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Union Bank of India, commonly referred to as Union Bank , is an Indian public sector bank headquartered in Mumbai. It has 153+ million customers and a total business of Rs.19,84,842 crores. [7] After the merging with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the merged entity became one of the largest PSU banks ...
Bank of India. Bank of India ( BoI) is an Indian public sector bank headquartered in Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969. BoI is a founding member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial ...
The oldest bank in India is The Madras Bank (1683), followed by the Bank of Bombay, founded in 1720, which is then followed by the Bank of Hindustan, founded in 1770. The oldest bank still in operation is the State Bank of India, whose origins can be traced back to the Bank of Calcutta. It was founded in 1806, though the tenth to be founded. [1]
The Reserve Bank of India, India's central banking authority, was established in April 1935, but was nationalized on 1 January 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b). [31] In 1949, the Banking Regulation Act was enacted, which empowered the Reserve Bank of India (RBI) to regulate ...
Corporation Bank [5] was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. 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. [6] In 2019, finance minister Nirmala Sitharaman announced that Corporation ...
There are 49 scheduled urban co-operative banks in India. Abhyudaya Co-operative Bank Ltd. Apna Sahakari Bank Ltd. [69] Ahmedabad Mercantile Co-Op Bank Ltd. [70] Amanath Co-operative Bank Ltd. [71] Andhra Pradesh Mahesh Co-Op Urban Bank Ltd. Bassein Catholic Co-operative Bank Ltd. [72] Bharat Co-operative Bank (Mumbai) Ltd.
A 60% stake was taken by the Reserve Bank of India and the new bank was named State Bank of India. The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government.
Founding. In the 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. He then separated the financial activities of his firm into a separate banking company. As a result, the Union Bank was founded in 1828. [2] The bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta ...