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 it offers various novel services to customers, both individuals and organisations.
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.
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.
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.
Total domestic branch network of the Bank in India increased to 2887 as on 31 March 2020. Besides, the Bank has 3 overseas branches, taking the total branch network to 2890. Total number of ATMs & BNAs increased to 4149, which includes 695 offsite ATMs / BNAs and 6 mobile ATMs.
In FY 2021, Bank has pan-India network with 20593 including 6004 Brick & Mortar branches, 5428 ATMs/BNAs, 9161 Business Correspondents and 3 overseas offices. Its business crossed Rs. 9.2 lakh Crore to reach Rs. 928388 Crore of the total business, Deposits were at Rs. 538071 Crore and Advances at Rs. 390317 crore. 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. In FY 20, Bank commenced its operation as an amalgamated entity from 1st April 2020 and completed the integration of CBS systems of both banks on 14th February, 2021.
Bank has a network of 5,732 domestic branches as on March 31, 2022 and 3 overseas branches, taking the total branch network to 5,735. Total number of Bank's ATMs and BNAs stood at 4,925 which include 624 offsite ATMs /BNAs and 3 mobile ATMs. During year 2022, Bank raised Equity capital of Rs. 1650 Crore through Qualified Institutional Placement (QIP). It implemented full-fledged Data Analytics solution for generation of business leads, cross selling of Retail & MSME loan products etc. The Bank signed MoU with India Bull HFL, India Bulls CCL, IIFL Housing Finance Limited, AVANSE Financial Services, Edelweiss HFL, ECL Finance Limited, IIFL Finance, SK Fin-Corp Limited and sanctioned an aggregate amount of 500 Crore. Products like Ind Kavach, Housing Loan Premium, Used Cars & Two Wheelers Loan were launched in FY 22.
During FY22, Bank has opened 39.95 lakhs new Saving Bank Accounts and 0.93 lakhs new Current Accounts.
Bank has a network of 5,787 domestic branches as on March 31, 2023 and 3 overseas branches and 1 IFSC Banking unit (GIFT City), taking the total branch network to 5,791. Total number of Bank's ATMs and BNAs stood at 4,929 which include 591 offsite ATMs /BNAs and 2 mobile ATMs. The Bank launched 4 new products: MSME Loan Against Property, Pharma Strengthening, Sakhi and Commercial Vehicle Financing in FY 2023.
During FY23, Bank has opened 37.44 lakhs new Saving Bank Accounts and 1.54 lakhs new Current Accounts.
Indian Bank
Chairman Speech
Dear Shareholders,
I am pleased to present to you the performance highlights of your Bank for the
financial year 2022-23. Business growth and the details of accomplishments and initiatives
of the Bank are provided in the Annual Report for the year. The performance of your Bank
came in an economic environment where the major economies around the world faced
unprecedented inflation & monetary tightening, which led to global slowdown.
Now, let me begin with a short preview of the prevailing financial eco-system and the
outlook for global and Indian economy.
Global Economy:
Global economic activity remains resilient amidst the persistence of inflation at
elevated levels, debacle of banks in some advanced economies, tight financial conditions
and continued geopolitical tensions. Now, the Supply-chain disruptions are normalising,
the disorders to energy and food markets caused by the geo-political conflict are also
receding. The synchronous tightening of monetary policy by most central banks have started
bearing fruits, with inflation moving back toward its targeted levels.
However, weakened external demand, spill-overs from the banking crisis, volatile
capital flows and debt distress in certain vulnerable economies weigh on growth prospects.
Hence, the outlook for the global economy remained sluggish. Consequently, IMF through its
Global Economic Outlook for the month of Apr'23 has revised the global economic growth
downward to 2.8% for 2023.
Indian Economy:
Due to multiple shocks, e.g. COVID-19, Russia invasion of Ukraine etc., record
inflation observed across the globe and India also faced the cascading effect of imported
inflations. the inflation, the RBI hiked the policy repo rate by 250 bps in different
phases during the FY23. Throughout the year domestic inflation elevated, its cumulative
print was recorded at 6.65% during FY23. However, India's retail inflation eased to an
18-months low at 4.7% YoY in Apr'23. In its Apr'23 MPC meet, the RBI kept the policy rate
unchanged.
India's Industrial Production (IIP) growth fell to 5.14% YoY in FY23 due to subdued
performance of manufacturing sector & consumer goods segment. For FY22, it was
measured at 11.40%.
