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The Turnaround of Indian Bank |
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"The case of Indian Bank is a case of political blunder. The solution is not closing down the bank but stern action against the defaulters so that repayments are made. This is the way to serve the interests of the depositors." - Gurudas Dasgupta, CPI Rajya Sabha member in 2000.1 "During the three years of the restructuring plan, the bank could achieve consistent growth in business and also sustain its turnaround due to initiation of various structural, operational and cost control measures. The bank has also worked on marketing and motivational strategies and strengthened its planning and monitoring systems." - Mrs. Ranjana Kumar, chairperson and managing director, Indian Bank in 2003.2 Indian Bank Achieves a TurnaroundIn mid-2002, Indian Bank, a prominent public sector bank (PSB) in India, posted a net profit of Rs 33.22 crore3 for the fiscal year 2001-2002. This marked Indian Bank's return to the black after being in the red for six consecutive years, following an industry record loss of Rs. 1336.4 crore in the fiscal 1995-1996.
Background NoteIndian Bank was set up as part of the Swadeshi Movement5 in 1907. Incorporated on March 5, 1907, with an authorized capital of Rs 20 lakh, the Bank commenced operations on August 15, the same year. During the first year of operations, the Bank received deposits of Rs 2,01,157 and made a profit of Rs. 5,505.
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1] Rishi Raj, CII report on bank closure is an apology of a robbery, Indian Express, January 4, 2000. |
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