Indian Bank has received an approval for issuance of 7 year Long Term Bonds amounting to Rs 2,000 crore in tranches out of the Rs 5,000 crore. The board of directors of the bank at its meeting held on September 21, 2017 has approved for the same.
Earlier in May, the board of directors of the bank had approved issuance of Long Term Bonds for financing Infrastructure and Affordable Housing up to Rs 5,000 crore.
Indian Bank was established as a part of the Swadeshi movement. The bank provides a wide spectrum of banking products and services.