Mumbai : The Chennai-headquartered Indian Bank has been conferred with the ‘FE Best PSU Bank Award’ for 2017-18. The occasion was graced by the Hon’ble Union Finance Minister Mrs. Nirmala Sitharaman.Previous year, the Bank bagged FE ‘India’s Best Bank’ award for 2016-17. According to the jury of this year “The Bank’s good financials as also the strategy of focussing on deposit growth while diversifying its loan portfolio were the factors that contributed for the Bank’s outstanding performance”.
In FY2018, continuing with its consistent performance of the past, the Bank initiated several significant moves like change in business orientation, organisational restructuring and giving added focus on low cost deposits, RAM sector assets, penetration of digital banking, enhancing quality of customer service, optimisation of capital, etc., all of which resulted in an impressive business growth of over 17% and increase in Operating Profit by 25%.
Speaking on the sidelines of the ceremony, Ms Padmaja Chunduru, MD & CEO, Indian Bank said, “we are thrilled to receive one of India’s most prestigious financial sector awards”. She added that the Bank has been consistently figuring among the top 3 PSU Banks in many of the key parameters like business growth, asset quality, efficiency and profitability, quarter after quarter, which clearly implies Indian Bank’s continuous predominance.
Indian Bank, apart from decades of sustained business excellence has done full justice to its socio-economic commitments and inclusive growth in the economy. This is amply proved by the conferment of ‘SHG Credit Linkage’ award by Tamil Nadu Government and NABARD, year after year, outstanding performance under the Government of India’s flagship programmes PMJDY, APY, etc. ‘Readers’ Digest’, the leading magazine rated Indian Bankas ‘India’s Trusted Brand’ last year.
