The Economic Times Awards Tamil Nadu
Amidst the current challenging period for the banking sector in India, there is a Public Sector Bank that has outshined its peers. It is the Chennai-headquartered Indian Bank. Indian Bank today, with over 9400 touch points across the country, has crossed the milestone business level of Rs 4.00 lakh crore The Bank has featured in the Most trusted brands in the Public Sector Bank category and has been acknowledged as India’s Best Bank (source: Economic Times, Magazine).
A 111-year old Bank, Indian Bank, has been consistently proving that it has the capacity to adapt to the changing environments at different points of time. It has many ‘Firsts’ to its credit when it comes to merging banking and technology for better, safer and more convenient solutions. The Bank was the first to migrate from Total Bank Computerization (TBC) to 100% Core Banking Solutions (CBS). Installing the first ATM by any public sector bank in 1989, installing the first drive-in ATM of the country during 1990, introducing the first ever voice-guided biometric ATM in 2007 to name a few. The Bank launched an industry-first mobile app to block and manage limits of debit card and credit card, the ‘IB Smart Remote’. Indian bank has been constantly reinventing with a futuristic vision to meet the challenging and dynamic ne in this technology-driven era. While doing so, the bank pays serious attention to the safety and security of customers’ transactions.
Like any other financial institution, Indian Bank too had to stave off many challenges in its long history, the most formidable one being during the late 1990s and early 2000s. The sheer commitment of employees and unflinching loyalty of customers are the Bank’s core strengths and the Bank could script a successful, historic turnaround of its fortunes mainly because of these factors. Carrying the tag ‘Your Own Bank’, the Bank is looked upon with pride in India.
Indian Bank has never looked back ever since its historic revival, continuously posting profit for over one and half decades. The Bank’s pre-eminent position is indicated by the fact that after the infusion of Capital by Government of India during its turnaround, Indian Bank is the only exception among nationalized Banks that has never sought recapitalization support from Government. Harnessing its strong technological backbone and vast experience, the bank has undertaken a well-planned and well-executed credit disbursal route, balancing growth and quality.
Indian Bank has been a forerunner in serving the unbanked and under-banked centers through tech-based initiatives, thereby fulfilling its mission to be a Common Man’s Bank. The Bank’s pioneering efforts in supporting SHG movement and promoting Financial Inclusion has earned for it the coveted recognition continuously for 18 years from Government of Tamil Nadu, besides others. It will not be an understatement if one says that Indian Bank has been the life-changer for many socially and economically deprived and vulnerable sections of the society.
Having been born out of the people’s movement, Indian Bank is a responsible corporate citizen. The Bank has based its CSR policy on five pillars, viz., inclusive growth, deepening financial literacy, ensuring a worthy life environment through green initiatives, empowerment of women to bring in gender equality and fostering economic independence to the downtrodden and economically weaker sections, women and poor through vocational skill development. On 9th March 2019, the Bank celebrated “International Women‘s Day” and felicitated twelve women achievers. On that day, the Bank also launched “IB- Surabhi”, a Savings bank Account exclusively for women. The product offers a bouquet of facilities like concessional rent for locker and interest on loans, insurance coverage, purchase protection, personalized cards, and free services.
As a step towards getting closer to the rural people, various developmental activities including literacy and counseling programs on credit, deposit products, social security schemes, and digitization have been undertaken through centers established for the said purpose under “Indian Bank Trust for Rural Development” (IBTRD). To create opportunities for entrepreneurs to pursue various self-employment options, Rural Self Employment Training Institutes of the Bank (INDSETIs) have been imparting necessary training for skill building. Both these initiatives of the Bank have received due recognition and reward from NABARD Ministry of Rural Development.
Creating a healthy society has been foremost in the agenda and a number of initiatives for the poor and the marginalized have been undertaken through various health care and blood donation camps. Envisioning a clean and hygienic environment for the next generation, Bank is an active advocate of “Swachh Bharat Mission” and numerous activities in this regard have been carried out across the country like construction of toilets in girls’ schools, donation of sanitary napkin vending machine and incinerator in women‘s colleges, cleanliness drive at various places etc.
With the presence of well-matured ingredients, Indian Bank has re-positioned itself to cater to the changing ne of its consumers with the primary focus on attuning itself to provide consumer-centric services across the Banking landscape and achieving profit-enhancing accelerated business growth through improved operational efficiency.
Going forward the goal would be to continuously pursue the vision to be a competitive and strong bank with a commitment to excellence and focus on adding value to customers, shareholders and employees with adherence to best practices and core institutional values shared throughout the Organization.