Being the third largest city in Tamil Nadu, Madurai is located on the banks of River Vaigai. It is known for its vibrant and rich cultural heritage. It is a seat of education for the Tamil language and famous for its aesthetic art and literature. Madurai has been held in high esteem by many scholars and it is referred to as the "City of Temples and Poets." The history of Madurai dates back to 3rd century BCE, with proof of its vintage through archaeological surveys. The famous Meenakshi Amman Temple in Madurai draws many devotees and tourists to the city throughout the year. Tourists from all over the country, especially its southern state, visit Madurai to explore its many temples as well as popular tourist spots like the Thirumalai Nayak Palace, Gandhi Memorial Museum, Rajaji Children?s Park, etc. The modern city of Madurai is divided into 100 wards, each of which is administered by an elected member. The city has a large farming community involved in the cultivation of crops like paddy, jasmine, rubber, etc. These drive the economy and trade in the city apart from a few modern industries such as the manufacture of tires, auto components, granite, textile and chemicals. Madurai serves as the base for a few popular two-wheeler manufacturers in India. Many software companies have recently opened their offices in the city and Madurai has been promoted to a Tier-II city. With pristine universities and colleges like the Madurai Kamaraj University, Madura College, Thiagarajar College, American College, Madurai Law College etc. the city is regarded as an academic center for the state of Tamil Nadu.
The IDBI Bank Ltd provides personalized banking and financial solutions to its customers in the retail and corporate sector via the network of branches, ATMs and internet banking. Core IT banking platform drives the operations of IDBI. Under the Parliament Act, IDBI Bank was constituted in 1964 as a wholly-owned subsidiary of the RBI. In 1976, GOI took the ownership of IDBI, and it was regarded as the public financial institution in the finance and development industry. In July 1995, the government holding in the bank shares came down from 100% to 75% due to the public issue of IDBI. In the year 2004, the IDBI was transformed into the bank from DFI. IDBI obtained the status of a limited company under Transfer of Undertaking and Repeal Act, 2003 (Repeal Act). The scheduled bank status was given to IDBI Bank by the Reserve Bank of India under the RBI Act, 1934. Consequently, the IDBI formally entered into the banking business as IDBI Ltd. The United Western Bank Ltd was with IDBI Ltd in 2006, under the provisions of section 45 of Banking Regulation Act, 1949. In the year 2008, the name of the bank was changed from IDBI Ltd to IDBI Bank Ltd, and a fresh certificate of incorporation was issued.