Bank of Madura

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.

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

[1] The Reserve Bank of India approved the merger effective 10 March 2001.

The parties involved and news outlets alike described the merger as a positive strategic move.

[2] Following the merger the Bank of Madura's share price initially rose sharply.