page_title: Chennai
section_title: Banking and finance
hierarchical_section_title: Chennai / Economy / Banking and finance
caption_attribution_description: English: World Bank Office in Chennai
context_page_description: Chennai, also known as Madras, is the capital of the Indian state of Tamil Nadu. Located on the Coromandel Coast off the Bay of Bengal, it is one of the largest cultural, economic and educational centres of south India. According to the 2011 Indian census, it is the sixth-most populous city and fourth-most populous urban agglomeration in India. The city together with the adjoining regions constitutes the Chennai Metropolitan Area, which is the 36th-largest urban area by population in the world. The traditional and de facto gateway of South India, Chennai is among the most-visited Indian cities by foreign tourists. It was ranked the 43rd-most visited city in the world for the year 2015. The Quality of Living Survey rated Chennai as the safest city in India. Chennai attracts 45 percent of health tourists visiting India, and 30 to 40 percent of domestic health tourists. As such, it is termed "India's health capital". Chennai has the fifth-largest urban economy of India.
  Chennai had the third-largest expatriate population in India, at 35,000 in 2009, 82,790 in 2011 and estimated at over 100,000 by 2016.
context_section_description: The Reserve Bank of India ranked Chennai as third-largest deposit centre and third-largest credit centre nationwide as of June 2012. Prior to the advent of modern commercial banks, the banking services in the city were offered to the public by Nattukottai Chettiars or Nagarathars, chiefly in and around the neighbourhood of George Town, who offered loans as well as accepted money deposits from the public, in addition to offering loans to the agricultural labourers. Even today, many of the banking offices are housed in heritage structures belonging to the colonial era that are chiefly clustered around Rajaji road in George Town. Chennai is home to the first European-style banking system in India with the establishment of the 'Madras Bank' on 21 June 1683, almost a century before the establishment of the first commercial banks, such as the Bank of Hindustan and the General Bank of India, which were established in 1770 and 1786, respectively. Upon the recommendation of the British Finance Committee on the formation of a government bank, the Madras Bank, then known as the 'Government Bank', started functioning again from 1806. In 1843, the bank merged with the Carnatic Bank (1788), the British Bank of Madras (1795) and the Asiatic Bank (1804) and became the Bank of Madras, which was one of the three Presidency banks of India, the other two being the Bank of Bengal and the Bank of Bombay. In 1921, the three Presidency banks merged to form the Imperial Bank of India, which later became the State Bank of India in 1955.
  Chennai is the headquarters of the Indian Bank, the Indian Overseas Bank and the erstwhile Bharat Overseas Bank, which merged with the Indian Overseas Bank in 2007. The city is home to the south zonal office of the Reserve Bank of India, the country's central bank, along with its zonal training centre and Reserve Bank Staff College, one of the two colleges of the bank. The city also houses the permanent back office of the World Bank, which is one of the largest buildings owned by the bank outside its headquarters in Washington, DC. The Chennai office handles corporate financial, accounting, administrative and IT services of the bank, in addition to several value-added operations of the bank that were earlier handled only in its Washington, DC office, including the bank's analytical work in bond valuation which is estimated to be US$100 billion. Several foreign banks have established their branches in the city. The first Sri Lankan Bank in India was established when the Bank of Ceylon opened its branch in Madras on 31 October 1995.
caption: World Bank Office in Chennai
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