Chennai is a fascinating city. Comeback stories of remarkable kinds are countless in this capital city of Tamil Nadu. In a way, these speak volumes of the leadership which cares for the larger goals of the organisation and its longevity. It is hugely gratifying especially for old-time journalists who have witnessed these transformations. One such is the spectacular performance of the public sector Indian Bank. The bank breached the psychological Rs 10,000 crore-mark to post a net profit of Rs 10,918 crore in FY25. This performance must be read in the context of the trials and tribulations it went through in the past. There was a time in the mid-90s when curtains were ready to be pulled down when Indian Bank was facing a mountain of loss in the wake of ballooning NPAs (non-performing assets). Much of its problems were due to the politicisation of the lending process and deposit parking. A single client – MVR exports – caused the maximum dent to the financials and, it took quite an effort to return to normality. Amazingly, the public trust remained intact all through the difficult phase. In early 2007, Indian Bank went for an IPO (initial public offering). On 1 April, 2020, Allahabad Bank was merged.
Indian Bank was born out of the Swadeshi movement in 1907. Allahabad Bank was set up as a joint stock company by a group of Europeans in 1865 at Allahabad. Much water has flown under the bridge since then. Today, Indian Bank is a remarkable turnaround story. That is largely due to the trust reposed in it by stakeholders across the canvas. “Indian Bank is your bank.” That has been the bank’s promotional tag for a long time. Well, the Indian Bank has indeed come a long way.
