Kakinada, a city in the Indian state of Andhra Pradesh, was formerly known as Cocanada. It is one of the largest cities in AP and serves as the district headquarters of the East Godavari district. It was initially known as Kakinandivada village, which was eventually a Dutch settlement. They used export sarees that were called coca or koka in Telugu. Hence, the place was named Cocanada. The name was finally changed to Kakinada after Independence. This city is one of the fastest growing cities in Andhra Pradesh and is currently being developed into a smart city as per PM Narendra Modis smart Cities Mission. Kakinada Port has a natural harbor at Hope Island, which contains two ports - an anchorage port and a deep-water port. The economy of Kakinada primarily depends upon agriculture, fishing and industrial sectors. Paddy and coconut are heavily cultivated in the city. The industrial sector covers the manufacture of refined edible oil, fertilizers and natural gas. The local economy is additionally supported by its textile industry and manufacture of auto parts, steel-related ancillary units and fishing. Kakinada is globally famous for its sweet called kaaja. This Tier-II city got its first IT Park in 2007 and many software companies have opened offices in the city, providing job opportunities to the local youths.
The Indian Bank was founded on 15th August,1907. Fourteen top banks were nationalized by the Indian Government on 19th July,1969, including Indian Bank. As a result of the nationalization, the branches of nationalized Indian banks in Malaysia were forbidden to continue operations as parent branches. At that time, Indian Bank had three offices. In 1973, the three branches merged to establish United Asian Bank Berhad and take over their Malaysian operations. After the nationalization, Indian Bank was left with only two foreign offices, one in Colombo and the other in Singapore. The International expansion resumed in 1978 with Indian Bank becoming a technical adviser to PT Bank Rama in Indonesia. Two years later, Indian Bank, BOB, and UBI established Indian Union Bank International Finance, in Hong Kong. The three banks had an equal share in the joint venture; the Indian Banks Chairman became the first Chairman of IUB International Finance. In May 1980, the Indian Bank also opened a foreign currency unit at its branch in Colombo. In 1981, the Indian Bank set up its first Regional Rural Bank, in Chittoor.