Commencing its operations in the year 1994, IndusInd Bank derives its name and inspiration from the Indus Valley Civilization - a culture described as one of the greatest in the ancient world combining a spirit of innovation with sound business and trade practices. IndusInd Bank has grown ceaselessly and dynamically as an organization driven by a sincere zeal to give its customers banking services and products at par with the highest quality standards in the industry. The Bank was formally inaugurated in April 1994 by Dr. Manmohan Singh, the then Finance Minister of India. It started with a capital base of INR 1,000 million, which was contributed by Indian residents as well as NRIs.
The bank has specialized in retail banking services and continuously upgrades its support systems by introducing newer technologies. It is also working on expanding its network of branches all across the country along with meeting the global benchmark. According to the bank, its name is derived from the…
Founded on 1st October, 1938 Jammu and Kashmir Bank commenced the banking business on 4 July 1939 and was considered the first of its nature and composition as a State owned bank in the country. The bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government. In year 1971, the bank had acquired the status of a scheduled bank and was declared as an "A" Class bank by the Reserve Bank of India in 1976. Following the extension of Central laws to the state of Jammu & Kashmir, the bank was defined as a government company as per the provisions of Indian companies act 1956.
J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialized bank in the rest of the country. It is also the only private sector bank designated as RBI's agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT. It is the sponsoring bank of J&K Grameen…
'The Karur Vysya Bank Limited', popularly known as KVB was set up on 25th of July 1916 by Mr M.A Venkatarama Chettiar and Mr Athi Krishna Chettiar, to capitalise on the previously unexploited market of traders and agriculturists in and around Karur, a town in Tamil Nadu. Though the bank started with a seed capital of ₹1 lakh, As with most banks, the seed capital has grown, as have the services sold. The bank is managed and guided by the Board of Directors drawn from different fields. Realizing that there is more money elsewhere, the bank expanded out of Karur and established approximately 668 branches in other States and Union Territories in order to gain a pan-India presence. Shri K.K. Balu was appointed as an Additional Director of the Bank on 27 January 2012.
The bank primarily operates in treasury,corporate/wholesale banking and retail banking segments. KVB provides services such as personal, corporate, agricultural banking and services to NRIs and MSME. Under personal banking,…
In 1985 by Uday Kotak established what became an Indian financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received a banking licence from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to be converted into a bank – Kotak Mahindra Bank Limited (KMBL). In a study by Brand Finance Banking 500, published in February 2014 by the Banker magazine (from The Financial Times Stable), KMBL was ranked 245th among the world's top 500 banks with brand valuation of around half a billion dollars ($481 million) and brand rating of AA+ and merge with ING Vysya bank in 2015.
Presently, Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) gave the licence to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business. It offers a wide range of banking products and…
The Bank was incorporated on November 3, 1926 under the Indian Companies Act, 1913, and obtained the certificate to commence business on November 10, 1926. Subsequent to introduction of the Banking Regulations Act, 1949 and Reserve Bank of India as the regulator for the banking sector, the Bank obtained its banking license from RBI on 19,June 1958, and on 11, August 1958 it became a ‘scheduled commercial bank’ signifying capability to operate as a full-fledged commercial bank. Lakshmi Vilas Bank was founded in 1926 by a group of seven progressive businessmen of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar. Their objective was to cater to the financial needs of the people in and around Karur who were occupied in trading businesses, industry and agriculture.
Lakshmi Vilas Bank saw considerable expansion of its branch network during the period 1961-65, when the Bank took over nine other banks. From 1974, the bank started expanding the branch network beyond Tamil Nadu to…
Nainital Bank was founded by Govind Ballabh Pant. In 1975, the government-owned Bank of Baroda (BOB), the second largest bank in India, acquired a 98.6% (around 99%) stake in the bank and made it a subsidiary. In April 2004, National Insurance Company (NIC) signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches across Uttarakhand, Haryana and New Delhi states. The bank had a net worth of around Rs 1.12 billion on as on 31 March 2006.
