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Nationalized Banks

Union Bank of India

Union Bank of India (Union Bank) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At the time of India's Independence in 1947, Union Bank only had four branches - three in Mumbai and one in Saurashtra, all concentrated in key trade centres. After Independence Union Bank accelerated its growth and by the time the government nationalised it in 1969, it had grown to 240 branches in 28 states. Shortly after nationalisation, Union Bank merged in Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank (Bijapur; incorporated on 10 May 1948). Then in 1985 Union Bank merged in Miraj State Bank, which had been established in 1929, and which had 26 branches. In 1999 the Reserve Bank of India requested that Union Bank acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank. Sikkim Bank had eight branches located in…
Score: 1.61

IDBI Bank

The Industrial Development Bank of India (IDBI) was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India. In 1976, the ownership of IDBI was transferred to the Government of India and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India. IDBI provided financial assistance, both in rupee and foreign currencies, for green-field projects as also for expansion, modernization and diversification purposes. In the wake of financial sector reforms unveiled by the government since 1992, IDBI also provided indirect financial assistance by way of refinancing of loans extended by State-level financial institutions and banks and by way of re-discounting of bills of exchange arising out of sale of indigenous machinery on deferred payment terms.      Today, IDBI Bank is an Indian government-owned financial service company, formerly known as…
Score: 1.22

Indian Bank

In the last quarter of 1906, Madras (now Chennai) was hit by the worst financial crisis the city was ever to suffer.[2] Of the three best-known British commercial names in 19th century Madras, one crashed; a second had to be resurrected by a distress sale; and the third had to be bailed out by a benevolent benefactor. Arbuthnot & Co, which failed, was considered the soundest of the three. Parry's (now EID Parry), may have been the earliest of them and Binny & Co.'s founders may have had the oldest associations with Madras, but it was Arbuthnot, established in 1810, that was the city's strongest commercial organisation in the 19th Century. A key figure in the bankruptcy case for Arbuthnot's was the Madras lawyer, V. Krishnaswamy Iyer who founded the Indian bank which was an offshoot of nationalistic fervour and the Swadeshi movement, when the then British Arbuthnot Bank collapsed and the Indian Bank emerged. Mr V. Krishnaswamy Iyer solicited the support of the Nagarathar Chettiars…
Score: 1.14

Corporation Bank

Corporation Bank, the oldest banking institution in the erstwhile undivided South CanaraDistrict of the Madras Presidency and one of the oldest banks in India, was founded on 12 March 1906 in the Temple Town of Udupi by a small group of philanthropists, as there was no such bank at Udupi, an important trading centre next to Mangalore. The first branch of a modern bank established in the district was the Bank of Madras, one of the three Presidency Banks, which set up its office in Mangalore in 1868, largely to cater to the business needs of a few British firms dealing in export of plantation products.       Today, Corporation Bank is a public-sector banking company headquartered in Mangalore, India. The bank has a pan-Indian presence. Presently, the bank has a network of 2,440 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country. The bank has representative offices in Dubai and Hong Kong.   As of 31 March 2016, the total business of the bank was…
Score: 1.05

State Bank of India (SBI)

The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks were incorporated as joint stock companies and were the result of royal charters. These three banks received the exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the right was taken over by the Government of India. The Presidency banks amalgamated on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government participation.   Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India's central bank, acquired a…
Score: 1.0

Punjab & Sind Bank

On 24 June 1908, Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh established Punjab & Sind Bank. On 15 April 1980 Punjab & Sind Bank was among six banks that the Government of India nationalised in the second wave of nationalisations. (The first wave had been in 1969 when the government nationalised the top 14 banks.) In the 1960s Punjab & Sind Bank established a branch in London. In 1991 Bank of Baroda acquired Punjab & Sind Bank's London branch at the behest of the Reserve Bank of India following Punjab & Sind's involvement in the Sethia fraud in 1987.      Today, Punjab & Sind Bank is a government-owned bank (79.62%), with headquarters in New Delhi. Of its 1466 branches spread throughout India, 623 branches are in Punjab state. Its net profit is Rs. 121.35 crores and net NPA is 3.55% for the year ending 2014-15. The bank's operating profit for the year ending 2014-15 is Rs. 775.45 crores. Total business of the bank was Rs. 1,51,511 crores for the year ending…
Score: 1.0

