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Public Sector Banks In India
Public Sector Undertakings (Banks) are a major type of government owned banks in India, where a majority stake (i.e. more than 50%) is held by the Ministry of Finance of the Government of India or State Ministry of Finance of various State Governments of India. The shares of these government-owned-banks are listed on stock exchanges. Their main objective is social welfare History Emergence of public sector banks The Central Government entered the banking business with the nationalization of the Imperial Bank of India in 1955. A 60% stake was taken by the Reserve Bank of India and the new bank was named State Bank of India. The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959' was passed by the Union government. The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks. The total deposits in the banks nationalise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In India
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. The largest and the oldest bank which is still in existence is the State Bank of India (SBI). It originated and started working as the Bank of Calcutta in mid-June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three banks founded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934. In 1960, the State Banks of India wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bharatiya Mahila Bank
Bharatiya Mahila Bank (BMB; ) was a fully owned subsidiary of State Bank of India based in Mumbai, India. Former Indian Prime Minister Manmohan Singh inaugurated the system on 19 November 2013 on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi. As part of the Modi government's banking reforms and to ensure greater banking outreach to women, the bank merged with State Bank of India on 1 April 2017. While being run by women, and lending exclusively to women, the bank allowed deposits to flow from everyone. India was the third country, after Pakistan and Tanzania, to have a bank exclusively to benefit women. Banking for women In India, only 26% of women have an account with a formal financial institution, compared with 46% of men. This has changed after the initiation of Pradhan Manthri Jan Dhan Yojana – accounts of women jumped radically to 60%. That means an account in either a bank, a credit union, a co-operative, post office or a mic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporation Bank
Corporation Bank was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country. In 2019, finance minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into the Union Bank of India, with all their branches becoming branches of the latter on 1 April 2020. History Corporation Bank was founded on 12 March 1906 in Udupi, with capital, Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the Swadeshi movement of Bal Gangadhar Tilak. On 14 November, Corporation Bank said it raised an amount of of the Basel III compliant Tier-II Bonds (Series1) and the same has been allotted by the Securities Allotment Committee of the Board of the Bank. On 2 December 2017, Corporation Bank launched its RuPay Select and RuPay Platinum c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andhra Bank
Andhra Bank was a medium-sized public sector bank (PSB) of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines (ATMs) as of 31 March 2019. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. It operated in 25 states and three union territories. It had its headquarters in Hyderabad, Telangana, India. Along with Corporation Bank, Andhra Bank was merged with Union Bank of India in April 2020. The government of India owned 90.85% of its share capital as on 31 March 2019. The state owned Life Insurance Corporation held 7.80% of the shares. The bank had done a total business of and has earned a net profit of for the financial year 2015–16. History Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Madras Presidency (present-day Andhra Pradesh). Raja Yarlagadda Sivarama Prasad was the individual who committed the financial resources for starting the insti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union Bank Of India
Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in Mumbai. It has 120+ million customers and a total business of US$106 billion. After the amalgamation with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the amalgamated entity became the one of the largest PSU banks in terms of branch network with around 8700+ branches. Four of these are located overseas in Hong Kong, Dubai, Antwerp, and Sydney. UBI also has representative offices at Shanghai, Beijing and Abu Dhabi. UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK). The bank has a network of 8700+ domestic branches, 11100+ ATMs, 15300+ Business Correspondent Points serving over 120 million customers with 75000+ employees. History Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar. The bank's corporate office was inaugurated by Mahatma Gandhi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Bank Of India
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oriental Bank Of Commerce
