page_title: Indian Bank
section_title: Post Independence of India
hierarchical_section_title: Indian Bank / History / Post Independence of India
caption_attribution_description: English: Indian Bank, Chettipet, Mannadipet Commune, Pondicherry, India
context_page_description: Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It serves over 100 million customers with 20,924 employees, 6,089 branches with 5,022 ATMs and 1,494 cash deposit machines and is one of the top performing public sector banks in India. Total business of the bank has touched ₹430,000 crore as on 31 March 2019. Bank's Information Systems and Security processes certified with ISO27001:2013 standard and is among very few Banks certified worldwide. It has overseas branches in Colombo and Singapore including a Foreign Currency Banking Unit 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 from 1 April 2020, making it the seventh largest bank in the country.
context_section_description: After the war, in 1947, it reopened its branch in Colombo. Indian Bank also reopened its branches in Burma, Malayan and Singapore, the last in 1962. The Burmese government nationalised all foreign banks, including Indian Bank's branch, in 1963.
  The 1960s saw IB expand domestically as it acquired Rayalaseema Bank (est. 1939), Mannargudi Bank (est. 1932), Bank of Alagapuri, Salem Bank (est. 1925), and Trichy United Bank. Trichy United was the result of the 1965 merger of Woraiyur Commercial Bank (est. 1948), the Palakkarai Bank, and the Tennur Bank (est. 3 March 1947). These were all small banks with the result that all the acquisitions added only about 38 branches to IB's network. Trichy United had five branches and its acquisition in 1967 brought the number of IB branches up to 210.
  Then on 19 July 1969 the Government of India nationalised 14 top banks, including Indian Bank. One consequence of the nationalisation was that the Malaysian branches of nationalised Indian banks were forbidden to continue to operate as branches of the parent. At the time, Indian Bank had three branches, and Indian Overseas Bank, and United Commercial Bank had eight between them. In 1973 the three established United Asian Bank Berhad to amalgamate and take over their Malaysian operations. Post-nationalization, Indian Bank was left with only two foreign branches, one in Colombo and the other in Singapore.
  International expansion resumed in 1978 with IB becoming a technical adviser to PT Bank Rama in Indonesia, the result of the merger of PT Bank Masyarakat and PT Bank Ramayana. Two years later, IB, Bank of Baroda, and Union Bank of India established IUB International Finance, a licensed deposit taker in Hong Kong. Each of the three banks took an equal share in the joint venture; IB's Chairman became the first Chairman of IUB International Finance. In May 1980s, IB also opened a foreign currency unit at its branch in Colombo.
  In 1981 IB set up its first Regional Rural Bank, Sri Venkateswara Grameena Bank, in Chittoor.
caption: A branch of Indian bank branch at Chettipet in Pondicherry
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