Bank of Madura (est. 1943) by Karumuttu Thiagarajan Chettiar. Bank had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) in the 1960s. Bank of Madura was a larger customer base Chettiar bank, 2 million plus customer and a network of more than 280 branches and 40+ ATMs centres spread across about 100 cities in India. The bank is now merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949. Reserve Bank of India approved the merger effective March 10, 2001. With this merger ICICI Bank will become one of the largest private sector banks in India with combined assets of Rs. 17,327 crores and total deposits of Rs. 13,460 crores as at December 31, 2000. The merged entity will have a large customer base of over 3 million and a network of more than 300+ branches and 400+ ATM centres spread across about 100 cities in India.
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