EconomyNational and Dravidian movements
Founded at Thoothukudi, the Nadar Bank was later renamed Tamilnad Mercantile Bank.
Members of the Nadar business community set up The Nadar Bank Ltd. in Thoothukudi on 11 May 1921. Its first branches opened in southern towns including Madurai, Sivakasi and Virudhunagar. In November 1962 the bank took the name Tamilnad Mercantile Bank Limited. Its headquarters are still in Thoothukudi.
V. O. Chidambaram Pillai founds the Swadeshi Steam Navigation Company
To compete with British lines on the Tuticorin-Colombo route, V. O. Chidambaram Pillai registered an Indian-owned shipping firm.
Coral Mill strike in Tuticorin
Led by V. O. Chidambaram Pillai and Subramania Siva, Coral Mill workers in Tuticorin struck against poor pay and harsh conditions.
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.
Lakshmi Vilas Bank founded at Karur
Lakshmi Vilas Bank was founded at Karur, one of several private banks started by Tamil business communities in the 1920s.
The new all-weather harbour at Tuticorin began operations as a major port, now known as V. O. Chidambaranar Port.
