ING Vysya Bank
ING Vysya Bank Ltd came into being in October 2002, when erstwhile Vysya Bank Ltd was merged with ING, a global financial powerhouse boasting of Dutch origin. Vysya Bank Ltd, one of initial banks to be set up in the private sector of India, was established in the year 1930, with the aim of providing a helping hand to all those who couldn't afford the privilege of enjoying the services of a bank. Eighteen years later, in 1948, the bank…
IndusInd Bank
The idea behind IndusInd Bank, named after the Indus Valley civilization, was conceived by Mr. Srichand P. Hinduja, the head of the Hinduja Group. One of the first new-generation private banks in India, IndusInd Bank was inaugurated in April 1994, Dr. Manmohan Singh, the present Prime Minister of India, who was then the Finance Minister of the country. It was established with the help of collective contributions from the NRI community, towards the economic and social development of India. The…
ICICI Bank
ICICI Bank started as a wholly owned subsidiary of ICICI Limited, an Indian financial institution, in 1994. Four years later, when the company offered ICICI Bank's shares to the public, ICICI's shareholding was reduced to 46%. In the year 2000, ICICI Bank offered made an equity offering in the form of ADRs on the New York Stock Exchange (NYSE), thereby becoming the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the…
HDFC Bank
Housing Development Finance Corporation Bank, more popularly known as HDFC Bank Ltd, was established in the year 1994, as a part of the liberalization of the Indian Banking Industry by Reserve Bank of India (RBI). It was one of the first banks to receive an 'in principle' approval from RBI, for setting up a bank in the private sector. The bank was incorporated with the name 'HDFC Bank Limited', with its registered office in Mumbai. The following year, it started…
Federal Bank
Federal Bank Limited was founded as Travancore Federal Bank Limited in the year 1931, with an authorized capital of Rs. 5000. It was established at Nedumpuram, a place near Tiruvalla, in Central Travancore (a princely state later merged into Kerala), under Travancore Company's Act. Thirteen years later, in 1944, Shri K P Hormis and his close relatives /friends took over the controlling interest in the bank. The following year, the paid-up capital of the bank went up to 71,000 and…
Dhanalakshmi Bank
The foundation of Dhanalakshmi Bank Limited was laid down on 14th November 1927, in the Thrissur district of Kerala. A group of innovative entrepreneurs had started the bank with a capital of ,000 and only 7 employees. Fifty years later, in the year 1977, it became a 'Scheduled Commercial Bank'. The bank’s Corporate Office, situated at Thrissur, and Industrial Finance Branch, located in Kochi, has been accredited with certification under ISO 9001-2000. A professionally managed bank, Dhanalakshmi Bank boasts of…
Catholic Syrian Bank
With the Swadeshi Movement of early 20th century as its base, Catholic Syrian Bank was incorporated on 26th November 1920, in the Thrissur district of Kerala. The bank commenced its operations on 1st January 1921, with an authorized capital of Rs. 5 lakhs and a paid up capital of Rs. 45270. For the first two decades after its foundation, the bank concentrated solely on Kerala. Following the crash of Travancore National Quilon Bank in 1938 and Palai Central Bank in…
Bank of Rajasthan
A leading private sector bank, the Bank of Rajasthan was founded on the auspicious day of Akshya Tritiya on May 8, 1943, at Udaipur. Shri Rai Bahadur Chatterji, the then finance minister of the erstwhile Mewar Government, extensively contributed towards the establishment of the Bank. The bank started with a capital of only Rs. 10 lakhs. Late Seth Shri Govind Ram Seksaria, an eminent Industrialist, was the founder Chairman. It was, in 1948, that the Bank of Rajasthan became a…
Axis Bank
Axis Bank was formed as UTI Bank when it was incorporated in 1994 when Government of India allowed private players in the banking sector. The bank was sponsored together by the administrator of the specified undertaking of the Unit Trust of India, Life Insurance Corporation of India (LIC) and General Insurance Corporation ltd. and its subsidiaries namely National insurance company ltd., the New India Assurance Company, the Oriental Insurance Corporation and United Insurance Company Ltd. However, the name of UTI…
IDBI Bank
The Industrial Development Bank of India Limited, now more popularly known as IDBI Bank, was established as a wholly-owned subsidiary of Reserve Bank of India. The foundation of the bank was laid down under an Act of Parliament, in July 1964. The main aim behind the setting up of IDBI was to provide credit and other facilities for the Indian industry, which was still in the initial stages of growth and development. In February 1976, the ownership of IDBI was…