The Government's continued thrust on capex, improvement in capacity utilisation in
manufacturing and pick-up in non-food credit may sustain the expansion in industrial
activity. On the other hand, headwinds from geopolitical tensions, tightening global
financial conditions and the slowing external demand pose downside risks to India's
economic growth. The RBI projected real GDP to grow at 6.5% and CPI led inflation at 5.2%
for FY24.
Banking Sector
The Indian Banking sector remained resilient & well capitalised and demand for
credit from almost all the major sectors of the economy was seen. The banking sector
successfully catered to the needs of the economy.
Bank's Performance - FY23
Against this background, I would like to present a synopsis of the Bank's performance
during FY23.
Business Figure:
• Bank achieved the gross business of Rs10.95 Lakh Cr, witnessing YoY growth of
8%. This was driven by 14% YoY growth in Gross advances and 5% YoY growth in deposits. The
YoY growth in SB deposits was at 7%.
• Bank's CASA deposits increased by 5% YoY to Rs2.61 lakh Cr (Rs2,60,809 Cr) in
FY23. The CASA share to total deposits continued to remain around 42%, as in the previous
year.
• Bank has a well-diversified credit book constituting 61% share of RAM (Retail,
Agri & MSME) advances. The growth in the RAM advances has been observed in all the
sectors i.e., Retail, Agriculture and MSME advances grew by 13%, 16% and 7% YoY
respectively.
• The Corporate loan book grew by 12% YoY to Rs1,71,242 Cr in FY23.
• Priority Sector Advances stood at 44.26% of Adjusted Net Bank Credit (ANBC) in
FY23 as against the RBI's mandatory target of 40%. Agriculture Credit stood at 19.27% of
ANBC as against the mandatory target of 18%.
• The outstanding loan amount to SHGs grew by 44% YoY to reach Rs13,719 Cr
involving 4.57 lakh SHGs as on 31st Mar'23 as against Rs9,524 Cr in the
previous year.
Earnings and Profitability:
• Net Interest Income of the Bank registered a growth of 21% YoY.
• Fee based income of the Bank grew by 16% YoY to Rs2,969 Cr. Recovery in
written-off accounts improved by 33% YoY to Rs2,155 Cr in FY23.
• Operating Profit recorded a YoY growth of 20% to reach Rs15,271 Cr as compared
to Rs12,717 Cr in the previous year.
• Net Profit of the Bank grew by 34% YoY toRs5,282 Cr in FY23 as against Rs3,945
Cr in FY22.
• Return on Assets (RoA) improved to 0.77% in FY23 from 0.63% a year ago.
• Return on Average Net worth (RoE) increased to 14.73% in FY23 from 12.13% in
FY22.
• Earnings-per-Share (EPS) for FY23 improved to Rs42.41 from Rs32.38 a year ago.
• Domestic NIM of the Bank improved by 50 bps to 3.41% in FY23 as against 2.91% in
FY22.
• Cost to income ratio reduced by 201 bps to 44.20% in FY23 as against 46.21% in
the last year.
Asset Quality:
• Gross Non-Performing Assets (GNPA) reduced by 252 bps to 5.95% at Rs28,180 Cr in
FY23 as against 8.47% in the previous financial year.
• Net NPA also declined by 137 bps to 0.90% at Rs4,044 Cr as on March 31st
2023 as against 2.27% in FY22.
• Provision Coverage Ratio (PCR, including TWO) improved to 93.82% in FY23 from
87.38% in FY22.
Total recovery during FY23 increased to Rs8,504 Cr from Rs7,115 Cr a year ago.
Sound Capital Structure:
Capital Adequacy Ratio (CRAR) of the Bank computed as per Basel III guidelines stood at
16.49% in Mar'23, with Tier-I Capital at 13.48%. The share of Government of India in the
Bank was 79.86% as on 31st Mar'23.
The Board of Directors has recommended a dividend of Rs8.60 per equity share (86%) for
FY23.
Bank's Footprint:
Currently, the Bank has an extensive customer touch-points across India, comprising
5,787 domestic branches, 3 overseas branches, 1 IFSC Banking Unit (IBU), 4,929 ATMs &
BNAs and 10,750 Business Correspondents (BCs).
