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The Reserve Bank of India assisted the banks in amalgamating to form United Bank of India. [2] 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). [3] Four years later, in 1965, the government of Pakistan took over the bank's branches in Pakistan.
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that the Oriental Bank of Commerce and United Bank of India would be merged with Punjab National Bank. The proposed merger would make Punjab National Bank [20] the second largest public sector bank in the country with assets of ₹ 17.95 lakh crore (US$210 billion) and 11,437 ...
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 was merged with Punjab National Bank, making the latter the second-largest public sector bank in India.
Rank Name of the Bank Year of Founding Year of Closing Fate Headquartered in References [1]; 1: The Madras Bank (1683) 1683: 1843: Merged with the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank to form the Bank of Madras in 1843
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 (India) 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.
New Bank of India was established in 1936, in Lahore by Mulk Raj Kohli, a professor of Economics turned banker. It moved its head office to Amritsar in 1947, and then to New Delhi in 1956. It acquired Didwana Industrial Bank in 1965, Chawla Bank in 1969, and Sahukara Bank in 1971. Earlier New Bank of India had acquired Punjab & Kashmir Bank.
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. [3] 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 ...
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposed merger would make Union Bank the fifth largest public sector bank in the country with assets of ₹ 14.59 lakh crore (US$170 billion) and 9,609 branches. [13] [14] The Board of Directors ...