Close
x
  • SMC open account icon Open an A/C
    • Open an A/C
    • CHOOSE YOUR OPTION(S)
    • Trading A/c
    • Mutual Fund A/c
    • NBFC A/c
    • NPS A/c
  • SENSEX Sep 24 2021 12:00
    60,048.47 +163.11 ( +0.27%)
  • NIFTY Sep 24 2021 12:00
    17,853.20 +30.25 ( +0.17%)
  • SENSEX Sep 24 2021 12:00
    60,048.47 +163.11 ( +0.27%)
  • NIFTY Sep 24 2021 12:00
    17,853.20 +30.25 ( +0.17%)
  • Nasdaq Sep 24 2021 04:30
    15,052.24 +155.39 ( +1.04%)
  • DJIA Sep 24 2021 04:30
    34,764.82 +506.50 ( +1.48%)
  • S&P 500 Sep 24 2021 04:30
    4,448.98 +53.34 ( +1.21%)
  • Hang Seng Sep 24 2021 02:10
    24,192.16 -318.82 (-1.30%)
  • Crude Oil Sep 24 2021 11:29
    5,466.00 +41.00 ( +0.76%)
  • Gold Sep 24 2021 11:29
    45,995.00 -61.00 (-0.13%)
  • Silver Sep 24 2021 11:29
    59,920.00 -869.00 (-1.43%)
  • Copper Sep 24 2021 11:29
    714.00 +1.35 ( +0.19%)
  • Pound / Rupee Dec 23 2016 22:30
    100.57 0.00 (0.00%)
  • Dollar / Rupee Dec 23 2016 22:30
    73.71 +0.13 ( +0.18%)
  • Euro / Rupee Dec 23 2016 22:30
    86.40 +0.09 ( +0.11%)
  • Yen / Rupee Dec 23 2016 22:30
    0.67 0.00 ( +0.03%)

Indian Bank

BSE Code : 532814 | NSE Symbol : INDIANB | ISIN:INE562A01011| SECTOR : Banks |

NSE BSE
 
SMC down arrow

128.30

-3.65 (-2.77%) Volume 280564

24-Sep-2021 EOD

Prev. Close

131.95

Open Price

131.95

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

128.30(35693)

 

Today’s High/Low 132.90 - 125.90

52 wk High/Low 157.00 - 53.10

Key Stats

MARKET CAP (RS CR) 15891.83
P/E 4.16
BOOK VALUE (RS) 275.4604573
DIV (%) 20
MARKET LOT 1
EPS (TTM) 30.65
PRICE/BOOK 0.463224381643398
DIV YIELD.(%) 1.42
FACE VALUE (RS) 10
DELIVERABLES (%) 38.01
4

News & Announcements

20-Sep-2021

Indian Bank - Indian Bank - Loss of Share Certificates

18-Sep-2021

Indian Bank - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate

17-Sep-2021

Indian Bank - Indian Bank - Updates

15-Sep-2021

Indian Bank spurts 1.87%, gains for fifth straight session

01-Sep-2021

Indian Bank announces cessation of MD & CEO

31-Aug-2021

Indian Bank update on directorate

14-Jul-2021

Indian Bank to declare Quarterly Result

01-Jul-2021

Indian Bank announces cessation of Executive Director

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Allahabad Bank(Merged) 532480 ALBK
Andhra Bank(Merged) 532418 ANDHRABANK
Bank of Baroda 532134 BANKBARODA
Bank of India 532149 BANKINDIA
Bank of Maharashtra 532525 MAHABANK
Canara Bank 532483 CANBK
Central Bank of India 532885 CENTRALBK
Corporation Bank(Merged) 532179 CORPBANK
Dena Bank(Merged) 532121 DENABANK
Indian Overseas Bank 532388 IOB
Oriental Bank of Commerce(Merged 500315 ORIENTBANK
Punjab & Sind Bank 533295 PSB
Punjab National Bank 532461 PNB
State Bank of Bikaner and Jaipur(Merged) 501061 SBBJ
State Bank of India 500112 SBIN
State Bank of Mysore(Merged) 532200 MYSOREBANK
State Bank of Travancore(Merged) 532191 SBT
Syndicate Bank(Merged) 532276 SYNDIBANK
UCO Bank 532505 UCOBANK
Union Bank of India 532477 UNIONBANK
United Bank of India(Merged) 533171 UNITEDBNK
Vijaya Bank(Merged) 532401 VIJAYABANK

Share Holding

Category No. of shares Percentage
Total Foreign 38767864 3.11
Total Institutions 130045577 10.44
Total Govt Holding 4021 0.00
Total Non Promoter Corporate Holding 4029755 0.32
Total Promoters 994549600 79.86
Total Public & others 78044322 6.27
Total 1245441139 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Indian Bank

A premier bank owned by the Government of India, the Indian Bank was incorporated in 05 March 1907 as Indian Bank Limited and commenced operations in 15 August 1907 as part of the Swadeshi movement. Indian Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organisations. Credit/Advances/Loan Schemes specifically designed for its customers. Also offers various novel services to customers, both individuals and organisations. Indian Bank has pan India presence with 6089 branches, 5022 ATMs and 1494 BNAs as on 31 December 2020. The Bank opened its first overseas branch in Colombo, Sri Lanka during the year 1932 and also opened its Singapore branch in 1941. In the year 1962, Indian Bank acquired the businesses of Royalaseema Bank, the Bank of Alagapuri, Salem Bank, the Mannargudi Bank and the Trichy United Bank. The Bank was nationalised in 19th July of the year 1969. The Bank name was changed to Indian Bank after the nationalisation. 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. The first regional rural bank sponsored by the Bank, Sri Venkateswara Grameena Bank, was founded in the year 1981. Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank during the year 1989. The Bank of Thanjavur Limited (with 157 branches) was amalgamated with the Bank during the year 1990. Ind Bank Housing Limited was incorporated in the year 1991 as a subsidiary. Indfund Management Limited was established in 1994 to manage the operations of Indian Bank Mutual Fund. During the year 1995, The Bank's own training establishment, Indian Bank Management Academy for Growth & Excellence (IMAGE) was established. Indian Bank has launched a scheme called Cash Management Services' in the year 2001 for speedy collection of outstation cheques. The Bank 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. The Bank with the Insurance Company signed a Memorandum of understanding in February of the year 2001. In 2002-03, Indian Bank received an award from NABARD for best performance under Self Help Group (SHG) in Tamil Nadu and Andhra Pradesh. In 2003, The Bank made association with the M S Swaminathan Research Foundation (MSSRF), Chennai to sponsor a programme on agriculturists to be aired on the All India Radio. The Bank in two branches implemented the Core Banking Solution in December of the year 2004. The Bank signed an agreement with Export Credit Guarantee Corporation of India in the year 2004 to distribute the latter's credit insurance packages for exporters and also in the same year the Bank joined hands with TimesofMoney for remittance solution, introduced 'IB Swarna Abharana' a new loan product for buying gold jewellery and made tie-up with Tamil Nadu Newsprint and Papers Ltd (TNPL) for financing farmers taking up farm forestry project with the sponsorship of TNPL. During the year 2004-05, The Bank entered into strategic alliance with Mahindra & Mahindra Limited and TAFE Limited for pushing up tractor usage among farmers. In the year 2005, the Bank made tie up with three overseas companies for money transfer, signed the papers with the National Exchange Company of Doha, Mussandum Exchange Company of Oman and Abu Dhabi-based UAE Exchange Company. In 2006, Indian Bank sets up new branch in Mumbai and also launched the Bharat Card. During the year 2006-07, The Bank entered into a strategic alliance with Oriental Bank of Commerce and also with Corporation Bank. As of March 2007, Indian Bank launched Ind on-line Doorstep Banking to deliver Banking and Financial Services at the doorsteps of the common man. The Bank signed an agreement with Indian Railway Catering and Tourism Corporation Limited (IRCTC) for offering train ticket booking services through IRCTC website http://www.irctc.co.in/. The agreement was signed in 1st August of the year 2007 at New Delhi and also in December of the year 2007 Indian Bank entered into a MoU with Indian Railways to install ATMs in 51 Railway Stations across the country. Of these, 34 stations will have e-ticketing kiosks also along with ATMs. Indian Bank and SME Rating Agency of India Ltd. (SMERA) formally executed an MOU in January 31st 2008 for extending their co-operation in the arena of financing of SME sector. Indian Bank won the Financial Express's Best Bank Award 2008. Indian Bank launched Application Supported by Blocked Amount (ASBA) Phase II in Mumbai on 3 May 2010. ASBA functions as an application for subscribing to a public issue or rights issue along with an authorization to a Self Certified Syndicated Bank (SCSB) to block the application money in the bank account maintained with it. On 2 August 2010, Indian Bank signed Memorandum of Understanding (MOU) with Unique Identification Authority of India (UIDAI) to act as Registrar for AADHAR' project. On 18 October 2010, Indian Bank announced the opening of its 1800th branch in Noida, Gautam Budh Nagar, Uttar Pradesh. The Board of Directors of Indian Bank at its meeting held on 27 November 2010 approved a proposal to transfer the Depository Participant (DP) business of the bank to its subsidiary company viz. M/s. Indbank Merchant Banking Services Limited and to stop operations of existing Indian Bank DP services on completion of successful transfer of DP business. On 16 December 2010, Indian Bank announced that it has entered into a three year agreement with TCS Limited for end to end ICT based Financial Inclusion Solution, deploying the Smart Card based Business Correspondent Model. On 21 January 2011, Indian Bank opened its second branch in Sri Lanka at Jaffna. With this the International presence of Indian Bank has gone up to three viz., in Singapore, Colombo and Jaffna. On 5 May 2011, Indian Bank informed the stock exchanges that the bank has received the approval of Government of India to raise an additional Equity Capital of Rs 61.40 crore through book-building process by its Follow-on Public Offer, comprising 6.14 crore Equity Shares of Rs 10 each at a premium to be decided by the bank. On 1 August 2011, Indian Bank announced that it has entered into an agreement with SBI Fund Management Private Ltd. to act as distributors to sell Mutual Fund products of SBI Mutual Fund, one of the largest Mutual Funds in India. With this accord, Indian Bank customers will have access to three top Mutual Funds of the country, as the bank already has tie up with UTI Mutual Fund and Reliance Mutual Fund. On 2 September 2011, Indian Bank launched its e-Treasury platform, combining the Domestic and Forex Trading on a Common Software Package, which analyses profitability, risk and costing aspects through different markets. On 27 September 2011, Indian Bank signed MOU with Wells Fargo Bank, National Association, a national banking association incorporated in USA. In terms of MOU, Indian Bank will be utilizing the Letter of Credit advising and negotiating services of Wells Fargo Bank in order to improve efficiency in LC processing for Indian Bank's customers. Further, documents examination services will be utilized by Indian Bank's domestic branch network to improve efficiency and reduce operational risks. On 8 November 2011, Indian Bank announced the opening of its Zonal Office (ZO) in Hubli, Karnataka. The opening of Hubli ZO will help the bank in providing services on a larger scale to the customers of the Northern and Coastal Karnataka. On 2 February 2012, Indian Bank announced that the Board of Directors of the bank has approved a Scheme of Amalgamation of M/s. Indfund Management Limited, a wholly owned subsidiary of the bank with Indian Bank. On 21 September 2012, Indian Bank entered into an MOU with National Small Industries Corporation Ltd. (NSIC). As per the MOU, NSIC will sponsor MSME proposals, after due scrutiny, at regular intervals to various branches of Indian Bank all over India. The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank. For the quarter ended 30 June 2012, MSME advances of the bank stood at Rs 10776.30 crore, registering an annualized growth of 24.32%. On 10 December 2012, Indian Bank announced that the Board of Directors of the bank has approved a proposal to merge/hive-off Ind Bank Housing Limited, a subsidiary of the bank with Indian Bank. On receipt of capital funds from the Government of India, Indian Bank on 31 March 2015 allotted 1.54 crore equity shares at an issue price of Rs 181.31 per share aggregating to Rs 280 crore to Government of India on preferential basis. On 31 March 2016, Indian Bank announced that it has successfully raised Rs 500 crore under Basel III compliant Additional Tier I Bonds on 30 March 2016 with a coupon of 11.15% p.a. from Rural Electrification Corporation Limited. The Board of Directors of Indian Bank at its meeting held on 2 August 2016 accorded approval to the bank to raise Basel III compliant AT 1 and/or Tier 2 Bonds upto Rs 1000 crore in one or more tranches in the current or subsequent years based on the requirement. On 4 August 2016, Indian Bank and M/s. Star Agriwarehousing and Collateral Management Ltd. entered into an agreement for extending produce marketing loan to farmers. As per the agreement, M/s.Staragri will provide storage and preservation services to farmers for storing their farm produce and also collateral management services to the bank. Indian Bank will provide credit facilities to farmers against warehouse receipts. Indian Bank has developed a special product for financing farmers upto a maximum limit of Rs 50 lakh under this scheme. This facility will help the farmers to avoid distress sales under adverse market conditions and also to tide over liquidity crunch they face immediately after the harvest. Further, Food and Agro processing units can also store their produce in the storage godowns and avail credit facility against the Warehousing receipts. The Board of Directors of Indian Bank at its meeting held on 5 May 2017 accorded in-principle approval for issue of Long Term Bonds for financing of Infrastructure and Affordable Housing upto an amount of Rs 5000 crore. The Board will consider specific approval for the same at the time of actual floating of the Bonds. On 1 July 2017, Indian Bank formally launched the GST services. Indian Bank has been authorized by Chief Controller of Accounts, Central Board of Excise and Customs, to collect Goods and Service Tax (GST) through all its branches. Indian Bank is also one among the 25 banks authorized by GST Council for collection of GST. The bank is integrated with GSTN for Tax collections through Net Banking and Over the Counter (OTC) through its branches. On 11 July 2017, Indian Bank announced that credit rating agencies CRISIL and CARE have upgraded the rating of Indian Bank's Additional Tier 1 Bonds to AA+/Stable from AA/Stable) taking into consideration the bank's strong capitalization, better profitability and comfortable resource profile. On 23 November 2017, Indian Bank announced that Securities and Exchange Board of India (SEBI) has pursuant to its letter dated 20 November 2017 permitted the bank to raise capital by way of issue of equity shares pursuant to a Qualified Institutional Placement subject to the receipt of the approval from Government of India (QIP) and achieve minimum public shareholding as required under Rule 19A of Securities Contracts Regulation (Rules), 1957 pursuant to the QIP. The Board of Directors of Indian Bank at its meeting held on 19 December 2017 accorded approval to the bank to raise equity capital upto Rs 7000 crore (including Share Premium) in one or more tranches in the current or subsequent financial years based on the requirement through FPO/Private Placement/QIP/Rights Issue/Preferential Issue/Institutional Placement Program, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the Bank at EGM and other regulatory authorities. On 1 February 2018, Indian Bank has launched a new loan product called 'IB MUDRA TVS KING' by entering into MoU with TVS company for financing for 3 wheeler. On 5 April 2018, Indian Bank launched 2 new Tech product called 'BHARAT QR' & 'PUBLIC FINANCIAL MANAGEMENT SYSTEM' for facilitating transactions of Merchants /Customers/General Public and Government organizations. During the FY2019, the Bank's business crossed the milestone figure of Rs 4 trillion to reach Rs 4,29,972 Crore with a robust growth of 15.89%. Within which, Deposits grew by Rs 33,782 Crore (16.22%) to Rs 2,42,076 Crore and Advances by Rs 25,170 Crore (15.47%) to Rs 1,87,896 Crore. The bank has allotted 2900 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 290 crore at a coupon rate of 8.90% on Private Placement basis to 19 investors on 30.10.2018. Further the bank allotted 1100 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 110 crore at a coupon rate of 8.85% on Private Placement basis to 18 investors on 06.11.2018. Also allotted 6000 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 600 crore at a coupon rate of 8.53% on Private Placement basis to 9 investors on 22.01.2019. A special resolution approving raising equity capital upto a Rs 7000 crore (including premium) in one or more tranches in the current or subsequent years based on the requirement through FPO / Private Placement / QIP/Rights Issue / Preferential Issue / Employees share Purchase Plan was passed through postal ballot on 27 March 2019. As on 31 March 2019, the bank has 2 subsidiaries and 3 associate RRBs under its roof. The bank conferred with the award'Best Performance - Financial Literacy - 2018-19' by NABARD. The bank also bagged 'Best Bank in SHG Bank linkage Programme' for 2017-18 from Govt of Tamil Nadu. Bank has bagged this award for consecutive years. The bank also won the 'Best Public Sector Bank' Banking Excellence Award 2018 - By State Forum of Banker's Clubs Kerala. As on 31 March 2019, the bank had a distribution network of 2872 branches, 1043 BNAs and 2849 ATMs across the country. During the FY2020, the Bank's business crossed Rs 4.5 trillion to reach Rs 466116 Crore with a Y-o-Y growth of 8%. The bank's Deposits grew by 7.5% to Rs 260226 Crore and Advances by 10% to Rs 205890 Crore. The credit growth surpassed the ASCB growth of 6.4%. The year 2019-20 was eventful for Indian Bank as the Bank was identified as theAnchor 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. The amalgamation of Allahabad Bank into Indian Bank has placed the Bank as the 7 largest Bank with more th than Rs 8.50 lakh Crore business, 43,000 strong workforce and over 6000 branch network with a strong CASA base. The Bank has issued 11,72,65,954 equity shares of Rs.10/ each to Government of India on preferential basis on 03.12.2019. The total domestic branch network of the Bank in India increased to 2887 as on 31 March 2020. from 2872 as on st 31 March 2019. Besides, the Bank has 3 overseas st branches, taking the total branch network to 2890. The total number of ATMs & BNAs increased to 4149 as on 31 March 2020 from 3892 as on 31 March 2019, which includes 695 offsiteATMs / BNAs and 6 mobileATMs. As per Govt. of India Gazette notification dated 04.03.2020 Allahabad Bank has been amalgamated into Indian Bank wef 01.04.2020. On 05.03.2020 the Board of Directors of the Bank and the Board of Directors of Allahabad Bank at their respective meetings, approved amalgamation. The respective Banks have also approved the swap ratio of 115 shares of face value Rs. 10/- each of Indian Bank for every 1000 equity shares of Face Value of Rs. 10/- each of Allahabad Bank. During quarter ended 31 December 2020, the Bank has raised Additional Tier 1 capital in three tranches aggregating to Rs 2000 crore through private placement of Basel III compliant AT 1 Perpetual Bonds.