Awards & Recognition:
• Bank received the Financial Express, "Award for Best Public Sector Bank
2020-21" in Aug'22.
• Bank emerged as the winner in BFSI Award 2023 in Best Brand category for
spurring growth amidst global slowdown by the Economic Times.
• Bank received the "Golden Peacock National Training Award-2023'' for
excellence in training practices from Hon'ble Minister of UAE at Dubai.
• Bank bagged "CGTMSE Achievement Award FY23" for best efforts in
information dissemination.
• Bank ranked at 2nd Position in ATAL Pension Yojana Enrolments for
FY22
• Bank bagged the Best Performing Bank Award in Tamil Nadu for SHG-Bank Linkage
Programme for FY21-22 from NABARD.
• Bank has been awarded as the 2nd Best Bank at National Level Award at
14th SFBCK Banking Excellence Awards, 2021-22 by the former President of India
Shri Ramnath Kovind in Jan'23.
• Bank was adjudged the Company of the Year at Mint W3 awards 2023.
Financial Inclusion Initiatives:
• The Bank is having 205 lakh PMJDY accounts as in Mar'23 in which the outstanding
balance stood at Rs9342 Cr. The balance in PMJDY accounts has grown by 23% over the
previous year.
• Balance per PMJDY account of the bank stood at Rs4,557 in comparison to industry
average of Rs4,087. Bank has also issued Ru-Pay cards to around 56% of the accounts.
• Bank garnered 6.86 lakh fresh enrolments with highest ever average account per
branch of 117 in APY.
Leveraging Technology
• Digital Banking has revolutionised traditional banking by leveraging technology
to offer more convenient, accessible and secure financial services. During Q4FY23, 85% of
the Bank's transactions were carried out through various digital channels as against 77%
during Q4FY22.
• Mobile banking users of the bank increased to 115 lakh in FY23 as against 68
lakh in FY22, while the transactions increased by 72% YoY during the period.
• Number of UPI users increased by 27% YoY to 128 lakh, while the UPI transactions
surged by 109% YoY in FY 23.
HR Initiatives:
• As part of our commitment to foster a positive work environment, we have
implemented several HR initiatives to support our staff, viz., implementation of job
family concept, capacity building initiatives etc.
• Bank has conducted trainings for the 36,652 employees posted in different
verticals during the year for empowering and skilling them. 908 Digital banking champions
have been assigned the responsibility of on-boarding more and more customers on the
digital channels.
• The Bank has launched Performance Management System (PMS) to gauge the
performance of our officers and motivate them for focused overall growth by assigning Key
Performance Indicator (KPIs).
• We also prioritize employee well-being by offering wellness programs and
initiatives, including health and fitness activities, stress management workshops, and
mental health support. In our endeavour to serve our employees, the Bank has continued its
tie-up with M/s. Practo for free online Doctor consultation for the serving and retired
staff members.
New Initiatives:
Under the umbrella of "Project-WAVE" (World of Advanced Virtual Experience)
the Bank has launched various digital journeys.
• Now one can digitally apply for Agri jewel loan, Shishu Mudra loan &
Personal loan. Customers can also renew MSME & KCC loans, open fixed deposits and
savings account digitally.
• To garner low cost deposits, Bank has set-up liability verticals in major cities
of India to ensure customized service to esteemed corporates and Government departments.
• Bank has introduced PROJECT IND LEAP, which is an improved operating model based
on centralisation, standardisation, automation, efficient processing & economies of
scale. Under the project, micro-market strategy has been implemented at pin code level for
business growth. It is a transformation journey to address evolving customer expectations
and emerging opportunities.
Way Forward:
At, Indian Bank, we are adopting best in class industry practices to address evolving
customer expectations. We are committed to deliver excellence in financial services by
bringing innovation & technology in our offerings and will continue to be responsive
to the needs of our customers through the channel of their choices.
Acknowledgement
I would like to thank our shareholders for their unwavering support and confidence in
the Bank. The success we have achieved is a result of the hard work & dedication of
the employees, the loyalty of our customers and the trust & confidence of our valued
shareholders. We remain committed to delivering superior financial performance and
creating value for our stakeholders.
I also wish to sincerely thank the Government of India, Reserve Bank of India, 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, |
| S L Jain |
| MD & CEO |
  Â
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 it offers various novel services to customers, both individuals and organisations.
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.
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.
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.
