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#redirect Banking in India
[Abstract not available for the category]
[Abstract not available for the category]
Indian Bank, established in 1907, is a major Indian commercial bank headquartered in Chennai (Madras), India. It has 22,000 employees and 1,582 branches and is one of the big public sector banks of India. It has overseas branches in Colombo, Sri Lanka and Singapore, and 229 correspondent banks in 69 countries. The Government of India nationalized the bank, along with 13 other major commercial banks, on 19 July, 1969.
Arbuthnot & Co was a mercantile bank, based in Chennai, India. It was founded as Francis Latour & Co in the late 18th century, then became Arbuthnot De Monte & Co and failed spectacularly on 22 October, 1906.
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 commercial names in 19th century Madras, one crashed; a second had to be resurrected by a distress sale; and the third had to be bailed out by a benevolent benefactor. The agency house to close shop, Arbuthnot's, was considered the soundest of the three. Parry's (now EID Parry), may have been the earliest of them and Binny & Co.'s founders may have had the oldest associations with Madras, but it was Arbuthnot & Co., established in 1810, that was the city's strongest commercial organization in the 19th Century. When it fell, thousands lost their savings and the good name of British stability was severely rocked.
Arbuthnot & Co had two partners at the time of its failure, namely Sir George Gough Arbuthnot and Mr J.M.Young, a salaried partner who seems to have had no voice in the running of the firm. Prior to its collapse, the firm employed between 11,000 and 12,000 people.
The firm entered into an arrangement with Patrick Macfadyen who operated P Macfadyen & Co which was effectively Arbuthnot's London branch. Macfadyen speculated with the firm's money, in the process losing huge amounts of money. Macfadyen committed suicide in 1906, and both firms had to close their doors.
Both Macfadyen and Arbuthnot seem to have been consistently over-optimistic concerning their speculations. Sir George appears to have lost money whenever he dealt using the firm's money for the firm, although he was occasionally more fortunate in his speculations with the firm's money on his own account, suggesting that he kept winning bets on his account, and transferred losing bets to the firm's account. Sir George was tried for fraudulent activities revealed on the collapse and received a sentence of 18 months imprisonment.
A key figure in case was the Madras lawyer, V. Krishnaswamy Iyer, who made a name for himself representing claimants on the failed bank. He would go on to organize a group of Chettiars who founded Indian Bank in 1907.
V. Krishnaswamy Iyer was a lawyer of Madras who fought against the British banking Company Arbuthnot & Co which was let off without being compelled to reimburse investors when the bank crashed on 22 October 1906. Following the crash, Iyer gathered together eight Indians who started a bank funded by Chettiar Capital which later became the Indian Bank.
Union Bank of India (UBI) is one of India's largest state-run banks and is also listed on the Forbes 2000. It has assets of USD 13.45 billion. Because of its acronym UBI, the public sometimes confuses it with United Bank of India.
Banking in India originated in the last decades of the 18th century. The oldest bank in existence in India is the State Bank of India, a government-owned bank that traces its origins back to June 1806 and that is the largest commercial bank in the country. Central banking is the responsibility of the Reserve Bank of India, which in 1935 formally took over these responsibilities from the then Imperial Bank of India, relegating it to commercial banking functions. After India's independence in 1947, the Reserve Bank was nationalized and given broader powers. In 1969 the government nationalized the 14 largest commercial banks; the government nationalized the six next largest in 1980.
Currently, India has 88 scheduled commercial banks (SCBs) - 27 public sector banks (that is with the Government of India holding a stake), 29 private banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 31 foreign banks. They have a combined network of over 53,000 branches and 17,000 ATMs. According to a report by ICRA Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively.
Bank of Bombay was the second of the three presidency banks (others being the Bank of Calcutta and the Bank of Madras) of the Raj period. It was established, pursuant to a charter of the British East India Company, in the year 1868, about a decade after India's First War of Independence. The bank was headquartered in Bombay, now called Mumbai. The Bank of Bombay undertook all the normal activities which a commercial bank was expected to undertake. The Bank of Madras, in the absence of any central banking authority at that time, also conducted certain functions which are ordinarily a preserve of a central bank.
