A recent press report said that Indian Bank has paid Rs 297.87 crore to the Central Government as dividend for the financial year 2010-11. The dividend cheques were given to the Finance Minister, Mr. Pranab Mukherjee, by Mr. T. M. Bhasin, Chairman and Managing Director of the bank.
Mr. V. Rama Gopal and Mr. Rajeev Rishi, executive directors of the bank, were present on the occasion along with Mr. Shaktikanta Das, Government nominee director.
Reports said that two cheques were issued out of which one cheque was for Rs 257.87 crore, being 75 per cent dividend on Government equity of Rs 343.82 crore. The other cheque was for Rs 40 crore, being 10 per cent dividend on Rs 400 crore preference shares.
Reports also said that the bank has planned to come out with a follow on public offer (FPO) of 6.1 crore shares with the face value of Rs 10 each. Indian Bank had recorded highest returns on assets (RoA) for the financial year ended March 2011 among the PSU banks space.
The bank is involved in offering loan such as home loan, personal loan, vehicle loan, business loan, agricultural loan etc.