Credit rating agency, CARE has reaffirmed ‘AAA’ rating to Indian Bank’s Lower Tier II Bonds worth Rs 1,000 crore. The bank has received the said rating on the back of its comfortable capitalization level and good profitability parameters, though some moderation was witnessed in 9MFY13.
Indian Bank is a mid-sized government bank with over 1,860 branches across India, one branch in Singapore and two in Sri Lanka. It has a particularly strong presence in Tamil Nadu.