3 Branches on the first day of operations is a rare distinction for any business, and all the more for a bank. It is a rare distinction held by Indian Bank.
Founded by Shri. Chidambaram Chettyar the bank started operations on 10 Feb 1937 from 3 branches in the then Madras and Karaikudi. What is even more interesting the third branch was in Burma (now Myanmar). The bank can be considered to be the pioneer in Personal Loans. It ventured into this segment of business during the pre-nationalisation period itself by giving consumer loans.
When, in 1969, the government nationalised 14 Indian banks, Indian Overseas Bank too was in the list. The bank received autonomous status in 97-98. The bank listed on the Bombay Stock Exchange after a public issue of 110 crores.
The bank has a small portfolio of Loan. Each with a unique Sanskrit name. Vidyajyothi, Sahayika, Pushpaka are some of the names under which the banks extends credit to retail customers.
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