Bank of Madura was a

Tamil Nadu Tamil Nadu (; , TN) is a States and union territories of India, state in southern India. It is the List of states and union territories of India by area, tenth largest Indian state by area and the List of states and union territories of India ...

-based bank established in 1943 by

Karumuttu Thiagarajan Chettiar Karumuttu Thiagarajan Chettiar (16 June 1893 – 29 July 1974), often called the 'Textile King ' or 'Textile Baron ', was an Indian independence activist, industrialist and the founder of Thiagarajar College of Engineering, Thiagarajar school of ...

. It acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) during the 1960s. The Bank of Madura was a

Chettiar Chettiar (also spelt as Chetti and Chetty)is a title used by many traders, weaving, agricultural and land-owning castes in South India, especially in the states of Tamil Nadu, Kerala and Karnataka. They are a subgroup of the Tamil community ...

bank with a large customer base of over 2 million customers and a network of more than 280 branches and 40+ ATM centres spread across around 100 cities in India. The bank merged with

ICICI Bank ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiari ...

Limited, under Section 44A of the Banking Regulation Act, 1949, under the leadership of Chairman K.M. Thiagarajan. The Bank had roughly 44 billion INR in assets at the time of the merger, not accounting for inflation. The

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

approved the merger effective 10 March 2001. It was headquartered at

Madurai Madurai ( , also , ) is a major city in the Indian state of Tamil Nadu. It is the cultural capital of Tamil Nadu and the administrative headquarters of Madurai District. As of the 2011 census, it was the third largest Urban agglomeration in ...

. The parties involved and news outlets alike described the merger as a positive strategic move. Bank of Madura shareholders approved the merger on 19 January 2001. Following the merger the Bank of Maduras share price initially rose sharply.

References

Banks established in 1943 Indian companies established in 1943 Banks disestablished in 2001 Defunct banks of India Financial services companies based in Chennai Indian companies disestablished in 2001 {{Asia-bank-stub

See also

References