The Bank of Bombay, and two other Presidency banks, namely, the Bank of Calcutta and the Bank of Madras were amalgamated and the reorganized banking entity was named the Imperial Bank of India on 27 January 1921. The Reserve Bank of India, which is the central banking organization of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India and the Imperial Bank of India was christened on 30 April 1955 as the State Bank of India.
The Imperial Bank of India (IBI) was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955.
The Bank of Madras, one of the three Presidency Banks, the other two being, the Bank of Bengal and the Bank of Bombay, was established on 1 July 1843, and was headquartered in Madras, now Chennai.
List of Banks in India, other than co-operative banks:
*State Bank of India *State Bank of Bikaner & Jaipur *State Bank of Hyderabad *State Bank of Indore *State Bank of Mysore *State Bank of Patiala *State Bank of Saurashtra (merged with SBI w.e.f. August 13, 2008) *State Bank of Travancore
*Allahabad Bank *Andhra Bank *Bank of Baroda *Bank of India *Bank of Maharashtra *Canara Bank *Central Bank of India *Corporation Bank *Dena Bank *ICICI Bank *IDBI Bank *Indian Bank *Indian Overseas Bank *Oriental Bank of Commerce *Punjab & Sind Bank *Punjab National Bank *Syndicate Bank *Union Bank of India *United Bank of India *UCO Bank *Vijaya Bank
Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. The bank currently has 3,168 branches and 270 extension counters across 27 Indian states.
Mr S Sridhar [Ex CMD National Housing Bank]http://www.centralbankofindia.co.in/ has been appointed as the Chairman and Managing Director of state-run Central Bank of India as on 02 March 2009. The post had been lying vacant and the appointment was cleared by the government yesterday, the Bank said in a statement. To improve the Bank's capital adequacy ratio and enable it to support the credit requirements of the productive sectors of the economy, the Centre has recently decided to infuse Rs 1,400 crore in the Bank. Under the proposed capital infusion plan, Central Bank of India will get Rs 700 crore by this month-end, while the balance amount will be made available to the Bank in next fiscal.
Central bank of India is one of 18 Public Sector banks in India to get recapitalisationhttp://business-standard.com/india/storypage.php?autono=349393 finance from the government over the next 24 months. The infusion of fund will improve the financial health of the banks as their capital adequacy ratio (CAR) will be raised more than desired level of 12 percent. The increase in CAR of the banks will also enable them to lend more money. The CAR of Central Bank of India was less than 12 percent as on June 30 2006.
The wholly-owned public sector bank, based in Mumbai, will convert an amount of Rs. 800 crore out of its Rs. 1,124.14-crore total equity capital into perpetual non-cumulative preference shares.The preference shares would carry an annual floating coupon rate of eight per cent, which would be benchmarked to 100 basis points above the repo rate. It will shore up the balance-sheet of the bank and enable it to raise capital from the markets.
According to an official statement, the equity capital restructuring would lead to an improvement in the bank's credit rating as also facilitate the adoption of Basel II norms.
For financial year 2008-2009, Central Bank of India's Q3 standalone net profit went up at Rs 353.26 crore from Rs 201.01 crore (YoY). The bank's standalone net interest income, NII was up at Rs 671.94 crore versus Rs 544.85 crore (YoY).http://www.moneycontrol.com/india/news/results/central-bankindia-q3-net-profitat-rs-35326-cr/382067
At a time when the global banking industry is feeling the pinch of the global credit crunch, Central Bank of India is planning to expand its foreign presence. The public-sector lender has approached the Reserve Bank of India (RBI) for permission to open representative offices in five locations - Singapore, Dubai, Doha, London and Hong Kong. This is the first time the bank is venturing an independent overseas foray after the Sethia scam in the 1970s forced the bank to close down its London office. RBI had then asked the other two banks, who had operations in London, to close down.http://www.rediff.com/money/2008/nov/20bcrisis-central-bank-of-india-to-expand-overseas.htm
As on March 31, 2006, the bank's reserves and surplus stood at Rs. 1,810.19 crore. Its total business at the end of the last fiscal amounted to Rs. 1,05,677 crore.The bank had a staff strength of 37,241 as on Nov 2006.