Bank of Baroda (BoB)

In 1908, Maharaja Sayajirao Gaekwad III, set up the Bank of Baroda (BoB), with other stalwarts of industry such as Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey, Tulsidas Kilachand and NM Chokshi. Two years later, BoB established its first branch in Ahmedabad. The bank grew domestically until after World War II   The bank, along with 13 other major commercial banks of India, was nationalized on 19 July 1969, by the Government of India and has been designated as a profit-making public sector undertaking (PSU).   Today, Bank of Baroda (BoB) is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.It is the second largest bank in India, next to State Bank Of India. Its headquarters is in Vadodara, it has a corporate office in Mumbai.   Based on 2017 data, it is ranked 1145 on Forbes Global 2000 list. BoB has total assets in excess of ₹3.58 trillion, a network of 5493 branches in India and…
Score: 1.0

Bank of Maharashtra

Bank of Maharashtra was founded by a group of visionaries led by the late V. G. Kale and the late D. K. Sathe and registered as a banking company on 16 September 1935 at Pune.   The bank was registered on 16 September 1935 with an authorised capital of ₹ 1 million, and began business on 8 February 1936. Bank's financial assistance to small units has given birth to many of today's industrial houses. After nationalization in 1969, the bank expanded rapidly.   Shri Narendra Singh who had assumed the office of Chairman and Managing Director from 1 February 2012, left his office on September 30, 2013 on attaining superannuation. Shri Sushil Muhnot was the Chairman and Managing Director before Ravindra Prabhakar Marathe. Ravindra Prabhakar Marathe is the current MD and CEO.   Now, it is a major public sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches as of  April…
Score: 1.0

Canara Bank Limited

Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.The bank changed its name to Canara Bank Limited in 1910 when it incorporated.   Today, Canara Bank is one of the major public sector banks owned by the Government of India. Its headquarters is in Bengaluru. As it was established at Mangalore in 1906, that also makes it one of the oldest public sector banks in the country. The government nationalized the bank in 1969. As of 31 March 2017, the bank had a network of 6083 branches and more than 10519 ATMs spread across India. The bank also have offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Bahrain, South Africa, Dubai, Tanzania and New York.      Canara Bank sponsors two regional rural banks (RRB): Kerala Gramin Bank Pragathi Krishna Gramin Canara Bank is a state level led bank in Kerala.
Score: 1.0

United Bank of India

UBI was the result of the merger in 1950 of four Bengali banks: Comilla Banking Corporation (founded by Narendra Chandra Dutta in 1914 in what is now Bangladesh), Bengal Central Bank (founded by Sri J.C. Das in 1918), Comilla Union Bank (founded by Sri L.B. Dutta in 1922) and Hooghly Bank (founded by Sri D.N. Mukherjee 1932). All four had suffered runs in December 1950 after the failure of the Nath Bank. The Reserve Bank of India assisted the banks in amalgamating to form United Bank of India. In 1961, UBI merged with Cuttack Bank (est. 6 June 1913) and Tezpur Industrial Bank (est. 6 June 1918, as the first commercial bank in Assam province). Four years later, in 1965, the Government of Pakistan took over the bank's branches in Pakistan. On 19 July 1969, the Government of India nationalised UBI, along with 13 other major Indian commercial banks. At the time of nationalization UBI had only 174 branches. In 1973, UBI acquired Hindustan Mercantile Bank (est. 1944). In 1976, UBI acquired…
Score: 1.0