Total domestic branch network of the Bank in India increased to 2887 as on 31 March 2020. Besides, the Bank has 3 overseas branches, taking the total branch network to 2890. Total number of ATMs & BNAs increased to 4149, which includes 695 offsite ATMs / BNAs and 6 mobile ATMs.
In FY 2021, Bank has pan-India network with 20593 including 6004 Brick & Mortar branches, 5428 ATMs/BNAs, 9161 Business Correspondents and 3 overseas offices. Its business crossed Rs. 9.2 lakh Crore to reach Rs. 928388 Crore of the total business, Deposits were at Rs. 538071 Crore and Advances at Rs. 390317 crore. 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. In FY 20, Bank commenced its operation as an amalgamated entity from 1st April 2020 and completed the integration of CBS systems of both banks on 14th February, 2021.
Bank has a network of 5,732 domestic branches as on March 31, 2022 and 3 overseas branches, taking the total branch network to 5,735. Total number of Bank's ATMs and BNAs stood at 4,925 which include 624 offsite ATMs /BNAs and 3 mobile ATMs. During year 2022, Bank raised Equity capital of Rs. 1650 Crore through Qualified Institutional Placement (QIP). It implemented full-fledged Data Analytics solution for generation of business leads, cross selling of Retail & MSME loan products etc. The Bank signed MoU with India Bull HFL, India Bulls CCL, IIFL Housing Finance Limited, AVANSE Financial Services, Edelweiss HFL, ECL Finance Limited, IIFL Finance, SK Fin-Corp Limited and sanctioned an aggregate amount of 500 Crore. Products like Ind Kavach, Housing Loan Premium, Used Cars & Two Wheelers Loan were launched in FY 22.
During FY22, Bank has opened 39.95 lakhs new Saving Bank Accounts and 0.93 lakhs new Current Accounts.
Bank has a network of 5,787 domestic branches as on March 31, 2023 and 3 overseas branches and 1 IFSC Banking unit (GIFT City), taking the total branch network to 5,791. Total number of Bank's ATMs and BNAs stood at 4,929 which include 591 offsite ATMs /BNAs and 2 mobile ATMs. The Bank launched 4 new products: MSME Loan Against Property, Pharma Strengthening, Sakhi and Commercial Vehicle Financing in FY 2023.
During FY23, Bank has opened 37.44 lakhs new Saving Bank Accounts and 1.54 lakhs new Current Accounts.
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 31st
March 2023.
FINANCIAL HIGHLIGHTS
The major highlights of your Bank's performance during FY23 are as follows:
A. Resource mobilization & Advances:
(Amount Rs in Cr)
| Particulars |
31.03.22 |
31.03.23 |
YoY (%) |
| Domestic Deposits |
584661 |
608027 |
4.00 |
| Of which Current |
35969 |
35366 |
-1.68 |
| Savings |
211120 |
224873 |
6.51 |
| CASA |
247089 |
260239 |
5.32 |
| CASA Mix (%) |
42.26 |
42.80 |
54 bps |
| Overseas Deposits |
8957 |
13139 |
46.68 |
| Global Deposits |
593618 |
621166 |
4.64 |
| Domestic Advances (Gross) |
395698 |
443921 |
12.19 |
| Overseas Advances (Gross) |
19927 |
29665 |
48.87 |
| Total Advances (Gross) |
415625 |
473586 |
13.95 |
| Total Business |
1009242 |
1094752 |
8.47 |
| Total Assets |
671668 |
710501 |
5.78 |
1. Global Deposits grew by 4.64% YoY and stood at Rs 6,21,166 Cr in March 2023.
2. Domestic CASA increased to Rs2,60,239 Cr registering a growth of 5.32% YoY. In order
to augment the CASA portfolio, Bank has mobilised 38,98,084 new CASA accounts (excluding
BSBD Savings account) during FY23.
3. Gross Advances of the Bank (Global) grew by 13.95% YoY and stood at Rs4,73,586 Cr as
on March 31, 2023 from Rs4,15,625 Cr as March 31, 2022.
4. Priority Sector Advances were at Rs1,52,992 Cr as on March 31, 2023. Priority sector
as a percentage to Adjusted Net Bank Credit (ANBC) for FY23 stood at 44.26% as against the
mandatory target of 40%.
