Bank of Madura

Bank of Madurai
Bank of Madurai was a massive Tamil Nadu based bank established in 1943 by Karumuttu Thiagarajan Chettiar.wikipedia
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ICICI Bank

ICICIICICI Bank CanadaICICI Bank Limited
The bank merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949, under the leadership of Chairman K.M. Thiagarajan.
ICICI Bank acquired the Bank of Madurai Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001-02.

Karumuttu Thiagarajan Chettiar

Bank of Madurai was a massive Tamil Nadu based bank established in 1943 by Karumuttu Thiagarajan Chettiar.
In his lifetime Chettiar established fourteen textile mills - notable among these The Sree Meenakshi Mills which was once adjudged Asia’s most modern spinning mill and Rukmini Mills, purchased the Loyal Textile Mills -currently a BSE Listed Company, P.Orr and Sons - luxury watch makers and retailers popularly known as the ‘Time keepers of Madras’, the Bank of Madurai, and the Madurai Insurance Company.

Tamil Nadu

TamilnaduTamil Nadu, IndiaTamil
Bank of Madurai was a massive Tamil Nadu based bank established in 1943 by Karumuttu Thiagarajan Chettiar.

Chettiar

ChettyChettiarsChettiyars
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+ ATM centres spread across around 100 cities in India.

Automated teller machine

ATMATMsautomatic teller machine
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+ ATM centres spread across around 100 cities in India.

Banking Regulation Act, 1949

Banking Regulation ActBanking Regulations Act 1949
The bank merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949, under the leadership of Chairman K.M. Thiagarajan.

Indian rupee

INRRs.
The Bank had roughly 44 billion INR in assets at the time of the merger, not accounting for inflation.

Reserve Bank of India

RBIcentral bankRBI Belapur
The Reserve Bank of India approved the merger effective 10 March 2001.

Madurai

The Fortune at the Bottom of the Pyramid

Fortune at the Bottom of the Pyramid
These include the businesses Casas Bahia, Patrimonio Hoy, Bank of Madura, Aravind Eye Hospital, Jaipur rugs and Project Shakti and how they were founded.

Ulagampatti

Banks established by Chettiars include the now defunct Bank of Chettinad, and the now ICICI merged Bank of Madura founded by Karumuttu Thiagarajan Chettiar (an architect par excellence, textile don, highly principled educationist and philanthropist), Indian Overseas Bank founded by Shri.

Economy of Chennai

It was followed by the opening of other banks namely - Arbuthnot & Co, Bank of Chettinad, Bank of Madura, that were latter merged under the supervision of RBI.

Madras Presidency

MadrasMadras ProvinceMadras Government
The City Union Bank, the Indian Bank, Canara Bank, Corporation Bank, Nadar Bank, Karur Vysya Bank, Catholic Syrian Bank, Karnataka Bank, Bank of Chettinad, Andhra Bank, Vysya Bank, Vijaya Bank, Indian Overseas Bank and the Bank of Madura were some of the leading banks headquartered in the Presidency.