Central Bank of India partnered with TCS[ Tata Consultancy Services ] for its Core Banking Solution.http://www.prdomain.com/companies/T/TCS/newsreleases/200561722024.htm The solution set to be implemented will include B@NCS from Sydney-based Financial Network Solutions (FNS), Exim Bills Trade Finance software from China Systems and eTreasury from TCS. With 703 banks in the core banking system (CBS), it was planned that by the end of March 2008 a total of 1,000 branches would be brought under the CBS.http://www.hindu.com/2007/11/24/stories/2007112455161100.htm
As of 31 March 2006, the bank achieved a landmark: crossing a business mix of Rs. 1,05,000.00 crores. The next target has been fixed at doubling this figure in the next three years. Krishnan Subharamaniam, Executive Director of the bank, in his message to staff members, has called upon them to achieve the target and suggested some steps. One of these steps is to change the manner in which employees extend service to customers across different delivery channels. He has advocated the adoption of the '3R' principles when dealing with customers - recognition, respect and response. This is asserted to be the path to make customers experience 'Customer Delight'. Subbaraman is of the view that to be able to achieve the coveted goal of at least Rs.2,00,000.00 crores in three years' time, it is urgent to add large numbers of new customers to the bank's existing portfolio. Central Bank also came with its IPO, which was oversubscribed 64 times. The bank has plans to change the bank's signboard across the country, trying to impart a new look to the bank after the IPO.
Canara Bank, established in 1906 as Canara Bank Hindu Permanent Fund Canara Bank - History in Mangalore, India, by Ammembal Subba Rao Pai, is one of the oldest and major commercial banks of India. Its name was changed to Canara Bank Limited in 1910. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue.
Axis Bank, previously called UTI Bank, was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd., National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd. UTI-I holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country.P J Nayak is its Chairman and Managing Director.
As on the year ended March 31, 2006 the Bank had a networth of Rs. 2872.19 crores with the public holding (other than promoters) at 56.65%. Net Profit for the year was up 44.98% to Rs 485.08 crores.
Allahabad Bank, which began operations in 1865, now has its head-quarters in Kolkata. Currently the bank has 2165 branches Allahabad Bank's Branch Network across the country. The Chairman and Managing Director of the bank is K R Kamath. The bank's internet banking is maintained by EBankWorks Team of TCS.
Bank of India (BoI), established on 7 September, 1906 is a bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is one of India's leading banks, with about 2,884 branches including 27 branches outside India. BoI is a founder member of SWIFT (Society for World-wide Inter Bank Financial Telecommunications) in India which facilitates provision of cost-effective financial processing and communication services. The Bank completed its first one hundred years of operations on 7 September, 2006.
MISSION: "To provide superior, proactive banking services to niche markets globally, while providing cost-effective, responsive services to others in our role as a development bank, and in so doing, meet the requirements of our stakeholders".
VISION: "To become the bank of choice for corporate, medium businesses and upmarket retail customers and to provide cost effective developmental banking for small business, mass market and rural markets"
[Abstract not available for the article]
The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private-sector bank, providing retail and corporate banking services. In 2008, the bank merged with HDFC Bank.
Federal Bank is an Indian bank in the private sector, headquartered at Aluva, Kerala. As of 2008 it had 603 branches and 505 ATMs around the country.
Karur Vysya Bank is a privately held Indian bank, headquartered in Karur in Tamil Nadu. It was set up in 1916 by M. A. Venkatarama Chettiar and Athi Krishna Chettiar. Its current chairman is Mr P. T. Kuppuswamy.
The bank has 300 branches — about 45 of them are in rural areas. The bank has installed 275 ATMs across the country so far. All the branches are powered with CBS — Core Banking Solution. The bank also offers Internet banking and mobile banking facilities to its customers.
