M. Ct. M. Chidambaram Chettiar
Muthiah Chidambaram | |
|---|---|
| Born | Muthiah Chidambaram Chettiar 2 August 1908 Kanadukathan, India |
| Died | 13 March 1954 (aged 45) Kallang Airport, Singapore |
| Occupation(s) | Industrialist, banker |
| Years active | 1929–1954 |
| Known for | Founder of Indian Overseas Bank |
Muthiah Chidambaram Muthiah Chidambaram Chettiar (2 August 1908 – 13 March 1954), widely recognized as M.CT.M.Chidambaram, was an influential Indian industrialist and banker who established the Indian Overseas Bank. He hailed from the distinguished M. Ct. family.
Early life and education
Chidambaram Chettiar was born on 2 August 1908 in Kanadukathan. He was the son of Sir M Ct. Muthiah Chettiar (1887–1929), a prominent banker and member of the Imperial Legislative Council of India. His family connections included eminent personalities like Ramaswami Chettiar, founder of the Indian Bank, and Sir Annamalai Chettiar, known as the Raja of Chettinad. Although he enrolled at Madras Christian College High School, he departed prematurely to engage in the family’s banking enterprises.
Career
Following the demise of his father in 1929, Chidambaram Chettiar assumed a directorial role at Indian Bank. He swiftly emerged as a key industrial figure by founding the Indian Overseas Bank on 10 February 1937, aiming to bolster industrial development in India. The bank commenced its services concurrently from branches located in Karaikudi and Rangoon. Additionally, he played a part in establishing United India Assurance.
In 1944, with assistance from Sir C. P. Ramaswami Iyer and British technical experts, he launched Travancore Rayons Limited near Perumbavoor, marking it as India’s inaugural rayon production facility. His tenure as a director at Indian Bank spanned two periods: 1930–1940 and 1945–1949.
Death
On 13 March 1954, Chidambaram Chettiar tragically perished in an accident at Kallang Airport, Singapore, when the British Overseas Airways Corporation flight he was aboard crashed short of the runway, colliding with a sea wall after departing from Jakarta. The disaster resulted in the loss of 33 out of the 40 passengers and crew members onboard.
Family
He was married to Valliammai Achi and fathered two sons: Muthiah Chettiar and Pethachi Chettiar.