EconomyNational and Dravidian movements
· Karur
Lakshmi Vilas Bank was founded at Karur, one of several private banks started by Tamil business communities in the 1920s.
Lakshmi Vilas Bank was founded in Karur on 3 November 1926. It grew into a private sector bank with branches across India and later moved its headquarters to Chennai. After a period of financial stress it was placed under a moratorium. On 27 November 2020 it was merged with DBS Bank India.
Madras Chamber of Commerce founded
The Madras Chamber of Commerce was set up at the Binny & Co. office by merchants from the Parry, Binny and Arbuthnot firms.
Inspired by the Swadeshi movement, the Indian-owned Indian Bank opened in Madras following the failure of Arbuthnot & Co.
On 25 July 1916 M. A. Venkatarama Chettiar and Athi Krishna Chettiar started Karur Vysya Bank for the traders and farmers of the Karur area.
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.
Nadar Bank founded at Thoothukudi
Founded at Thoothukudi, the Nadar Bank was later renamed Tamilnad Mercantile Bank.
M. Ct. M. Chidambaram Chettiar founded Indian Overseas Bank to serve overseas trade, opening at Karaikudi, Madras and Rangoon.