Indian Bank Chairman Speech

Dear Shareholders,

On my personal behalf and on behalf of Board of Directors, it is my privilege to place the highlights of your Bank's performance for FY21. The Annual Report for the Financial Year ended 31st March 2021 details the progress made and initiatives taken by your Bank during the year.

At the outset, I sincerely pay my homage to those employees who have lost their lives to the Covid pandemic while serving the Bank. I would also like to thank all the employees for their relentless efforts and all stakeholders for their unstinted support during these testing times.

Before I proceed to present the performance highlights of your Bank, let me briefly dwell upon the macro-economic scenario.

ECONOMIC OVERVIEW

Global Economy:

• Global economic growth suffered a setback during last year due to the pandemic disrupting business activities for a longer than expected duration. With the surge in vaccination, economies are opening up and growth is likely to be visible in the second half of the year and gain momentum gradually. However, the new variants of the virus causing recurring waves in few countries raise concerns to be managed promptly and efficiently.

• Global growth is expected to be 6.0% in the year 2021. The emerging market economies and developing countries are most affected due to the pandemic requiring support from other countries in getting their population vaccinated.

Indian Economy:

• Indian economy was no exception to the pandemic scenario with business activities severely effected during FY21. There was some respite due to the unlocking and growth was seen in few sectors like steel, cement and electricity generation in the last quarter of the financial year.

• With the second Covid-19 wave there has been a severe setback and the local restrictions may slow down what was a promising recovery.

• The service sector has been affected the most. The recent data of the formal sector also exhibit slowdown in the short term.

• Domestic economic activity is expected to rebound in FY22. Government's intention to vaccinate every single resident has raised hopes of an eventual turnaround in the economy later this year.

• RBI expects inflation to remain around 5.1% and real GDP growth at 9.5% in FY22. An active monsoon and pick up in vaccination give cause for hope on this front. The rural and urban demand should also improve giving a positive impact on growth of the economy.

Banking Sector – FY21

• In FY21, SCBs witnessed a better growth in deposits at 12.32% than credit which was at 5.6%. There was ample liquidity in the system and despite low deposit rates prevailing, there was consistent growth in deposits. The demand for loans however remained subdued due to the localized restrictions. The CASA ratio for SCBs stood at 44.1% on account of growth in the overall savings deposit at the end of Q4FY21.

• In response to Covid related disruptions, RBI took several measures including maintaining an accommodative stance on rates, introduction of LTRO, TLTRO, Operation Twist and OMOs to improve the liquidity position in the system. Govt. of India also came to the support of the borrowers by providing many relief measures to the stressed borrowers. The facilities of moratorium on repayment of loans, restructuring facility, guaranteed emergency loans (GECLS) gave necessary support to borrowers across the industry, providing succor to the needy sectors. Banks were able to manage the stress on asset quality and capital ratios also improved across the sector.

Indian Bank: Major events during FY21

Amalgamation of Allahabad Bank with Indian Bank

The financial year was eventful for the amalgamated entity with considerable progress in various processes involved in the integration happening throughout the year. All the products, processes and policies were harmonized from day one.

CBS Integration between the two core banking systems was completed on 14th February 2021. All the 3000+ branches of the e-ALB were seamlessly integrated on the Indian Bank's CBS platform in one go using "Big Bang" approach.

Continuous communication with employees and customers was maintained throughout the process of amalgamation.

Bank has rationalised 203 Branches, 25 Zonal offices, 12 Currency Chests, 3 Large Corporate Branches, 4 FGMOs, 5 Service branches, 6 Staff Training centers and 6 Stressed Asset Management branches.

Organisational structure has been revamped to centralize loan processing in retail and MSME segments. Strengthened control functions – Focused monitoring by two teams of Credit Monitoring and Recovery one each from Kolkata and Chennai.

The Bank is now poised to take off on a growth trajectory and would reap the synergies out of amalgamation in both balance sheet size and strength.

Bank's performance - FY21

Against this backdrop, I would like to present a snapshot of the Bank's performance in key parameters.

Bank's foot print:

Your Bank has pan-India network with 20593 touch points including 6004 Brick & Mortar branches, 5428 ATMs/BNAs, 9161 Business Correspondents and 3 overseas offices.

Business:

Bank's business crossed `9.2 lakh Cr to reach `928388 Cr. of the total business, Deposits were at `538071 Cr and Advances at `390317 Cr.

Strong CASA:

The share of low-cost Current Account and Savings Account (CASA-Domestic) deposits in total deposits stood at healthy 42%.

RAM and Corporate:

Loan Book is well diversified with RAM Sector constituting 58% (`218942 Cr) and Corporate sector 42% (`160595 Cr). The growth in advances was driven mainly by the growth in RAM Sector (12%).

Earnings and Profitability:

• Operating Profit registered a growth of 19%, touching ` 11396 Cr for FY 21.

• Net Profit for FY 21 was at `3005 Cr, a record for the Bank.

• NIM was at 2.81% for FY21.

• Return on Assets (ROA) consistently improved during the quarters and stood at 0.50% for FY21.

• Cost to Income ratio was at 47.59%.

Priority Sector:

Priority Sector Advances were at 3130274 Crore as on 31.03.2021. Priority sector as a percentage to quarterly average Adjusted Net Bank Credit (ANBC) for 2020-21 stood at 43.38% as against the mandatory target of 40.00%.

Agriculture Credit was at 360869 Cr as on 31.03.2021 and the percentage to quarterly average ANBC for 2020-21 stood at 19.84% as against the mandatory target of 18.00%.

Robust capital structure:

Capital Adequacy Ratio as per Basel III guidelines was at 15.71 %.

Tier-I CAR was at 11.93%.

• Risk weighted Assets were at `298097 Cr. Credit risk density was maintained at 65%.

Asset Quality:

• Gross NPAs and Net NPAs were at 9.85% and 3.37% respectively as on 31st March 2021. The provision coverage ratio (PCR) was at 82.12%.

Forerunner in lending to SHGs:

During FY21, SHG portfolio of Bank registered a growth of 25% YoY with outstanding at 37785 Cr to 3.39 lakh SHGs (44 lakh members).

Bank received several awards and accolades for its performance under SHG lending:

• First among PSBs for Excellence in performance under "SHG Bank Linkage Programme in Tamil Nadu" for FY 2019-20 from NABARD.

• Bank has been bagging the Best Bank award for 11 consecutive years in "SHG Bank linkage Programme" from Govt. of Tamil Nadu.

• Performance of Bank in SHG lending in the State of West Bengal for FY 2019-20 was recognized by West Bengal State Rural Livelihood Mission.

Financial Inclusion initiatives:

Bank continued to excel under financial inclusion during FY21 with:

• 260 lakh BSBD accounts.

• Average monthly transaction done per Business Correspondent (BCs) at 103 lakhs–One of the best in the Industry in terms of number of transactions.

• 27 Lakh customers enrolled under PMJJBY and 73 Lakh customers under PMSBY.

• 19 lakh APY subscribers. Persistency ratio under APY is 60%, one of the best in the industry.

Business Correspondents (BCs) reaching the rural customers during pandemic:

During the Covid pandemic situation followed by unprecedented lockdown in the country, the BC force, played a pivotal role in supporting the poor especially through delivery of Direct Benefit Transfer (DBT) funds from Government.

Bank extended support to BCs in the form of PPE, insurance coverage and financial aid.

CSR for COVID-19:

• Employees of the Bank contributed an amount of `8.10 Cr to PM CARES Fund. Further, `7.24 Cr was contributed to CM Relief fund of various States as a humble attempt to fight Covid pandemic.

• Bank continued to extend helping hand to the covid frontline workers by way of distribution of safety accessories, PPE kits, face masks, sanitizers and financial support to various hospitals.

