Bank of Madura was established in 1943 by Karumuttu Thiagarajan Chettiar

Karumuttu Thiagarajan Chettiar

Karumuttu Thiagarajan Chettiar , was an Indian independence activist, industrialist and the founder of Thiagarajar College of Engineering.Chettiar was born in 1893 to Muthukaruppan Chettiar and Vinaitherthal achi was born in Sivagangai District, Tamil Nadu. He was the tenth and last child in his...

. It acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) in the 1960s. Bank of Madura was a Chettiar

Chettiar

Chettiar , also spelled Chetty, is a title used by various castes in South India especially in Tamil Nadu. In Kannada, it appears as Setty, Shettar and Shettigar, who are Padmashalis in Andhra Pradesh....

 bank with a large customer base of 2 million plus customers and a network of more than 280 branches and 40+ ATMs centres spread across about 100 cities in India. The bank merged with ICICI Bank

ICICI Bank

ICICI Bank Ltd. is India's second largest financial services company headquartered in Mumbai, India. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of...

 Limited, under Section 44A of the Banking Regulation Act, 1949. The Reserve Bank of India

Reserve Bank of India

The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...

approved the merger effective March 10, 2001.