Indian Bank was established as a part of Swadeshi movement on 15 August 1907. It provides a wide spectrum of banking products and services. It is pioneer in introducing Self Help Groups and Financial Inclusion Project in the country
MoneyWorks4Me analysed the past 10-year performance of Indian Bank and arrived at the following conclusion:
The 5-year analysis of Indian Bank's performance infers:
We analysed the performance of Indian Bank share prices over the last 10 years. Here is what we found out:
It has entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life
It has entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life Insurance business for distribution of latter’s insurance products. A Memorandum of understanding has been signed by the Bank with the Insurance Company on February 8, 2001 to this effect.
The year 2019-20 was eventful for Indian Bank as the Bank was identified as the Anchor Bank in consolidation of PSBs. The Government on 30 August 2019 announced the Amalgamation of Allahabad Bank- a bank with 155 years legacy into Indian Bank. Customers of both the banks will now have a banking experience that is “Twice as Good'.
Post amalgamation, Indian Bank enjoys the benefits of doubled balance sheet size, optimized capital utilization and wider geographic reach leading to deeper penetration. The Bank has access to larger talent pool, better products and opportunities to cross sell / upsell. It would also leverage upon the increased operational and process efficiencies.
Business area of the bank
The bank provides a wide spectrum of banking products and services. The services offered by the bank includes Personal Banking -Under this the bank offers fixed deposits, saving accounts, recurring accounts, saving accounts for kids and senior citizens, internet banking, ATM facility, debit/credit cards, home loans, personal loans. NRI services- The bank offers banking products and services to NRI clients such as saving accounts, remittance facilities, forex advisory services, home loans, etc. It also provide cash management services (CMS), eletronic funds transfer schemes as well as provides seven-day banking at few of their branches
Awards & Accolades