Chennai, September 16, 2023: In a move set to greatly benefit its valued clientele, Indian Bank has proudly introduced its pioneering initiative, 'IB SAATHI.' This strategic endeavor by the public sector banking giant, aptly named 'Indian Bank Sustainable Access and Aligning Technology for Holistic Inclusion,' promises to revolutionize customer convenience. With 'IB SAATHI,' Indian Bank commits to providing its comprehensive suite of services for a minimum of four hours daily, excluding holidays, at its fixed branches. Additionally, a novel feature of this initiative is that bank executives will personally visit customers at their residences to facilitate seamless banking transactions.

The 'IB SAATHI' program is designed to create an integrated ecosystem within the financial sector through the adept utilization of business correspondents, as announced by the bank. This initiative aims to elevate the overall user experience by simplifying service delivery, encompassing both essential and value-added offerings for our cherished customers.

The official launch of this groundbreaking initiative was orchestrated by the esteemed Managing Director and CEO of Indian Bank, S. L. Jain.

Furthermore, Indian Bank has set its sights on expanding its reach and bolstering accessibility by deploying approximately 5,000 banking correspondents by March 2024. This strategic move is poised to substantially enhance customer engagement and outreach.

In accordance with Indian Bank's official statistics, the bank currently boasts a robust team of 10,750 banking correspondents and 10 corporate business correspondents. The public sector behemoth anticipates augmenting these numbers to over 15,000 and 15 correspondingly.

To enhance customer satisfaction even further, Indian Bank has revealed plans to offer a staggering 60 additional services through the banking correspondent channel in the financial year 2024-25, supplementing the existing portfolio of 36 services.

A Brief Overview of Indian Bank: Established on March 5, 1907, Indian Bank embarked on its journey as a public sector financial institution. Notably, in February 2007, the bank embarked on its Initial Public Offering. Subsequently, in 2009, the Indian government announced the merger of the venerable Allahabad Bank, with its illustrious 155-year legacy, into Indian Bank.

Remarkably, Indian Bank's global business soared to over Rs 10 lakh crores in 2022, reaching a commendable Rs 10.95 lakh crores in 2023. Even more impressively, the bank's global business breached the Rs 11 lakh crore mark in Q1 FY24.

This stupendous growth trajectory underscores Indian Bank's remarkable year-on-year growth of 9%, surging from Rs 10,094.43 crores in June 2022 to a formidable Rs 11,00,943 crores in June 2023.

Indian Bank is committed to shaping the future of banking through innovative and customer-centric initiatives like 'IB SAATHI,' reinforcing its status as a distinguished leader in the financial sector.

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