer the Depository Participant (DP) business of the bank to its subsidiary company viz. M/s. Indbank Merchant Banking Services Limited and to stop operations of existing Indian Bank DP services on completion of successful transfer of DP business. On 16 December 2010 Indian Bank announced that it has entered into a three year agreement with TCS Limited for end to end ICT based Financial Inclusion Solution deploying the Smart Card based Business Correspondent Model.On 21 January 2011 Indian Bank opened its second branch in Sri Lanka at Jaffna. With this the International presence of Indian Bank has gone up to three viz. in Singapore Colombo and Jaffna.On 5 May 2011 Indian Bank informed the stock exchanges that the bank has received the approval of Government of India to raise an additional Equity Capital of Rs 61.40 crore through book-building process by its Follow-on Public Offer comprising 6.14 crore Equity Shares of Rs 10 each at a premium to be decided by the bank.On 1 August 2011 Indian Bank announced that it has entered into an agreement with SBI Fund Management Private Ltd. to act as distributors to sell Mutual Fund products of SBI Mutual Fund one of the largest Mutual Funds in India. With this accord Indian Bank customers will have access to three top Mutual Funds of the country as the bank already has tie up with UTI Mutual Fund and Reliance Mutual Fund.On 2 September 2011 Indian Bank launched its e-Treasury platform combining the Domestic and Forex Trading on a Common Software Package which analyses profitability risk and costing aspects through different markets.On 27 September 2011 Indian Bank signed MOU with Wells Fargo Bank National Association a national banking association incorporated in USA. In terms of MOU Indian Bank will be utilizing the Letter of Credit advising and negotiating services of Wells Fargo Bank in order to improve efficiency in LC processing for Indian Bank's customers. Further documents examination services will be utilized by Indian Bank's domestic branch network to improve efficiency and reduce operational risks.On 8 November 2011 Indian Bank announced the opening of its Zonal Office (ZO) in Hubli Karnataka. The opening of Hubli ZO will help the bank in providing services on a larger scale to the customers of the Northern and Coastal Karnataka.On 2 February 2012 Indian Bank announced that the Board of Directors of the bank has approved a Scheme of Amalgamation of M/s. Indfund Management Limited a wholly owned subsidiary of the bank with Indian Bank.On 21 September 2012 Indian Bank entered into an MOU with National Small Industries Corporation Ltd. (NSIC). As per the MOU NSIC will sponsor MSME proposals after due scrutiny at regular intervals to various branches of Indian Bank all over India. The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank. For the quarter ended 30 June 2012 MSME advances of the bank stood at Rs 10776.30 crore registering an annualized growth of 24.32%.On 10 December 2012 Indian Bank announced that the Board of Directors of the bank has approved a proposal to merge/hive-off Ind Bank Housing Limited a subsidiary of the bank with Indian Bank.On receipt of capital funds from the Government of India Indian Bank on 31 March 2015 allotted 1.54 crore equity shares at an issue price of Rs 181.31 per share aggregating to Rs 280 crore to Government of India on preferential basis.On 31 March 2016 Indian Bank announced that it has successfully raised Rs 500 crore under Basel III compliant Additional Tier I Bonds on 30 March 2016 with a coupon of 11.15% p.a. from Rural Electrification Corporation Limited.The Board of Directors of Indian Bank at its meeting held on 2 August 2016 accorded approval to the bank to raise Basel III compliant AT 1 and/or Tier 2 Bonds upto Rs 1000 crore in one or more tranches in the current or subsequent years based on the requirement.On 4 August 2016 Indian Bank and M/s. Star Agriwarehousing and Collateral Management Ltd. entered into an agreement for extending produce marketing loan to farmers. As per the agreement M/s.Staragri will provide storage and preservation services to farmers for storing their farm produce and also collateral management services to the bank. Indian Bank will provide credit facilities to farmers against warehouse receipts. Indian Bank has developed a special product for financing farmers upto a maximum limit of Rs 50 lakh under this scheme. This facility will help the farmers to avoid distress sales under adverse market conditions and also to tide over liquidity crunch they face immediately after the harvest. Further Food and Agro processing units can also store their produce in the storage godowns and avail credit facility against the Warehousing receipts.The Board of Directors of Indian Bank at its meeting held on 5 May 2017 accorded in-principle approval for issue of Long Term Bonds for financing of Infrastructure and Affordable Housing upto an amount of Rs 5000 crore. The Board will consider specific approval for the same at the time of actual floating of the Bonds.On 1 July 2017 Indian Bank formally launched the GST services. Indian Bank has been authorized by Chief Controller of Accounts Central Board of Excise and Customs to collect Goods and Service Tax (GST) through all its branches. Indian Bank is also one among the 25 banks authorized by GST Council for collection of GST. The bank is integrated with GSTN for Tax collections through Net Banking and Over the Counter (OTC) through its branches.On 11 July 2017 Indian Bank announced that credit rating agencies CRISIL and CARE have upgraded the rating of Indian Bank's Additional Tier 1 Bonds to AA+/Stable from AA/Stable) taking into consideration the bank's strong capitalization better profitability and comfortable resource profile.On 23 November 2017 Indian Bank announced that Securities and Exchange Board of India (SEBI) has pursuant to its letter dated 20 November 2017 permitted the bank to raise capital by way of issue of equity shares pursuant to a Qualified Institutional Placement subject to the receipt of the approval from Government of India (QIP) and achieve minimum public shareholding as required under Rule 19A of Securities Contracts Regulation (Rules) 1957 pursuant to the QIP.The Board of Directors of Indian Bank at its meeting held on 19 December 2017 accorded approval to the bank to raise equity capital upto Rs 7000 crore (including Share Premium) in one or more tranches in the current or subsequent financial years based on the requirement through FPO/Private Placement/QIP/Rights Issue/Preferential Issue/Institutional Placement Program subject to necessary approval from Reserve Bank of India Government of India shareholders of the Bank at EGM and other regulatory authorities.On 1 February 2018 Indian Bank has launched a new loan product called IB MUDRA TVS KING by entering into MoU with TVS company for financing for 3 wheeler. On 5 April 2018 Indian Bank launched 2 new Tech product called BHARAT QR & PUBLIC FINANCIAL MANAGEMENT SYSTEM for facilitating transactions of Merchants /Customers/General Public and Government organizations.