• Bank also conducted a series of webinars on wellness by reputed doctors to create an awareness on the precautionary measures to be taken during Covid.

Leveraging Technology

• Transaction through Digital channels increased by 13% during the year.

• An integrated Mobile app IndOASIS having various functionalities with Biometric/Face ID login was launched. New features such as PPF account opening, subscription to Mutual funds, Insurance, e-NPS etc. have been introduced.

HR Initiatives:

• Staff welfare measures such as reimbursement of COVID testing expenses, interest free advance, ex gratia payment to family of deceased were extended.

• To protect the employees, Bank conducted vaccination Camps in collaboration with leading hospitals at various centres.

• As a part of capacity building initiative, Leadership Development Programme (LDP) for Senior Management was undertaken. Under the programme, assessment of leadership qualities was carried out for 373 executives of the Bank through a set of psychometric tests, group discussions and evaluation matrix.

• Following the strong financial results, Bank has paid Performance Linked Incentive amount equivalent to 15 days' pay to the employees.

New initiatives:

• Indian Bank launched an out of the box initiative – MSME Prerana, an online business mentoring programme for MSME entrepreneurs in coordination with M/s Poornatha, an Entrepreneurial Development Organization. It is a Pan India Programme in vernacular languages (in all States / UTs). The programme was launched on 06th Oct'20 by Hon'ble Minister of Finance, Ms. Nirmala Sitharaman from the Corporate Office of the Bank.

• The Bank also launched Ind Spring Board, an initiative to fund the start-ups. Bank entered into MOU with IIT Madras Incubation Cell and IISC, Bangalore for identifying the eligible Start-ups for finance under this scheme.

• As a part of enhancing customer experience, Bank has launched "ADYA" (Automated Dost for Your Assistance) Chatbot. It is a web based chatbot that is integrated in the Indian Bank's website as an additional mobile-friendly customer interface for answering customer queries.

• RBI has mandated the positive pay system for high value cheque payments. The internet banking customers are given facility to confirm their cheque details. This has been introduced to stop fraudulent activities through cheques.

Way forward

• The amalgamation process being successfully completed, the Bank is poised to grow on both business and profitability fronts. The emphasis will be to leverage operational efficiencies, cost synergies and new opportunities in terms of Brand and reach to deliver enhanced customer experience.

• The focus will be on increasing the CASA share in deposits while looking at diversified growth in credit. Cost optimization and increasing revenue with focus on fee income, improving recovery and containing NPAs will be levers to improve bottom line.

• A "Transformation Roadmap" has been identified for the Bank to be carried out over the next 2-3 years. Various high level initiatives and other initiatives are planned to be implemented across various functions.

• We are sure that with, recovery in the economic in the coming days and with your patronage as well as support the Bank will continue to show strong performance in the coming years as well.

Acknowledgement:

I would like to take this opportunity to thank all members of the Board for their valuable support, guidance and inputs to the Management during the course of this year's journey. I would also like to acknowledge the unstinted support of our loyal customers. I would like to express my sincere appreciation for the untiring efforts of the dedicated and devoted work force of the Bank who performed exceedingly well in a challenging time.

I also wish to sincerely thank the Govt. of India, RBI and all our valuable shareholders and other stakeholders for their continued confidence and support to the Bank in all its endeavours.

We would continue to look forward for your support, goodwill and patronage.

With best wishes,

Yours sincerely,

Padmaja Chunduru

MD & CEO

   

