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Indian Bank was founded in Madras (now Chennai) on August 15, 1907, commencing operations amid a financial crisis that had sparked the Swadeshi movement's call for indigenous financial institutions, notably after the collapse of Arbuthnot & Co.. Incorporated as "Indian Bank Limited," its establishment, championed by Indian businessmen, was driven by a vision to foster economic self-reliance in India. The bank quickly expanded, opening its first overseas branch in Colombo in 1932, and later establishing a presence in other Southeast Asian locations like Singapore and Rangoon in the 1940s. A pivotal change in its structure occurred on July 19, 1969, when it was nationalized by the Government of India, subsequently expanding its domestic responsibilities by being assigned the 'Lead Bank' role for nine districts.

Today, Indian Bank is a major public sector bank, with the Government of India owning a significant majority stake, and its shares are publicly traded on the BSE and NSE. It holds considerable significance in the Indian financial system as a consequence of the government's banking consolidation efforts. Specifically, the strategic amalgamation of Allahabad Bank into Indian Bank on April 1, 2020, transformed it into one of the country's largest public sector lenders, positioning it as the seventh largest bank in India by that measure. Headquartered in Chennai, the bank operates an extensive network of branches and ATMs across the country, while maintaining a limited international presence with overseas branches and numerous correspondent banking relationships.