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The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems.
With the merger completed in 2015, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261. [21] After the merger, ING Group, which controlled ING Vysya Bank, obtained a 6.5% stake in Kotak Mahindra Bank. [22]
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
ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. [4] Prior to this transaction, Vysya Bank had a ...
The amalgamation is the first-ever three-way consolidation of banks in the country, with a combined business of Rs14.82 trillion (short scale), making it the third largest bank after State Bank of India (SBI) and ICICI Bank. [18] Post-merger effective 1 April 2019, the bank has become the India's third largest lender behind SBI and ICICI Bank ...
The State Bank of Saurashtra was a government-owned bank in India, with its headquarters at Bhavnagar. [1] It was one of the seven Associate Banks of the State Bank of India, with which it merged on 13 August 2008. At the time of the merger, the bank had a network of 423 branches spread over 15 states and the Union Territory of Daman and Diu.
By 1950 when Hyderabad State became a part of India, the bank had around 50 branches spread over various parts of the then Hyderabad State i.e. present day Telangana, parts of Maharashtra and Karnataka. [7] In 1953, the bank absorbed, by merger, the Mercantile Bank of Hyderabad, which Raja Pannalal Pitti had founded in 1935. [8] (Some accounts ...
A review of the RRBs in August 2009 by the Union Finance Minister revealed that a large number of RRBs had a low Capital to Risk weighted Assets Ratio (CRAR). A committee was constituted in September 2009 under the chairmanship of K C Chakrabarty, [4] the deputy governor of the Reserve Bank of India (RBI) to analyse the financials of the RRBs and suggest measures, including re-capitalisation ...