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…
Vijaya Bank
Vijaya Bank was flagged off on 23rd October 1931. Late Shri , along with other enterprising farmers in Mangalore, Karnataka, founded the bank to inculcate banking habits in the farming community of Dakshina Kannada district in Karnataka State. In 1958, it was promoted and became a scheduled bank. From 1963 to 68, the Vijaya bank grew both in terms of size and stature - 9 small banks had merged with it, thus contributing to its growth and advancement. On April…
United Bank of India
Originally established as United Bank of India Ltd., the bank was a result of merger of four Bengali banks - Comilla Banking Corporation Ltd., Bengal Central Bank Ltd., Comilla Union Bank Ltd. and Hooghly Bank Ltd. in 1950. Almost two decade later, in 1969, United Bank of India was one among the major banks that were nationalized. Thereafter, the bank expanded in a major way, covering all the states of India. It also was an active participant in the growth…
Union Bank of India
Union Bank of India was inaugurated by the Father of the Nation, Mahatama Gandhi, on November 11, 1919. Started as a limited company in Mumbai, it was one of the few Financial Commercial banks in India. Until 1947, UBI had only 4 branches - 3 in Mumbai and 1 in Saurashtra, all concentrated in key trade centres. Catering to all the sectors of the society, be it agriculture, industry, trade and commerce, services or infrastructure, the bank has also played…
UCO Bank
UCO Bank is a commercial bank established in 1943. The idea to establish the bank was first conceived by Birla, the famous industrialist, after the historic 'Quit India Movement' in 1942. The idea was culminated on the 6th of January 1943, when The United Commercial Bank Ltd. was born with its Registered and Head Office at Kolkata. A commercial bank and a Government of India Undertaking, it comprises of government representatives as well as renowned professionals like accountants, management experts,…
Syndicate Bank
Established in the year 1925, Syndicate Bank had its first office in the coastal region of Karnataka, Udupi. It was then named as 'Canara Industrial & Banking Syndicate Ltd'. The bank was initiated by a trio - Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and M A Pai, a physician, with a capital of Rs. 8000. During that time, the crisis in the handloom industry crippled the local weavers completely. The main aim of Syndicate Bank…
The State Bank of Travancore
The State Bank of Travancore (SBT) came into existence as Travancore Bank Ltd. in 1945. It was sponsored by the former Princely State of Travancore, Kerala. Apart from conducting general banking business, the Bank undertook government treasury work and foreign exchange business. Travancore Bank Ltd. was made as a subsidiary of the State Bank of India in 1960 and a member of the State Bank Group, under the SBI subsidiary Banks Act 1959, under the special statute of the Parliament…
State Bank of Saurashtra
State Bank of Saurashtra (SBS) is one of the Associate Banks of State Bank of India. The history of the establishment of SBS can be traced back to pre-independence period. Prior to 1948, the region of Saurashtra (a part of the present day Gujarat), consisted many small, medium and large princely states. The larger states of Saurashtra included Bhavnagar, Rajkot and Porbandar, while Palitana and Vadia were its smaller states. These states established their own Darbar (palace). Out of the…
State Bank of Patiala
An Associate Bank of the State Bank of India, State Bank of Patiala (SBP) was established in 1917 by Late His Highness Bhupinder Singh, the Maharaja of erstwhile Patiala state. SBP started its operations from one branch called 'Chowk Fort', in Patiala. During the time of the establishment, the state owned Bank was known as Patiala State Bank. It was set up for the purpose of promoting the growth of agriculture, trade and industry. The operations of Patiala State Bank…
State Bank of Mysore
State Bank of Mysore was originally established as Bank of Mysore Ltd. in 1913, under the sponsorship of the erstwhile Government of Mysore. Engineer-Statesman Late Dr. headed the banking committee during the time, to establish the Bank. In March 1960, the Bank became a subsidiary of State Bank of India, which holds of its shares. In the present time, State Bank of Mysore caters to its customers through its wide network of branches, spread in different parts of India. Branches…