"Andhra Bank" was founded by the eminent freedom fighter and a multifaceted genius, Dr.Bhogaraju Pattabhi Sitaramayya. The Bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs. The Bank crossed many milestones and the Bank's Total Business as on 30.06.2008 stood at Rs.83,256 Crores with a Clientele base over 1.74 Crores. The Bank is rendering services through 2139 Business Delivery Channels consisting of 1371 branches, 66 Extension Counters, 38 Satellite Offices and 664 ATMs spread over 21 States and 2 Union Territories as at the end of June, 2008. All Branches are 100% computerized, 1186 units viz., 1101 Branches, 68 Extension Counters, 15 Service Centres networked under Cluster Banking solution and providing "Any Branch Banking(ABB)". Real Time Gross Settlement (RTGS) Facility and National Electronic Fund Transfer (NEFT) facility has been introduced in 723 Branches. To provide value-added services to Customers, the Bank has set up its own 664 ATMs as on 30.06.2008. Of which 03 Mobile ATMs and two with Biometric access. Besides, ATM sharing arrangements with several Banks including SBI group, IDBI Bank, UTI Bank, HDFC Bank, Indian Bank and others under National Financial Network Switch covering 24856 ATMs. Bank is migrating to "Centralized Core Banking Solution". 118 Branches have already migrated to CBS. It is proposed to cover 550 branches by September 2009. This will benefit the customers, who will have access to banking and financial services anytime, anywhere through multiple delivery channels. Andhra Bank is a pioneer in introducing Credit Cards in the country in 1981 . Our Bank introduced Internet Banking Facility (AB INFI-net) to all customers of cluster linked branches. Rail Ticket Booking Facility is made available to all debit card holders through IRCTC Website through a separate gateway. Corporate Website is available in English, Hindi and Telugu Languages communicating Bank's image and information. Bank has been given 'BEST BANK AWARD' a banking technology award by IDRBT, Hyderabad for extensive use of IT in Semi Urban and Rural Areas on 02.09.2006. IBA Jointly with TFCI has conferred the Joint Runner-up Award to the Bank in the Bet Payments initiative in recognition of outstanding achievement of the Bank in promoting ATM Channel. Bank successfully conducted " Bancon 2006", a two day event at Hyderabad, deliberating on Inclusive Growth - A New Challenge. Kiddy Bank Scheme, with insurance benefits, was relaunched to inculcate savings habit among the children. Bank has mobilized nearly 90000 new accounts during 2007-08.
As a part of "Financial Inclusion", Bank adopted two districts, namely, Srikakulam in Andhra Pradesh and Ganjam in Orissa and achieved 100% coverage. Bank has introduced Smart Card Scheme Pilot project in Warangal District and the same will be extended to other Lead Districts in due course. Bank has opened 2.11 lakh accounts under "No-frill accounts" category till 30.06.2008.
Andhra Bank, along with A P State Government, NABARD, Canara Bank, Indian Bank, IOB and SBH sponsored the Andhra Pradesh Banker's Institute of Entrepreneurship Development, which will offer training to unemployed youth for improving their skills in Andhra Pradesh.
Bank adopted Gundugolanu village, West Godavari District, Andhra Pradesh - birth place of Dr.Bhogaraju Pattabhi Sitaramayya for all-round development. A comprehensive budget with an outlay of Rs.5.50 Crore is finalized for improving health, sanitation, education and social service facilities in the village.
Bank has been ranked No.1 in terms of number of Life Insurance Policies mobilized amongst all the Agency Banks dealing with "Life Insurance Corporation of India". Bank also has tie-up with United India Insurance Company Limited under Bancassurance(Non-Life).
Bank was ranked 532nd for the year ended 31.03.2007 amongst Top 1000 Banks in the world by "The Banker" - a London based publication based on Tier I Capital as defined by Basel's Bank for International Settlements (BIS).