Indian Bank Company History

A premier bank owned by the Government of India, the Indian Bank was incorporated in 05 March 1907 as Indian Bank Limited and commenced operations in 15 August 1907 as part of the Swadeshi movement. Indian Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organisations. Credit/Advances/Loan Schemes specifically designed for its customers. Also offers various novel services to customers, both individuals and organisations. Indian Bank has pan India presence with 6089 branches, 5022 ATMs and 1494 BNAs as on 31 December 2020. The Bank opened its first overseas branch in Colombo, Sri Lanka during the year 1932 and also opened its Singapore branch in 1941. In the year 1962, Indian Bank acquired the businesses of Royalaseema Bank, the Bank of Alagapuri, Salem Bank, the Mannargudi Bank and the Trichy United Bank. The Bank was nationalised in 19th July of the year 1969. The Bank name was changed to Indian Bank after the nationalisation. 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. The first regional rural bank sponsored by the Bank, Sri Venkateswara Grameena Bank, was founded in the year 1981. Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank during the year 1989. The Bank of Thanjavur Limited (with 157 branches) was amalgamated with the Bank during the year 1990. Ind Bank Housing Limited was incorporated in the year 1991 as a subsidiary. Indfund Management Limited was established in 1994 to manage the operations of Indian Bank Mutual Fund. During the year 1995, The Bank's own training establishment, Indian Bank Management Academy for Growth & Excellence (IMAGE) was established. Indian Bank has launched a scheme called Cash Management Services' in the year 2001 for speedy collection of outstation cheques. The Bank 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. The Bank with the Insurance Company signed a Memorandum of understanding in February of the year 2001. In 2002-03, Indian Bank received an award from NABARD for best performance under Self Help Group (SHG) in Tamil Nadu and Andhra Pradesh. In 2003, The Bank made association with the M S Swaminathan Research Foundation (MSSRF), Chennai to sponsor a programme on agriculturists to be aired on the All India Radio. The Bank in two branches implemented the Core Banking Solution in December of the year 2004. The Bank signed an agreement with Export Credit Guarantee Corporation of India in the year 2004 to distribute the latter's credit insurance packages for exporters and also in the same year the Bank joined hands with TimesofMoney for remittance solution, introduced 'IB Swarna Abharana' a new loan product for buying gold jewellery and made tie-up with Tamil Nadu Newsprint and Papers Ltd (TNPL) for financing farmers taking up farm forestry project with the sponsorship of TNPL. During the year 2004-05, The Bank entered into strategic alliance with Mahindra & Mahindra Limited and TAFE Limited for pushing up tractor usage among farmers. In the year 2005, the Bank made tie up with three overseas companies for money transfer, signed the papers with the National Exchange Company of Doha, Mussandum Exchange Company of Oman and Abu Dhabi-based UAE Exchange Company. In 2006, Indian Bank sets up new branch in Mumbai and also launched the Bharat Card. During the year 2006-07, The Bank entered into a strategic alliance with Oriental Bank of Commerce and also with Corporation Bank. As of March 2007, Indian Bank launched Ind on-line Doorstep Banking to deliver Banking and Financial Services at the doorsteps of the common man. The Bank signed an agreement with Indian Railway Catering and Tourism Corporation Limited (IRCTC) for offering train ticket booking services through IRCTC website http://www.irctc.co.in/. The agreement was signed in 1st August of the year 2007 at New Delhi and also in December of the year 2007 Indian Bank entered into a MoU with Indian Railways to install ATMs in 51 Railway Stations across the country. Of these, 34 stations will have e-ticketing kiosks also along with ATMs. Indian Bank and SME Rating Agency of India Ltd. (SMERA) formally executed an MOU in January 31st 2008 for extending their co-operation in the arena of financing of SME sector. Indian Bank won the Financial Express's Best Bank Award 2008. Indian Bank launched Application Supported by Blocked Amount (ASBA) Phase II in Mumbai on 3 May 2010. ASBA functions as an application for subscribing to a public issue or rights issue along with an authorization to a Self Certified Syndicated Bank (SCSB) to block the application money in the bank account maintained with it. On 2 August 2010, Indian Bank signed Memorandum of Understanding (MOU) with Unique Identification Authority of India (UIDAI) to act as Registrar for AADHAR' project. On 18 October 2010, Indian Bank announced the opening of its 1800th branch in Noida, Gautam Budh Nagar, Uttar Pradesh. The Board of Directors of Indian Bank at its meeting held on 27 November 2010 approved a proposal to transfer the Depository Participant (DP) business of the bank to its subsidiary company viz. M/s. Indbank Merchant Banking Services Limited and to stop operations of existing Indian Bank DP services on completion of successful transfer of DP business. On 16 December 2010, Indian Bank announced that it has entered into a three year agreement with TCS Limited for end to end ICT based Financial Inclusion Solution, deploying the Smart Card based Business Correspondent Model. On 21 January 2011, Indian Bank opened its second branch in Sri Lanka at Jaffna. With this the International presence of Indian Bank has gone up to three viz., in Singapore, Colombo and Jaffna. On 5 May 2011, Indian Bank informed the stock exchanges that the bank has received the approval of Government of India to raise an additional Equity Capital of Rs 61.40 crore through book-building process by its Follow-on Public Offer, comprising 6.14 crore Equity Shares of Rs 10 each at a premium to be decided by the bank. On 1 August 2011, Indian Bank announced that it has entered into an agreement with SBI Fund Management Private Ltd. to act as distributors to sell Mutual Fund products of SBI Mutual Fund, one of the largest Mutual Funds in India. With this accord, Indian Bank customers will have access to three top Mutual Funds of the country, as the bank already has tie up with UTI Mutual Fund and Reliance Mutual Fund. On 2 September 2011, Indian Bank launched its e-Treasury platform, combining the Domestic and Forex Trading on a Common Software Package, which analyses profitability, risk and costing aspects through different markets. On 27 September 2011, Indian Bank signed MOU with Wells Fargo Bank, National Association, a national banking association incorporated in USA. In terms of MOU, Indian Bank will be utilizing the Letter of Credit advising and negotiating services of Wells Fargo Bank in order to improve efficiency in LC processing for Indian Bank's customers. Further, documents examination services will be utilized by Indian Bank's domestic branch network to improve efficiency and reduce operational risks. On 8 November 2011, Indian Bank announced the opening of its Zonal Office (ZO) in Hubli, Karnataka. The opening of Hubli ZO will help the bank in providing services on a larger scale to the customers of the Northern and Coastal Karnataka. On 2 February 2012, Indian Bank announced that the Board of Directors of the bank has approved a Scheme of Amalgamation of M/s. Indfund Management Limited, a wholly owned subsidiary of the bank with Indian Bank. On 21 September 2012, Indian Bank entered into an MOU with National Small Industries Corporation Ltd. (NSIC). As per the MOU, NSIC will sponsor MSME proposals, after due scrutiny, at regular intervals to various branches of Indian Bank all over India. The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank. For the quarter ended 30 June 2012, MSME advances of the bank stood at Rs 10776.30 crore, registering an annualized growth of 24.32%. On 10 December 2012, Indian Bank announced that the Board of Directors of the bank has approved a proposal to merge/hive-off Ind Bank Housing Limited, a subsidiary of the bank with Indian Bank. On receipt of capital funds from the Government of India, Indian Bank on 31 March 2015 allotted 1.54 crore equity shares at an issue price of Rs 181.31 per share aggregating to Rs 280 crore to Government of India on preferential basis. On 31 March 2016, Indian Bank announced that it has successfully raised Rs 500 crore under Basel III compliant Additional Tier I Bonds on 30 March 2016 with a coupon of 11.15% p.a. from Rural Electrification Corporation Limited. The Board of Directors of Indian Bank at its meeting held on 2 August 2016 accorded approval to the bank to raise Basel III compliant AT 1 and/or Tier 2 Bonds upto Rs 1000 crore in one or more tranches in the current or subsequent years based on the requirement. On 4 August 2016, Indian Bank and M/s. Star Agriwarehousing and Collateral Management Ltd. entered into an agreement for extending produce marketing loan to farmers. As per the agreement, M/s.Staragri will provide storage and preservation services to farmers for storing their farm produce and also collateral management services to the bank. Indian Bank will provide credit facilities to farmers against warehouse receipts. Indian Bank has developed a special product for financing farmers upto a maximum limit of Rs 50 lakh under this scheme. This facility will help the farmers to avoid distress sales under adverse market conditions and also to tide over liquidity crunch they face immediately after the harvest. Further, Food and Agro processing units can also store their produce in the storage godowns and avail credit facility against the Warehousing receipts. The Board of Directors of Indian Bank at its meeting held on 5 May 2017 accorded in-principle approval for issue of Long Term Bonds for financing of Infrastructure and Affordable Housing upto an amount of Rs 5000 crore. The Board will consider specific approval for the same at the time of actual floating of the Bonds. On 1 July 2017, Indian Bank formally launched the GST services. Indian Bank has been authorized by Chief Controller of Accounts, Central Board of Excise and Customs, to collect Goods and Service Tax (GST) through all its branches. Indian Bank is also one among the 25 banks authorized by GST Council for collection of GST. The bank is integrated with GSTN for Tax collections through Net Banking and Over the Counter (OTC) through its branches. On 11 July 2017, Indian Bank announced that credit rating agencies CRISIL and CARE have upgraded the rating of Indian Bank's Additional Tier 1 Bonds to AA+/Stable from AA/Stable) taking into consideration the bank's strong capitalization, better profitability and comfortable resource profile. On 23 November 2017, Indian Bank announced that Securities and Exchange Board of India (SEBI) has pursuant to its letter dated 20 November 2017 permitted the bank to raise capital by way of issue of equity shares pursuant to a Qualified Institutional Placement subject to the receipt of the approval from Government of India (QIP) and achieve minimum public shareholding as required under Rule 19A of Securities Contracts Regulation (Rules), 1957 pursuant to the QIP. The Board of Directors of Indian Bank at its meeting held on 19 December 2017 accorded approval to the bank to raise equity capital upto Rs 7000 crore (including Share Premium) in one or more tranches in the current or subsequent financial years based on the requirement through FPO/Private Placement/QIP/Rights Issue/Preferential Issue/Institutional Placement Program, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the Bank at EGM and other regulatory authorities. On 1 February 2018, Indian Bank has launched a new loan product called 'IB MUDRA TVS KING' by entering into MoU with TVS company for financing for 3 wheeler. On 5 April 2018, Indian Bank launched 2 new Tech product called 'BHARAT QR' & 'PUBLIC FINANCIAL MANAGEMENT SYSTEM' for facilitating transactions of Merchants /Customers/General Public and Government organizations. During the FY2019, the Bank's business crossed the milestone figure of Rs 4 trillion to reach Rs 4,29,972 Crore with a robust growth of 15.89%. Within which, Deposits grew by Rs 33,782 Crore (16.22%) to Rs 2,42,076 Crore and Advances by Rs 25,170 Crore (15.47%) to Rs 1,87,896 Crore. The bank has allotted 2900 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 290 crore at a coupon rate of 8.90% on Private Placement basis to 19 investors on 30.10.2018. Further the bank allotted 1100 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 110 crore at a coupon rate of 8.85% on Private Placement basis to 18 investors on 06.11.2018. Also allotted 6000 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 600 crore at a coupon rate of 8.53% on Private Placement basis to 9 investors on 22.01.2019. A special resolution approving raising equity capital upto a Rs 7000 crore (including premium) in one or more tranches in the current or subsequent years based on the requirement through FPO / Private Placement / QIP/Rights Issue / Preferential Issue / Employees share Purchase Plan was passed through postal ballot on 27 March 2019. As on 31 March 2019, the bank has 2 subsidiaries and 3 associate RRBs under its roof. The bank conferred with the award'Best Performance - Financial Literacy - 2018-19' by NABARD. The bank also bagged 'Best Bank in SHG Bank linkage Programme' for 2017-18 from Govt of Tamil Nadu. Bank has bagged this award for consecutive years. The bank also won the 'Best Public Sector Bank' Banking Excellence Award 2018 - By State Forum of Banker's Clubs Kerala. As on 31 March 2019, the bank had a distribution network of 2872 branches, 1043 BNAs and 2849 ATMs across the country. During the FY2020, the Bank's business crossed Rs 4.5 trillion to reach Rs 466116 Crore with a Y-o-Y growth of 8%. The bank's Deposits grew by 7.5% to Rs 260226 Crore and Advances by 10% to Rs 205890 Crore. The credit growth surpassed the ASCB growth of 6.4%. The year 2019-20 was eventful for Indian Bank as the Bank was identified as theAnchor 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. The amalgamation of Allahabad Bank into Indian Bank has placed the Bank as the 7 largest Bank with more th than Rs 8.50 lakh Crore business, 43,000 strong workforce and over 6000 branch network with a strong CASA base. The Bank has issued 11,72,65,954 equity shares of Rs.10/ each to Government of India on preferential basis on 03.12.2019. The total domestic branch network of the Bank in India increased to 2887 as on 31 March 2020. from 2872 as on st 31 March 2019. Besides, the Bank has 3 overseas st branches, taking the total branch network to 2890. The total number of ATMs & BNAs increased to 4149 as on 31 March 2020 from 3892 as on 31 March 2019, which includes 695 offsiteATMs / BNAs and 6 mobileATMs. As per Govt. of India Gazette notification dated 04.03.2020 Allahabad Bank has been amalgamated into Indian Bank wef 01.04.2020. On 05.03.2020 the Board of Directors of the Bank and the Board of Directors of Allahabad Bank at their respective meetings, approved amalgamation. The respective Banks have also approved the swap ratio of 115 shares of face value Rs. 10/- each of Indian Bank for every 1000 equity shares of Face Value of Rs. 10/- each of Allahabad Bank. During quarter ended 31 December 2020, the Bank has raised Additional Tier 1 capital in three tranches aggregating to Rs 2000 crore through private placement of Basel III compliant AT 1 Perpetual Bonds.