5. Agriculture Credit (Priority Sector) was at Rs66,607 Cr and as a percentage
to ANBC the same stood at 19.27% as against the mandatory target of 18%.
6. All mandatory targets stipulated by RBI have been surpassed during FY23.
7. Gross NPA and Net NPA reduced to Rs28,180 Cr (5.95%) and Rs4,043 Cr (0.90%)
respectively as on March 31, 2023 as against Rs35,214 Cr (8.47%) and Rs8,849 Cr
(2.27%) respectively in March 31, 2022.
8. Total recovery of NPAs (including recovery in AUC accounts and MoI) during FY23
amounted to Rs7,358 Cr as against Rs5,542 Cr in the previous year.
9. Recovery in bad debts amounted to Rs2,177 Cr during FY23 as against Rs1,612 Cr in
during FY22.
10. Provision Coverage Ratio (PCR) of the Bank improved by 644 bps to 93.82% in FY23 as
against 87.38% in FY22.
11. As on 31st March 2023, Bank has a network of 5,787 domestic branches, 3
overseas branches and 1 IFSC Banking unit (GIFT City), taking the total branch network to
5,791.
12. Total number of Bank's ATMs and BNAs stood at 4929 which include 591 offsite
ATMs/BNAs and 2 mobile ATMs.
13. 2914 Passbook Kiosks have been installed by Bank as on 31st March 2023.
B. INCOME AND EXPENDITURE
(Amount Rs in Cr)
| Particulars |
31.03.22 |
31.03.23 |
YoY (%) |
| Interest Earned |
38856 |
44942 |
15.66 |
| Interest Expended |
22128 |
24717 |
11.70 |
| Net Interest Income (NII) |
16728 |
20225 |
20.91 |
| Other Income |
6915 |
7143 |
3.30 |
| Of which - Fee Income |
2555 |
2969 |
16.20 |
| Profit on sale of Investments |
1626 |
381 |
-76.57 |
| Recovery of bad debts |
1612 |
2177 |
35.05 |
(Amount Rs in Cr)
| Particulars |
31.03.22 |
31.03.23 |
YoY (%) |
| Operating Revenue (NII + Other income) |
23643 |
27369 |
15.75 |
| Operating Expenses |
10926 |
12098 |
10.72 |
| Of which - Employee Expenses |
6695 |
7527 |
12.41 |
| Other operating Expenses |
4231 |
4571 |
8.01 |
| Operating Profit |
12717 |
15271 |
20.08 |
| Provisions |
8772 |
9989 |
13.87 |
| Of which - Provisions for NPA (inclusive of NPI) |
8557 |
6921 |
-19.11 |
| Provision for Standard advances |
962 |
2295 |
139 |
| Provision for Tax |
(741) |
633 |
- |
| Net profit |
3945 |
5282 |
33.89 |
As on March 31, 2023,
1. Total income of the Bank increased by 13.79% and stood at Rs52,085 Cr, with Interest
Income at Rs44,942 Cr and other Income at Rs7,143 Cr.
2. Bank's total expenditure inceased by 11.37% and stood at Rs36,185 Cr with Interest
Expenditure at Rs24,717 Cr and Operating expenses at Rs12,098 Cr.
3. Bank's Operating Profit and Net Profit witnessed an increase of 20% and 34%
respectively and stood at Rs15,271 Cr and Rs5,282 Cr respectively. (For FY22 the same were
at Rs12,717 Cr and Rs3,945 Cr respectively).
C. Key Ratios for Mar'23 are as under: (in %)
| Parameters |
31.03.22 |
31.03.23 |
| Yield on Advances |
7.21 |
7.76 |
| Cost of Deposits |
3.97 |
4.09 |
| Return on Assets |
0.63 |
0.77 |
| Return on Equity |
12.13 |
14.73 |
| Net Interest Margin |
2.93 |
3.37 |
| Cost Income ratio |
46.21 |
44.20 |
| Average Business per employee (Rs in lakh) |
2252 |
2355 |
| Profit per employee ( Rs in lakh) |
9.91 |
12.95 |
D. NETWORTH AND CRAR
1. Networth of the Bank stood at Rs37,431 Cr as on March 31, 2023 as against Rs33,625
Cr in March 31, 2022.
