INDIAN BANK Share price

HISTORY AND CERTAIN CORPORATE MATTERSThe Bank was incorporated on March 5 1907 under the Indian Companies Act 1882 as "Indian Bank Limited" and commenced operations on August 15 1907. The Head Office of the Bank was set up at Parry?s Buildings Parry?s Corner in Chennai (then known as Madras) and was shifted to Bentincks Buildings on Rajaji Salai (then known as North Beach Road) Chennai in July 1910. Subsequently in May 1970 the Head Office was shifted to its present location with its address as 31 Rajaji Salai Chennai in abuilding which stands on the same site as Bentinck?s Building. On February 8 2003 the Head Office was renumbered as 66 Rajaji Salai Chennai 600 001 India.Pre NationalisationThe Bank commenced business as "Indian Bank Limited" at Madras. The Bank opened its first overseas branch in Colombo Sri Lanka in 1932. In 1962 the Bank acquired the businesses of Royalaseema Bank the Bank of Alagapuri Salem Bank the Mannargudi Bank and the Trichy United Bank. Post NationalisationThe Bank was nationalised on July 19 1969. After nationalisation the Bank was renamed Indian Bank. The Bank of Thanjavur Limited (with 157 branches) was amalgamated with the Bank 1990. The first RRB Sri Venkateswara Grameena Bank was sponsored by the Bank in 1981.Restructuring PlanThe Bank experienced some financial setbacks in the 1990?s consequent upon the introduction of prudential norms by the RBI and other factors and incurred losses in 1994 and during the period from fiscal 1996 to fiscal 2001.The Bank submitted a Restructuring Plan 2000-03 in June 2000 to the Government of India (the "Plan") seeking inter alia recapitalisation for improving the financial strength of the Bank to reach the required capital adequacy ratio of 9% and to meet the gap created by application of the prudential income recognition norms.The Plan was a comprehensive package of various initiatives such as structural operational and business growth initiatives including:1. Elimination of one tier in place of the four-tier structure;2. Introduction of customer-centered products and service and delivery channels and segmentation of the business into corporate credit intensive commercial personal and rural banking branches; 3. Rationalisation of branches;4. Development of a more flexible and pragmatic compromise settlement policy;5. Framing revising Policies in all operational areas;6. Increasing staff motivation and involvement;7. Introduction of a voluntary retirement scheme; and8. Upgrading of technology.The Plan was operational with effect from September 30 2000. Under the Plan we were provided assistance of Rs. 3250 million for implementation of a voluntary retirement scheme and Rs. 2710 million for implementation of a technological upgradation plan which are repayable (with a moratorium of threeyears) over a period of 66 months and 60 months respectively.Key Milestones1932 - The Bank opened its Colombo branch.1941 - The Bank opened its Singapore branch1962 - The Bank acquired the Royalaseema Bank the Bank of Alagapuri the Salem Bank the Mannargudi Bank and the Trichy United Bank1969 - The Bank was nationalized. It was appointed as the lead bank for nine districts in the States of Tamil Nadu Andhra Pradesh and Kerala and the Union Territory of Pondicherry.1970 - The Head Office of the Bank was shifted to its own building1981 - The first regional rural bank sponsored by the Bank Sri Venkateswara Grameena Bank was founded1989 - Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank 1990 - Bank of Thanjavur Limited (with 157 branches) was amalgamated1991 - Ind Bank Housing Limited was incorporated as a subsidiary1994 - Indfund Management Limited was established to manage the operations of Indian Bank Mutual Fund1995 - The Bank?s own training establishment Indian Bank Management Academy for Growth & Excellence (IMAGE) established.2002-03 - The Bank received an award from NABARD for best performance under SHG in Tamil Nadu and Andhra Pradesh.2004-05 - The Bank entered into strategic alliance with Mahindra & Mahindra Limited and TAFE Limited for pushing up tractor usage among farmers2004-05 - Core Banking Solution was implemented by the Bank in 2 branches on December 22 20042006-07 - The Bank entered into a strategic alliance with Oriental Bank of Commerce and Corporation Bank