Indian Bank Directors Reports

To

The Members,

Your Directors have immense pleasure in presenting the Bank s Annual Report along with the Audited Statement of Accounts and the Cash Flow statement for the year ended 31 March st 2021.

FINANCIAL HIGHLIGHTS

The major highlights of your Bank's performance during FY21 are as follows:

Resource mobilization &Advances:

(` in Cr)

Particulars 31.03.20* 31.03.21
Domestic Deposits 252792 529264
Of which Current 13059 31861
Savings 76525 195166
CASA 89584 227027
CASA Mix (%) 35.4 42.89
Overseas Deposits 7434 8807
Global Deposits 260226 538071
Domestic Advances (Net) 189696 353726
Overseas Advances (Net) 8191 10284
Total Advances (Net) 197887 364010
Total Business 458113 902081
Total Assets 310052 626005

*Figures are related to standalone Indian Bank financial results for pre-amalgamation period, hence not comparable with post amalgamation financial results for the year ended March 31, 2021.

• Domestic CASA increased to Rs 2,27,027 Cr. In order to augment the CASA portfolio, Bank has mobilised 18,94,191 new CASAaccounts during FY21.

• Domestic Core Term Deposits increased to Rs 3,01,049 Cr in FY21. Reliance on high cost deposits (PDs and CDs) has declined significantly and their share to total deposits was at 0.18%.

• Priority Sector Advances were at `1,30,274 Cr as on March 31, 2021. Priority sector as a percentage to quarterly average Adjusted Net Bank Credit (ANBC) for FY21 stood at 43.38% as against the mandatory target of 40.00%.

• Agriculture Credit (Priority Sector) was at Rs 60,869 Cr and the percentage to quarterly average ANBC stood at 19.84 % as against the mandatory target of 18.00%.

• Capital Adequacy Ratio (Basel III) was at 15.71% as at March 31, 2021.

• Gross NPA and Net NPA stood at 9.85% and 3.37% respectively as on March 31, 2021.

• Total recovery of NPAs during FY21 amounted to ` 4,477 Cr.

• Total domestic branch network of the Bank increased to 6,004 as on March 31, 2021. Besides, the Bank has 3 overseas branches, taking the total branch network to 6,007.

• Total number of ATMs & BNAs increased to 5,428 as on March 31, 2021 which includes 686 offsite ATMs/BNAs and 6 mobileATMs.