The bank launched its Rights issue in September 2009, to expand its capital adequacy ratio (CAR) to 14 per cent, this came after it previously withdrew its plans for an IPO due to adverse market conditions in 200. By April 2010, the right issue had raised ₹300 million (US$4.7 million).
Nainital bank is associated with Bank of Baroda, HDFC Bank, LIC, National Insurance Company Limited etc. Currently, NBL has 125 branches in Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan. It also…
In August 1943, RBL Bank was incorporated as a small, regional bank in Maharashtra with two branches in Kolhapur and Sangli. It was founded by a group of eminent patriotic personalities to cater to the needs of small and medium business merchants in the Kolhapur-Sangli belt. In August 1959, the Bank was categorised as a "Scheduled Commercial Bank" within the meaning of the Reserve Bank of India Act, 1934. In the banking circles, RBL Bank was often known as the NH4 Bank, since a majority of its business was sourced from cities in and around the 1,235-kilometer-long National Highway 4 that connected four of the 10 most populous cities in India.
In July, 2010, RBL Bank underwent a transformation during the difficult economic period following the global financial crisis as well as the economic slowdown that followed in India. The Bank inducted Mr. Vishwavir Ahuja as the Managing Director & CEO to transform the institution from an old private sector bank into a vibrant, professionally…
South Indian Bank was registered as a private Limited Company under the companies Act of 1913 and commenced business on 29-01-1929 at Round South, Thrissur. The South Indian Bank Ltd., was formed by a group of 44 enterprising men of Thrissur who contributed Rs.500/ - each to the initial paid up capital of Rs.22,000/ -. Their main objective was to serve the merchant community of Thrissur by freeing them from the clutches of the money lenders who charged exorbitant rates of interest.The bank received very good support from the public at large. Initially the growth was slow but steady. The number of branches opened each year testified its stability and popularity. It was included in the second schedule of the Reserve Bank of India and became a scheduled Bank on 07-08-1946. SIB was the first scheduled Bank in the private sector in Kerala to get the license under section 22 of the Banking Regulation Act 1949 from RBI on 17-06-1957.
The bank, as part of a global brand-building exercise, has…
The history of Tamilnad Mercantile Bank dates back to 1921. The idea to establish a bank for the Nadar business community was first proposed at the annual meeting of the Nadar Mahajana Sangam held at Tuticorin in 1920. The bank was originally registered on 11 May 1921 as Nadar Bank Limited under the Indian Companies Act, 1913. M.V.Shanmugavel Nadar was elected as the first chairman on 4 November 1921. The bank was opened to the public by T.V.Balagurusamy Nadar on 11 November 1921 in Ana Mavanna Building at South Raja Street, Tuticorin. In 1937 Nadar Bank opened a branch in Ceylon, but by 1939 it had closed it.
By 1947 the bank had only four branches: Tuticorin, Madurai, Sivakasi and Virudhunagar. The bank opened its first Indian branch outside the state of Tamil Nadu in 1976 at Bangalore. The first fully computerised branch was opened at WGC Road, Tuticorin on 9 December 1984. The Bank launched its ATM Card on 11 November 2003.
Today, Tamilnad Mercantile Bank Limited (TMB) is a bank…
Yes Bank was incorporated as a Public Limited Company on November 21, 2003. Subsequently, on December 11, 2003, RBI was informed of the participation of three private equity investors namely (Citicorp International Finance Corporation, ChrysCapital II, LLC and AIF Capital Inc.), to achieve the financial closure of the Bank. RBI by their letter dated February 26, 2004 provided their no-objection to the participation of the three private equity investors namely Citicorp International Finance Corporation, ChrysCapital II, LLC and AIF Capital Inc. in the equity of the Bank at 10%, 7,5% and 7.5%, respectively, and also advised the Bank to infuse a sum of Rs. 2000 million as the paid up capital. Additionally, the RBI advised the Bank to submit an application for final approval after completion of all formalities for incorporation as a banking company and setting out the capital structure of the Bank as approved by RBI.
RBI by their letter dated December 29,2003 decided to further extending…