https://indianpedia.org/index.php?action=history&feed=atom&title=Bank_of_MaduraBank of Madura - Revision history2026-08-01T05:50:33ZRevision history for this page on the wikiMediaWiki 1.45.4https://indianpedia.org/index.php?title=Bank_of_Madura&diff=406694&oldid=prevCleanupBot II at 19:03, 13 August 20232023-08-13T19:03:02Z<p></p>
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'''Bank of Madura''' was a [[Tamil Nadu]]-based bank established in 1943 by [[Karumuttu Thiagarajan Chettiar]] as '''Bank of Madurai''.<ref name="ssrn">{{Cite journal | url=https://poseidon01.ssrn.com/delivery.php?ID=405072103003093090080085085089125098018009066012037092123121112089028091073115097108110101057026123124054118031100114014105098058005037041060001005018101075087101027042010007110118115093084031022095119115007000115008085069069022015009126068027001020&EXT=pdf |title = Bank of Madura Merger with ICICI Bank: An Analysis|date = September 2003|last1 = Paul|first1 = Justin}}</ref> It acquired [[Chettinad Mercantile Bank]] (est. 1933) and [[Illanji Bank]] (est. 1904) during the 1960s. The Bank of Madura was a [[Chettiar]] bank with a large customer base of over 2 million customers and a network of more than 280 branches and 40+ [[Automatic teller machine|ATM]] centres spread across around 100 cities in India. The bank merged with [[ICICI Bank]] Limited, under Section 44A of the [[Banking Regulation Act, 1949]], under the leadership of Chairman [[K.M. Thiagarajan]]. The Bank had roughly 44 billion [[Indian rupee|INR]] in assets at the time of the merger, not accounting for inflation.<ref name="ssrn"/> The [[Reserve Bank of India]] approved the merger effective 10 March 2001. It was headquartered at [[Madurai]].<br />
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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.<ref name="toi"/> Following the merger the Bank of Madura{{'}}s share price initially rose sharply.<ref name="toi">{{Cite web | url=https://timesofindia.indiatimes.com/ICICI-Bank-Bank-of-Madura-boards-approve-merger/articleshow/11443736.cms | title=ICICI Bank, Bank of Madura boards approve merger - Times of India}}</ref> <br />
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==See also==<br />
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* [[Indian banking]]<br />
* [[Economy of Tamil Nadu]]<br />
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==References==<br />
{{Reflist}}<br />
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{{Banking in India}}<br />
{{ICICI Group}}<br />
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{{DEFAULTSORT:Bank Of Madura}}<br />
[[Category:Banks established in 1943]]<br />
[[Category:Indian companies established in 1943]]<br />
[[Category:Banks disestablished in 2001]]<br />
[[Category:Defunct banks of India]]<br />
[[Category:Financial services companies based in Chennai]]<br />
[[Category:Indian companies disestablished in 2001]]<br />
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