Tamil Nadu Timeline

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Indian Overseas Bank founded

· Chennai

Indian Overseas Bank founded
Nivas10798, CC BY-SA 4.0 · Wikimedia Commons

M. Ct. M. Chidambaram Chettiar founded Indian Overseas Bank to serve overseas trade, opening at Karaikudi, Madras and Rangoon.

Indian Overseas Bank was founded on 10 February 1937 by M. Ct. M. Chidambaram Chettiar to specialise in overseas banking and foreign exchange. It opened simultaneously at Karaikudi, Madras and Rangoon. It served the Nattukottai Chettiar merchant community, which had spread to Ceylon, Burma, Malaya and Southeast Asia. The bank was nationalised in 1969 and is headquartered in Chennai.

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