Bank entered MoU with Bank of Baroda and Legal & General Group of UK to form a joint venture life insurance company. The shareholders' agreement has already been signed and necessary formalities are being completed for setting up of the company. The JV Company is already incorporated in June'08 and is in the process of filing for approvals from IRDA etc.,
Bank is in the process of forming a Joint Venture in Malaysia in association with Bank of Baroda and Indian Overseas Bank.
The Bank opened its Representative Office in Dubai in May, 2006 and has received permission from Reserve Bank of India, Federal Reserve Bank, USA for opening Representative Office at Jersey City, New Jersey (U S A).
Andhra Bank will open its Representative Office in New Jersey City in United States shortly. Bank feels United States would be an ideal location as Andhra Bank has been a household name among many NRIs there. A foothold in New Jersey is strategic for the 84 year old bank as it has a large number of non resident Indians from Andhra Pradesh.
Thus Bank accords utmost concern to customer satisfaction by offering innovative and need based financial products and services using state-of-the art technology.
PRODUCT AND SERVICES Deposit Schemes AB Savings Accounts AB Current Accounts AB Term Deposits AB Arogyadaan Scheme AB Bancassurance Life AB Bancassurance (Non Life) Retail Loans Agricultural Loans Corporate Banking NRI Banking NRI Products and Services NOSTOR details for remittance Western Union Money Transfer Technology Products Multi City Cheque Facility On-Line Tax Accounting System (OLTAS) Real Time Gross Settlement (RTGS) Instant Funds Transfer ATM Services Any Branch Banking Electronic Clearing Service (ECS) National Electronic Funds Transfer
[Abstract not available for the article]
Dena Bank (founded 26 May, 1938) is one of the earliest banks in India.
[Abstract not available for the article]
United Bank of India, is government-owned and one of India's major commercial banks. Presently the bank has a three-tier organisational setup consisting of its Head office in Kolkata, 28 Regional offices and 1443 branches spread all over India. However, its major presence is in eastern India. Due to a common acronym (UBI), which it shares with Union Bank of India, which also has an all-India presence, the public sometimes confuses the two banks.
State Bank of Bikaner & Jaipur (SBBJ) is an associate bank of State Bank of India.
State Bank of Patiala is an associate bank of State Bank of India. State Bank of Patiala (SBP), originally named Patiala State Bank, and currently an associate bank of the State Bank of India, was founded on 17 November 1917. SBP was founded by Bhupinder Singh, Maharaja of the princely state of Patiala of Undivided India, and the functions of the Bank included the normal functions of commercial banks, as also some functions similar to functions of a central bank for the princely state of Patiala.
After India’s independence, the Bank was made a wholly owned subsidiary of the Government of Punjab. On 1 April 1960, SBP was accorded the status of an Associate bank of the State Bank Group. Presently, the State Bank of Patiala has a network of 830 service outlets, including 750 branches, in all major cities of India, but most of the branches are located in the Indian states of Punjab, Haryana, Himachal Pradesh, Rajasthan, Jammu & Kashmir, Delhi and Chandigarh.
State Bank of Travancore (SBT), a subsidiary of the State Bank Group, is government-owned and the premier bank of Kerala State, India, where it has 580 branches. Overall, SBT has a network of over 712 branches spread over 16 Indian states.
The bank provides a range of banking products, which includes the products aimed at Keralites who are working abroad. The bank possess a computerized core banking solution. SBT's total business reaches at Rs.66644 crores, in which the NRI business touched Rs.8755 crores.
State Bank of Saurashtra was a government-owned bank in India. It was one of the seven Associate Banks of the State Bank of India, with which it merged on 13 August 2008.
Prior to 1948, the region of Saurashtra, which at present forms a part of Gujarat State, comprised many small, medium and large princely states. Bhavnagar, Rajkot and Porbandar, which were among the larger states, and two smaller states, Palitana and Vadia, had established their own Darbar (meaning Palace) Banks, the oldest of which was Bhavnagar Darbar Bank, established in 1902. These banks mainly catered to the needs of the governments of their respective princely states, and acted as depositories for local savings. After the establishment of Saurashtra state in 1948, there was a parallel amalgamation of these banks. The Bhavnagar Darbar Bank became the State Bank of Saurashtra, under the Saurashtra State Bank (Amalgamation) Ordinance, 1950, and the four Darbar Banks - Rajkot State Bank, Porbandar State Bank, Palitana Darbar Bank and Vadia State Bank - were merged with it with effect from 1st July, 1950 as its branches. At the close of 1950 the Bank had only 9 branches and deposits of Rs.7 crores.