• As on March 31, 2021 the Bank has installed Passbook Kiosks at 1231 locations.

INCOMEAND EXPENDITURE

(` in Cr)

Particulars 31.03.20* 31.03.21
Interest Earned 21405 39106
Interest Expended 13799 23440
Net Interest Income (NII) 7606 15666
Other Income 3313 6079
Of which Fee Income 1357 2368
Profit on sale of Investments 880 2124
Recovery of bad debts 261 618
Operating Revenue
(NII + Other income) 10919 21745
Operating Expenses 4421 10349
Of which Employee Expenses 2473 6378
Other operating Expenses 1948 3971
Operating Profit 6498 11396
Provisions 5745 8391
Of which Provisions for NPA 4336 7317
Provision for Standard advances 143 469
Provision for Tax 619 (99)
Net profit 753 3005

*Figures are related to standalone Indian Bank financial results for pre-amalgamation period, hence not comparable with post amalgamation financial results for the year ended March 31, 2021.

As on March 31, 2021,

• Total income of the Bank stood at Rs 45,185 Cr, with Interest Income at `39,106 Cr and other Income at Rs 6,079 Cr.

• Bank s total expenditure stood at `33,789 Cr with Interest Expenditure at Rs 23,440 Cr and Operating expenses at ` 10349 Cr.

• Bank registered an Operating Profit of Rs 11,396 Cr and Net Profit Rs 3,005 Cr

Key Ratios for Mar'21 are as under:

(in %)

Parameters Mar'20* Mar'21
Yield on Advances 8.46 7.45
Cost of Deposits 5.34 4.44
Return on Assets 0.26 0.50
Cost Income ratio 40.49 47.59
Average Business per employee
(` in lakh) 2287 2077
Profit per employee (` in lakh) 4.02 7.22

*Figures are related to standalone Indian Bank financial results for pre-amalgamation period, hence not comparable with post amalgamation financial results for the year ended March 31, 2021.

NETWORTH AND CRAR:

• Networth of the Bank stood at Rs 29,812 Cr as on March 31, 2021.

• As per Basel III norms, the Capital to Risk weightedAssets Ratio (CRAR) was at 15.71% as on March 31, 2021, as against the regulatory requirement of 10.875%. The CET-I ratio was 11.27% as against the minimum requirement of 7.375%. The CRAR of Tier I capital was at 11.93% as of March 31, 2021.

(in %)

As on
BASEL III Mar'20* Mar'21
CET- I 11.78 11.27
Tier- I Capital 12.08 11.93
Tier-II Capital 2.04 3.78
Total 14.12 15.71

*Figures are related to standalone Indian Bank financial results for pre-amalgamation period, hence not comparable with post amalgamation financial results for the year ended March 31, 2021.

RECRUITMENT /TRAINING

• As per Government guidelines, pre-recruitment and pre-promotion trainings were offered to SC/ST employees during the process of direct recruitment and internal promotions.

CHANGES IN THE BOARD DURING THE YEAR:

All the Directors have been appointed/nominated by the Govt. of India (GOI) except Shareholder Directors.

• Shri K Ramachandran was appointed as Executive Director of the Bank vide GoI, Ministry of Finance, Dept of Financial Services Notification F.No.4/7/2018-BO.I dated 18.03.2020 w.e.f. 01.04.2020.

• Shri Vinod Kumar Nagar was shareholder Director of the Bank upto 30.06.2020.

• Shri M K Bhattacharya was Executive Director of the Bank upto 30.11.2020.

• Dr Bharath Krishna Sankar was shareholder Director of the Bank upto 20.12.2020. He was reelected as Shareholder Director of the Bank for second term from 07.02.2021 to 06.02.2024.

• Shri Salil Kumar Jha was Part time Non-Official Director of the Bank upto 26.12.2020.

• Shri Imran Amin Siddiqui was appointed as Executive Director of the Bank vide GoI, Ministry of Finance, Dept of Financial Services Notification F.No.4/3/2020-BO.I dated 10.03.2021.

DIRECTORS'RESPONSIBILITY STATEMENT

The Directors confirm that in the preparation of the annual accounts for the year ended March 31, 2021:

• The applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

• The accounting policies framed in accordance with the guidelines of the Reserve Bank of India, were consistently applied;

• Reasonable and prudent judgment and estimates were made so as to give a true and fair view on the state of affairs of the Bank at the end of the financial year and profit of the Bank for the year ended March 31, 2021.

• Proper and sufficient care were taken for the maintenance of adequate accounting records in accordance with the provisions of applicable laws governing Banks in India; and

• The accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT

The Board expresses its deep sense of gratitude to the Government of India, Reserve Bank of India and Securities & Exchange Board of India for the valuable guidance and support received from them. The Board also thanks the financial institutions and correspondent Banks for their co-operation and support. The Board acknowledges the unstinted support of its customers and shareholders.

The Board places on record its appreciation for the valuable contribution made by Shri. Vinod Kumar Nagar, Shri. M K Bhattacharya and Shri Salil Kumar Jha who ceased to be members during the year.

The Board places on record its appreciation for the dedicated services and contribution made by members of staff for the overall performance of the Bank.

For and on behalf of Board of Directors

PADMAJA CHUNDURU MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER

   

Indian Bank Company Background

S L Jain
Incorporation Year1907
Registered Office66 Rajaji Salai,P B No 1384
Chennai,Tamil Nadu-600001
Telephone91-44-25233231/25231253/25231254,Managing Director
Fax91-44-25231278
Company SecretaryDina Nath Kumar
AuditorK C Mehta & Co/Sriramamurthy & Co/G Natesan & Co
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarCameo Corporate Services Ltd
Subramanian Building,1ST Floor No 1,Club House Road,Chennai - 600002

Indian Bank Company Management

Director NameDirector DesignationYear
Shenoy Vishwanath Vittal Executive Director 2021
S K Panigrahy Nominee (RBI) 2021
Sanjeev Kaushik Nominee (Govt) 2021
K Ramachandran Executive Director 2021
Dina Nath Kumar Company Secretary 2021
Bharath Krishna Sankar Director (Shareholder) 2021
S L Jain Managing Director & CEO 2021

Indian Bank Listing Information

Listing Information
BSE_500
BSE_PSU
CNX500
BSESMALLCA
PSUBANK
CNXSMALLCA
BSEALLCAP
BSEFINANCE
BSEBHARA22
SML250
MSL400
NFTYMSC400
NFTYSC50
NFTYSC250

Indian Bank Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest/Discount on Adv/BillsRs.00015933.0415
Income on investments Rs.0005278.8236
Interest on Balances with RBI Rs.000177.4266
Others Rs.00015.6775

Contact us Contact us