Indian Bank has received an approval from the Reserve Bank of India (RBI) for setting up a new Wholly Owned Operations Support Subsidiary by the Bank. Earlier in September, RBI had imposed a monetary penalty of Rs 1.62 crore on Indian Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances - Statutory and Other Restrictions’, ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.