In 1960, following the formation of a separate Gujarat State, the Bank's main area of operation - Saurashtra - became a part of Gujarat. At the same time, the State Bank of India took over the State Bank of Saurashtra, along with the other major state-owned banks under the State Bank of India (Subsidiary Banks) Act, 1959. By this time, the number of branches had increased to 24, with aggregate deposits of Rs.13.39 crores, total advances of Rs.7.93 crores, and an investment portfolio of Rs.8.04 crores. The paid up capital and reserves were Rs.1.51 crores. The Bank also had 866 employees.
State Bank of Indore is one of the nationalised banks in India and a subsidiary of State Bank of India. It uses the same logo as its parent company SBI.
Uco Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial bank of India. Ghanshyam Das Birla, an eminent Indian industrialist, during the Quit India movement of 1942, had conceived the idea of organizing a commercial bank with Indian capital and management, and the United Commercial Bank Limited was incorporated to give shape to that idea. The bank, along with 13 other major commercial banks of India, was nationalized on 19th July, 1969, by the Government of India. Its name was changed to UCO Bank, in 1985, by an act of Indian Parliament. Currently (2005), the bank has 2000 Service Units spread all over India, with two overseas branches in Singapore and Hong Kong.
Indian Overseas Bank (IOB; established 1937) is a major bank based in Chennai (Madras), with 1,400 domestic branches and six branches overseas. Indian Overseas Bank has an ISO certified inhouse Information Technology department, which has developed the software that 900 branches use to provide online banking to customers; the bank has a target to expand online banking to 1200 branches by the end of financial year 2007-08. IOB also has a network of about 500 ATMs all over India and IOB's International VISA Debit Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. IOB offers internet Banking (E-See Banking) and is one of the banks that the Govt. of India has approved for online payment of taxes.
Punjab & Sind Bank is a major bank in Northern India. Of its almost 900 branches and offices spread throughout India, almost 400 are in Punjab state, though the bank's corporate headquarters is in New Delhi.
Pratibha Mahila Sahakari Bank ( Pratibha Women Cooperative Bank ) is a cooperative bank founded by Pratibha Patil in 1973 in Jalgaon in Maharashtra with the objective of empowering women. Pratibha Patil is a senior leader of Indian National Congress and President of India. Pratibha Patil was the founding chairperson of the bank and later one of its directors along with many of her relatives. She is currently one of the 34 respondents in an ongoing case in the Aurangabad bench of the Bombay High Court on the subject of mismanagement of the bank and misappropriation of funds.
Reserve Bank of India (RBI), revoked the licence of the bank in 2003 after it was found out that the bank had illegally waived interest on loans given to many of Pratibha Patil’s family members .
North Malabar Gramin Bank (NMGB) is a Regional Rural Bank in India. It was established in 1976 as a Scheduled Commercial Bank as per Regional Rural Banks Act of 1976. Its area of operation is limited to 7 districts in Kerala, India. It finances farm & non-farm sectors and other employment generation programs through its 163 branches spread over these 7 districts.
South Malabar Gramin Bank (SMGB) is the largest Regional Rural Bank in India. It was established in 1976 as a Scheduled Commercial Bank as per Regional Rural Banks Act of 1976. Its area of operation is limited to 6 districts in Kerala, India. It finances farm & non-farm sectors and other employment generation programs through its 216 branches spread over these 6 districts.
