The Palaeoarchaean greenstone belt of the southern Iron Ore Group (SIOG) (3.51 Ga) in the Singhbhum Craton, eastern India, includes lowstrained and low-greenstone grade bimodal volcanics, Banded Iron Formation (BIF) and chromiferous ultramafics as enclaves within tonalitetrondjhemite-granodiorite (TTG) granitoids, collectively referred to as the Singhbhum Granite (3.4 Ga to 3.1 Ga). The succession comprises, from base to top, a lower unit of massive and pillowed basalt conformably overlain by dacitic lava and pyroclastics which in turn is overlain by a major BIF unit. The ultramafics are juxtaposed with the volcanics-BIF succession along a thrust fault. The lithological association of pillow lava, subaqueous dacitic lava and pyroclastic rocks and BIF collectively, suggests that the entire succession was deposited in a deep-marine depositional setting. The ash-poor dacitic volcanic rock succession with evidences of a transition from suppressed-volatile deep-water lava flow and pyroclastics to more evolved mass-flow deposits with increasing trend of subaqueous flow transformation, records a transition from a deep-water low-height volcanic chain to a shallower subaqueous eruption in an aggradational volcanic chain. Geochemical proxies from the bimodal volcanics and ultramafics showing enrichment of La/Nb, Th/Nb, Th/La, Ba/La, Pb/Ce, depletion in Nb-Ta relative to neighbouring REE, together with tectonic discrimination criteria using Nb, Y, Zr, Ti compositions, suggest an extending oceanic arc-forearc geodynamic setting similar to many of the Phanerozoic supra-subduction zone ophiolites where ophiolite development in the extending upper plate in a relatively short time span is facilitated by slab rollback processes. The positive Eu-anomaly together with high Y/Ho values from the BIFs also suggests their deposition in close proximity to spreading centres that might have developed over a rifted arc. The bimodal volcanic rock-BIF-ultramafic succession of the SIOG with evidence of a convergent margin geodynamic setting is an important example for Palaeoarchaean plate tectonic processes operating on Earth.