The Times Bank was a bank founded in 1994 by the
Bennett, Coleman & Co. Ltd. which is the holding company of ''
The Times of India
''The Times of India'', also known by its abbreviation ''TOI'', is an Indian English-language daily newspaper and digital news media owned and managed by The Times Group. It is the third-largest newspaper in India by circulation and largest ...
'' newspaper.
History
In December 1993,
The Times Group
Bennett, Coleman and Company Limited, (abbreviated as B.C.C.L. and d/b/a The Times Group), is an Indian media conglomerate headquartered in Mumbai, Maharashtra. The company remains a family-owned business with Sahu Jain family owning a majority ...
(which is owner of the
Times of India
''The Times of India'', also known by its abbreviation ''TOI'', is an Indian English language, English-language daily newspaper and digital news media owned and managed by The Times Group. It is the List of newspapers in India by circulation, t ...
newspaper) received an in-principle approval from the
Reserve Bank of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...
for starting a new private bank.
The Bank was incorporated on 6 July 1994 by the
Bennett, Coleman & Co. Ltd. and the Certificate of Commencement of Business was obtained on 22 August 1994.
The Bank opened its first branch on D. N. Road, Mumbai, on 8 June 1995.
In the year 2000, the bank was merged with the Indian private bank
HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
.
Business activities
The bank was a member of the
Cirrus ATM network. It had four strategic business units: assets group, trade finance group, services group & syndication & advisory services group. It was also the first bank in
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
to provide an on-line, real-time debit programme in Delhi & Mumbai.
At the time of its acquisition, Times Bank had 541 employees, 35 branches and 34 ATMs, whereas
HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
had 827 employees, 57 branches and 77 ATMs. Moreover, many of the employees at the Times Bank were former employees of the
State Bank of India
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...
.
The acquisition of Times Bank by
HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
was a major profit booster for
The Times Group
Bennett, Coleman and Company Limited, (abbreviated as B.C.C.L. and d/b/a The Times Group), is an Indian media conglomerate headquartered in Mumbai, Maharashtra. The company remains a family-owned business with Sahu Jain family owning a majority ...
.
See also
*
Indian banking
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
List of banks in India
This is the list of banks which are listed as Scheduled Banks (India) under second schedule of RBI Act, 1934.
Commercial banks Public Sector Banks (PSBs)
There are 12 public sector banks as of 15 November 2021
Private-sector banks
A ...
References
External links
History of the Bank
{{DEFAULTSORT:General Bank of India
Defunct banks of India
Companies based in Kolkata
Banks established in 1786