SMGB is a sponsored bank of Canara Bank
TamilNadu Mercantile Bank Ltd is an Indian bank. It began as the Nadar Bank in 1912. The bank later changed its name to the Tamilnadu Mercantile Bank Ltd. As of September 2007, It has 207 branches all over India. Rediff: The billion-rupee war for the Tamilnadu Mercantile Bank
Nadar Community Economical Consolidation through Community Network Trade: The migrant Nadars from Southern areas around Thiruchendur, Tenkasi, Kumari and Tirunelveli to villages and towns of former Ramanathapuran & Madurai district and Palani / Kodai Hill Ranges set up Community funds (Mahamai) to Pettais & Bazar Sandhais, to promote Tamil Folk life culture pockets and Ancestor worship centers in places around Sivakasi, Thiruthangal, Sathangudi, Sathur ... and also begin social institutions. Several all the major Nadar settlements consolidated their hold in Mercantilism in Bulk and Retail trade network in Grains, Cereals, Pulses, Oilseeds, cotton, Spices, palm and wood based products, etc.
In the early part of 20th Century A section of community members could gain holding of estate properties in the western & eastern ghats and establish links in export / import Port Terminals of Indian Subcontinent, Colombo and Rangoon.
This bank in particular is the only bank to make profit throughout its history since 1912.
Nadar community Banking operations setup:
In the 20th Century, The Nadars of southern district made an impressive share in running Retail stores in Metro Cities of North Tamil Nadu making them affectionately called as Annachi Kadaihal or Nadar Malihai.
In 1910 when the Nadars in Porayar -- under the aegis of the Nadar Mahajana Sangam of the Tanjore district -- decided to start a bank and passed a resolution. In 1921, AMM Chinnamani Nadar, then only 27 -- took an active part in the formation of the bank., M V Shunmugavel Nadar a prominent man of Tuticorin further pushed the agenda and The Nadars' resolution to start the bank in the year 1910 fructified 11 years later in Tuticorin in 1921, when the Nadar Bank was registered.
M V Shunmugavel Nadar became the bank's first chairman. In 1962, the Nadar Bank became the Tamilnad Mercantile Bank.
Karnataka Bank Limited is a private sector banking institution based in the town of Mangalore in Karnataka, India. The Reserve Bank of India has designated Karnataka Bank as an A-class scheduled commercial bank.
The bank now has a national presence with a network of some 436 branches across 19 states and 2 Union Territories. It has over 4,800 employees and 3.5 million customers, including farmers and artisans in villages and small towns throughout the country. Its shares are entirely privately-owned by some 68,942 shareholders.<ref name="statement_karnatakabank" /><ref name="karnatakabank_keyoffices"></ref><ref name="sebiprofilep38">SEBI profile, pg. 38</ref>
Bank of Madura (est. 1943) by Karumuttu Thiagarajan Chettiar. Bank had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) in the 1960s.
Bank of Madura was a larger customer base Chettiar bank, 2 million plus customer and a network of more than 280 branches and 40+ ATMs centres spread across about 100 cities in India.
The bank is now merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949. Reserve Bank of India approved the merger effective March 10, 2001. With this merger ICICI Bank will become one of the largest private sector banks in India with combined assets of Rs. 17,327 crores and total deposits of Rs. 13,460 crores as at December 31, 2000. The merged entity will have a large customer base of over 3 million and a network of more than 300+ branches and 400+ ATM centres spread across about 100 cities in India.
The Cosmos Co-operative Bank Ltd (Cosmos Bank), established in 1906, is one of the oldest Urban Co-operative Bank in the India. The Cosmos Co-operative Bank Ltd is celebrating its centenary from 18 January 2005. It is the first co-operative bank in the country to go live with the core banking solution across the entire network of its 66 branches using Finacle -Infosys Core Banking Software.
Cosmos Bank operates through 66 branches and 13 Extension Counters in India spread across 5 states and in 12 major Indian cities: * Maharashtra: Mumbai, Pune, Nagpur, Aurangabad, Nashik, Baramati. * Madhya Pradesh: Indore. * Andhra Pradesh: Hyderabad. * Karnataka: Bangalore. * Gujarat: Ahmedabad, Baroda, Surat.