INDIAN BANK - A Banking Phoenix

Looking Ahead

Encouraged by the progress achieved during the three years of restructuring leading to the turnaround, Indian Bank developed a new long term vision document called Vision 2010. The document, which embodied the vision of the bank, looked ahead to the year 2010, and included plans for a public issue which was likely to take place in early 2005.

(According to norms laid down by the Securities Exchange Board of India, an entity can come out with an IPO only if it posts profits for three consequent years, and Indian Bank was expecting to post its third consequent profit in fiscal 2004).

Kumar said the bank would be able to decide on the premium it should charge after profits were declared in 2004. Vision 2010 was also aimed at making Indian Bank one of the top banks in India by 2010. Considering the way it turned around a near hopeless situation, Indian Bank's confidence seems justified.