Tamil Nadu Timeline

EconomyBritish Crown rule

Indian Bank founded in Madras

· Chennai

Inspired by the Swadeshi movement, the Indian-owned Indian Bank opened in Madras following the failure of Arbuthnot & Co.

Incorporated on 5 March 1907, Indian Bank started business on 15 August 1907 from a head office in Parry's Building, Madras. It grew out of the Swadeshi movement after Indian depositors suffered losses in the collapse of the British firm Arbuthnot & Co. A key role in setting it up was played by V. Krishnaswamy Iyer. In later years it developed into a large public sector bank with its headquarters in Chennai.

Related events

  1. 1843

    1. 1 Jul 1843ChennaiEconomy

      Bank of Madras formed

      The Bank of Madras, one of the three Presidency banks, came into being through the merger of several banks in Madras.

  2. 1905

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      S. Kasturi Ranga Iyengar bought The Hindu in 1905; it has remained with his family since.

  3. 1906

    1. 22 Oct 1906ChennaiEconomy

      Collapse of Arbuthnot & Co

      The failure of the Madras banking firm Arbuthnot & Co caused the worst financial crisis in the city's history and fuelled support for Indian-owned banks.

  4. 1908

    1. Dec 1908ChennaiPolitics

      Congress session in Madras after the Surat split

      A year after the Congress split at Surat, the moderate-led Congress met in Madras in December 1908 under Rash Behari Ghosh.

  5. 1921

    1. 27 Jan 1921ChennaiEconomy

      Bank of Madras merged into the Imperial Bank of India

      The Bank of Madras, one of three Presidency banks, was amalgamated with the banks of Bengal and Bombay to form the Imperial Bank of India.

  6. 1937

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      Indian Overseas Bank founded

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