What It Does: Indbank has a comprehensive package of services like issue management leasing and hire purchase loan syndication merger and acquisitions stockbroking treasury management portfolio management etc.
Mission: To provide a secure, agile, dynamic and conducive banking environment to customers with a commitment to values and unshaken confidence, deploying the best technology, standards, processes and procedures where customer convenience is of significant importance and to increase the stakeholders' value.
Vision: To be the most preferred bank in the areas of customer service, stakeholder value and corporate governance.
Size & Presence: It serves over 100 million customers with 41,620 employees, 5,744 branches with 5,428 ATMs and Cash deposit machines and is one of the top-performing public sector banks in India.
Best Known For: Indbank is the first and the only public sector merchant banking subsidiary in the country to go public.
The Good Bits: Indian Bank has very good customer service and this savings account has a normal rate of interest.
The Not so Good bits: Less work-life balance, sometimes being called on holidays.
Indian Bank is a major nationalised bank. It is under the ownership of the Ministry of Finance, Government of India. It was established in 1907 and is headquartered in Chennai, India. It serves over 100 million customers with 41,620 employees, 5,744 branches with 5,428 ATMs and Cash deposit machines and is one of the top-performing public sector banks in India. The total business of the bank has touched ₹1,010,000 crores (US$130 billion) as of 31 March 2022. The bank's Information systems and security processes are certified to meet ISO27001:2013 standard. It has overseas branches in Colombo and Singapore including Foreign Currency Banking Units at Colombo and Jaffna. It has 227 overseas correspondent banks in 75 countries. Since 1978, the Government of India has owned the bank. As per the announcement made by the Indian Finance Minister Nirmala Sitharaman on 30 August 2019, Allahabad Bank merged on 1 April 2020, making Indian Bank now the seventh-largest bank in the country.
In 1983, ethnic sectarian violence in the form of anti-Tamil riots resulted in the burning of the Indian Overseas Bank's branch in Colombo. Indian Bank, which may have had stronger ties to the Sinhalese population, escaped unscathed. In 1990, Indian Bank rescued Bank of Tanjore (Bank of Thanjavur; est. 1901), with its 157 branches, based in Tamil Nadu. A multi-crore scam was exposed in 1992 when then-chairman M. Gopalakrishnan lent ₹13 billion to small corporates and exporters from the south, which the borrowers never repaid.
Bank of Baroda bought out its partners in IUB International Finance in Hong Kong in 1998. Apparently, this was a response to regulatory changes following Hong Kong's reversion to Chinese control. IUB became the Bank of Baroda (Hong Kong), a restricted licence bank. In June 2015, the business of the bank crossed the Milestone Target of ₹3 lakh crore (US$39 billion).On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Allahabad Bank would be merged with the Indian bank. The proposed merger would create the seventh-largest public sector bank in the country with assets of ₹8.08 lakh crore (US$110 billion). The Union Cabinet approved the merger on 4 March 2020. Indian Bank assumed control of Allahabad Bank on 1 April 2020.