Which of the following banks was founded by Muttaiya Chidambaram Chettiar in Chennai in 1937?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Indian Overseas Bank.
1. Indian Overseas Bank (IOB) is a major public sector bank based in Chennai, India, with about 3,214 domestic branches, and 4 foreign branches.
2. In 1937, Muttaiya Chidambaram Chettiar established the Indian Overseas Bank (IOB) to encourage overseas banking and foreign exchange operations.
3. IOB started up simultaneously at three branches, one each in Karaikudi, Madras, and Rangoon.