Is Indian Bank a government bank?

Yes, Indian Bank is a Government Bank. Indian Bank was established in 1907. It is headquartered in Chennai. The Government of India took over the ownership of Indian Bank in 1978. Indian Bank is the 7th largest bank in India. On 30th August 2019, Government of India announced to merge Allahabad Bank with Indian Bank. The merger was completed on 1st April 2020, which made Allahabad Bank a subsidiary of Indian Bank. You can read about the RBI – Know More About Reserve Bank of India in the given link.

Further readings:

  1. Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
  2. Indian Economy Notes For UPSC

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