2. As per Basel III norms, the Capital to Risk weighted Assets Ratio (CRAR) was at
16.49% as on March 31, 2023, compared to 16.53% in March 31, 2022 and as
against the regulatory requirement of 11.50%. The CET- I ratio was at 12.89% as against
12.53% in March 31, 2022 and the minimum requirement of 8.00%. The CRAR of Tier I capital
was at 13.48% as of March 31, 2023.
|
|
(in %) |
|
As on |
| BASEL III |
31.03.2022 |
31.03.2023 |
| CET- I |
12.53 |
12.89 |
| Tier- I Capital |
13.17 |
13.48 |
| Tier-II Capital |
3.36 |
3.01 |
| Total |
16.53 |
16.49 |
E. 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.
F. CHANGES IN THE BOARD DURING THE YEAR:
All the Directors have been appointed/nominated by the Govt. of India (GOI) except
Shareholder Directors.
Shri Sanjeev Kaushik was GoI Nominee Director of the Bank upto 13.09.2022.
Government of India, Ministry of Finance, Department of Financial Services, vide
notification dated 14.09.2022 nominated Dr. M P Tangirala as GoI Nominee Director of the
Bank in place of Shri Sanjeev Kaushik.
Shri Mahesh Kumar Bajaj was appointed as Executive Director of the Bank vide Government
of India, Ministry of Finance, Department of Financial Services, notification dated
21.11.2022.
G. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that in the preparation of the annual accounts for the year ended
March 31, 2023:
1. The applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
2. The accounting policies framed in accordance with the guidelines of the Reserve Bank
of India, were consistently applied;
3. 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, 2023.
4. 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
5. The accounts have been prepared on a going concern basis.
H. ACKNOWLEDGEMENT
The Board expresses its deep sense of gratitude to the Government of India, State
Governments, 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. Sanjeev Kaushik who
ceased to be member during the year. The Board also 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 |
| S L JAIN |
| MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER |
  Â
Indian Bank
Company Background
| Incorporation Year | 1907 |
| Registered Office | 66 Rajaji Salai,P B No 1384
Chennai,Tamil Nadu-600001 |
| Telephone | 91-44-25233231/25231253/25231254,Managing Director |
| Fax | 91-44-25231278 |
S L Jain| Company Secretary | Dina Nath Kumar |
| Auditor | PKF Sridhar & Santhanam LLP/G Natesan & Co |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | Cameo Corporate Services Ltd
Subramanian Building,1ST Floor No 1,Club House Road,Chennai - 600002 |
Indian Bank
Company Management
| Director Name | Director Designation | Year |
|---|
| Dina Nath Kumar | Company Sec. & Compli. Officer | 2023 |
| Bharath Krishna Sankar | Director (Shareholder) | 2023 |
| S L Jain | Managing Director & CEO | 2023 |
| Ashwani Kumar | Executive Director | 2023 |
| Papia Sengupta | Director (Shareholder) | 2023 |
| Vishvesh Kumar Goel | Part Time Non Official Ind.Dir | 2023 |
| Balmukund Sahay | Part Time Non Official Ind.Dir | 2023 |
| Aditya Gaiha | Nominee (RBI) | 2023 |
| Imran Amin Siddiqui | Executive Director | 2023 |
| MAHESH KUMAR BAJAJ | Executive Director | 2023 |
| Ashutosh Choudhury | Executive Director | 2023 |
| Maruthi Prasad Tangirala | Nominee (Govt) | 2023 |
| Shiv Bajrang Singh | Executive Director | 2023 |
Indian Bank
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_200 |
| BSEDOLLEX |
| BSE_PSU |
| CNX500 |
| BSEMID |
| CNXMIDCAP |
| PSUBANK |
| CNX200 |
| CNXDIVIDEN |
| CNXALPHAIN |
| BSEALLCAP |
| BSEFINANCE |
| BSEBHARA22 |
| MID150 |
| LMI250 |
| MSL400 |
| BSEEVI |
| NFTYLM250 |
| NFTYMC150 |
| NFTYMSC400 |
| NF500M5025 |
| NFTYTOTMKT |
| NFMC150M50 |
Indian Bank
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Interest/Discount on Adv/Bills | Rs. | 0 | 0 | 0 | 31941.1506 |
| Income on investments | Rs. | 0 | 0 | 0 | 11647.1682 |
| Interest on Balances with RBI | Rs. | 0 | 0 | 0 | 877.5368 |
| Others | Rs. | 0 | 0 | 0 | 476.3573 |