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Bank of Madura was a
Tamil Nadu Tamil Nadu (; , TN) is a state in southern India. It is the tenth largest Indian state by area and the sixth largest by population. Its capital and largest city is Chennai. Tamil Nadu is the home of the Tamil people, whose Tamil language ...
-based bank established in 1943 by Karumuttu Thiagarajan Chettiar. 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 subsidiar ...
Limited, under Section 44A of the
Banking Regulation Act, 1949 The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. ...
, 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 f ...
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 i ...
. 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.


See also

*
Indian banking Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
Economy of Tamil Nadu Tamil Nadu is the second largest state economy in India. It is also the most industrialised state in the country. More than 60% of the state is urbanized, accounting over 10.6% of the urban population in the country which is 6% of India ...


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