Nedungadi Bank was the first private sector commercial bank to be set up in

South India South India, also known as Dakshina Bharata or Peninsular India, consists of the peninsular southern part of India. It encompasses the Indian states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, as well as the union territ ...

. Appu Nedungadi established the bank in 1899, in

Calicut Kozhikode (), also known in English as Calicut, is a city along the Malabar Coast in the state of Kerala in India. It has a corporation limit population of 609,224 and a metropolitan population of more than 2 million, making it the second l ...

Malabar District Malabar District, also known as Malayalam District, was an administrative district on the southwestern Malabar Coast of Bombay Presidency (1792-1800) and Madras Presidency (1800-1947) in British India, and independent India's Madras State (19 ...

British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...

(present day

Kozhikode Kozhikode (), also known in English as Calicut, is a city along the Malabar Coast in the state of Kerala in India. It has a corporation limit population of 609,224 and a metropolitan population of more than 2 million, making it the second l ...

Kerala Kerala ( ; ) is a state on the Malabar Coast of India. It was formed on 1 November 1956, following the passage of the States Reorganisation Act, by combining Malayalam-speaking regions of the erstwhile regions of Cochin, Malabar, South ...

, India). The bank was incorporated on 29 May 1913. In 1964, the Nedungadi Bank acquired the Cochin National Bank in

Thrissur Thrissur (), formerly Trichur, also known by its historical name Thrissivaperur, is a city and the headquarters of the Thrissur district in Kerala, India. It is the third largest urban agglomeration in Kerala after Kochi and Kozhikode, and t ...

, and in 1965, took selected assets and liabilities from the Coimbatore National Bank in Coimbatore. Over time, Nedungadi established 174 branches, including branches at all major metropolitan cities such as

New Delhi New Delhi (, , ''Naī Dillī'') is the capital of India and a part of the National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament Ho ...

Calcutta Kolkata (, or , ; also known as Calcutta , List of renamed places in India#West Bengal, the official name until 2001) is the Capital city, capital of the Indian States and union territories of India, state of West Bengal, on the eastern ba ...

, Madras,

Bombay Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second-m ...

, Ahmedabad, etc. In 2002, the Joint Parliamentary Committee (JPC) probing a stock scam pointed out discrepancies in the conduct of business by Nedungadi Bank.Action Taken Report on the Report of the Joint Parliamentary Committee on Stock Market Scam and Matters Relating Thereto, by the Indian Government and JPC, 2003. In 2003, the

Punjab National Bank Punjab National Bank (abbreviated as PNB) is an Indian public sector bank headquartered in Delhi. The bank was founded in May 1894 and is the second largest government-owned bank in India, both in terms of its business volumes and its network ...

took over Nedungadi. At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares.

References

{{bank-stub Defunct banks of India Banks established in 1899 Banks disestablished in 2003 Indian companies established in 1899 Indian companies disestablished in 2003 Companies based in Kozhikode Indian companies established in 1913