Oriental Bank of Commerce (OBC) was an Indian public sector bank headquartered at Gurgaon, Haryana. It had 2390 branches and 2625 ATMs across India. In April 2020, the bank along with United Bank of India has been merged with Punjab National Bank, making the latter the second-largest public sector bank in India. History Its earliest date of incorporation per the Registrar of Companies is 1901. Rai Bahadur Lala Sohan Lal the first Chairman of the Bank, founded OBC in 1943 in Lahore. Within four years of its coming into existence, OBC had to face Partition. The bank had to close down its branches in the newly formed Pakistan and shift its registered office from Lahore to Amritsar. Lala Karam Chand Thapar, the then Chairman of the Bank, in a unique gesture honoured the commitments made to the depositors from Pakistan and paid every rupee to its departing customers. The Bank has witnessed many ups and downs since its establishment. The period of 1970–76 is said to be the most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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. The bank has over 180 million customers, 12,248 branches, and 13,000+ ATMs. PNB has a banking subsidiary in the UK (PNB International Bank, with seven branches in the UK), as well as branches in Hong Kong, Kowloon, Dubai, and Kabul. It has representative offices in Almaty (Kazakhstan), Dubai (United Arab Emirates), Shanghai ( China), Oslo (Norway), and Sydney ( Australia). In Bhutan, it owns 51% of Druk PNB Bank, which has five branches. In Nepal, PNB owns 20% of Everest Bank, which has 122 branches. PNB also owns 41.64% of JSC (SB) PNB Bank in Kazakhstan, which has four branches. History Punjab National Bank is a PSU working under the government of India regulated by the Reserve Bank of India Act, 1934 and the Banking Regulatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Allahabad Bank
Allahabad Bank was an Indian nationalised bank with its headquarters in Kolkata, India. Founded in Allahabad in 1865 and nationalized by the government of India in 1969, the bank provided banking and financial services for 155 years until it was merged with Indian Bank in 2020. , Allahabad Bank had over 3245 branches across India. The bank did a total business of 3.8 trillion during the FY 2017–18. The bank's market capitalisation was US$573 million and ranked #1,882 on the Forbes Global 2000 list. 19th century On 24 April 1865, founded Allahabad Bank in Allahabad. By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi. 20th century In the early 20th century, with the start of Swadeshi movement, Allahabad Bank witnessed a spurt in deposits. In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price of per share. In 1923 the bank moved its head office and the registered office to Calcutta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Bank
Indian Bank is an Indian public sector bank, established in 1907 and headquartered in Chennai. It serves over 100 million customers with 39,734 employees, 5,721 branches with 5,428 ATMs and Cash deposit machines. Total business of the bank has touched as on 31 March 2022. The bank's Information systems and security processes are certified to meet ISO27001:2013 standard. It has overseas branches in Colombo and Singapore including Foreign Currency Banking Units at Colombo and Jaffna. It has 227 overseas correspondent banks in 75 countries. Since 1978, the Government of India has owned the bank. As per the announcement made by the Indian Finance Minister Nirmala Sitharaman on 30 August 2019, Allahabad Bank merged from 1 April 2020, making Indian Bank now the seventh largest bank in the country. History Early formation and expansion In the last quarter of 1906, Madras (now Chennai) was hit by the worst financial crisis the city was ever to suffer. Of the three best-known British ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nirmala Sitharaman
Nirmala Sitharaman (born 18 August 1959) is an Indian economist and politician serving as the Minister of Finance and Corporate Affairs of India since 2019. She is a member of the Rajya Sabha, upper house of the Indian Parliament, since 2014. Sitharaman previously served as the Defence Minister of India, thereby becoming India's second female defence minister and the second female finance minister after Indira Gandhi, and the first full-time female minister to hold each of those portfolios. She has served as the Minister of State for Finance and Corporate Affairs under the Ministry of Finance and the Minister for Commerce and Industry with independent charge. Prior to that, she served as a national spokesperson for the Bharatiya Janata Party. Sitharaman featured in the Forbes 2022 list of World's 100 most powerful women and was ranked 36. Fortune ranked Nirmala Sitharaman as the most powerful woman in India. Early life Nirmala Sitharaman was born in a Tamil Iyengar family ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IDBI Bank
The IDBI Bank Limited (IDBI Bank or IDBI) is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It was established in 1964 as Industrial Development Bank of India, a development finance institution, which provided financial services to industrial sector. In 2005, the institution was merged with its commercial division, IDBI Bank, forming the present-day banking entity and was categorised as "other development finance institution" category. Later in March 2019, Government of India asked Life Insurance Corporation to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. IDBI was put under Prompt corrective action of the RBI and on 10th March 2021 IDBI came out of the PCA. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
