A look at six merged banks

A look at six merged banks 

Today is 1st April 2020. And six Public Sector Banks are losing their existence from today being taken over by three. Let us have a brief look at the merged banks

Today, the following banks are ceasing to exist any more. They are merged with other PSU Banks. A short journey of each of them:

Allahabad Bank 

The Oldest Joint Stock Bank of the Country Allahabad Bank was founded on April 24th of the year 1865 at the confluence city of Allahabad by a group of Europeans. With 155 years of background, it had 3245 branches across India as of March 2018.

United Bank of India, UBI, 

UBI was the result of the merger in 1950 of four Bengali banks: Comilla Banking Corporation (founded by Narendra Chandra Dutta in 1914 in what is now Bangladesh), Bengal Central Bank (founded by Sri J.C. Das in 1918), Comilla Union Bank (founded by Shri Indu Bhusan Dutta (IAS), in 1922) and Hooghly Bank (founded by Sri D.N. Mukherjeee 1932). All four had suffered runs in December 1983 after the failure of the Nath Bank. The Reserve Bank of India assisted the banks in amalgamating to form the United Bank of India.

In 1961, UBI merged with Cuttack Bank (est. 6 June 1913) and Tezpur Industrial Bank (est. 6 June 1918, as the first commercial bank in Assam province). Four years later, in 1965, the Government of Pakistan took over the bank's branches in Pakistan.
It had 2054 branches across India.

Oriental Bank of Commerce : 

Rai Bahadur Lala Sohan Lal the first Chairman of the Bank, founded OBC in 1943 in Lahore. Within four years of its coming into existence, OBC had to face Partition. The bank had to close down its branches in the newly formed Pakistan and shift its registered office from Lahore to Amritsar. Lala Karam Chand Thapar, the then Chairman of the Bank, in a unique gesture, honored the commitments made to the depositors from Pakistan and paid every rupee to its departing customers.

The Bank has witnessed many ups and downs since its establishment. The period of 1970-76 is said to be the most challenging phase in the history of the Bank.[citation needed] At one-time profit plummeted to ₹175, which prompted the owner of the bank, the Thapar Group, to sell/close the bank. Then employees and leaders of the Bank came forward to rescue the Bank. The owners were moved and had to change their decision of selling the bank and in turn, they decided to improve the position of the bank with the active cooperation and support of all the employees. Their efforts bore fruits and the performance of the bank improved significantly. This was the turning point in the history of the bank. OBC took over the scam-tainted Global Trust Bank and also Bari Doab Bank and Punjab Cooperative Bank in its journey. It is having 2390 branches.

Syndicate Bank: 

Syndicate Bank was one of the oldest and major commercial banks of India. It was founded by T M A Pai, Upendra Pai, and Vaman Kudva. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The first branch was set up in 1925 in Udupi. During its journey, 20 Banks merged in the Canara Industrial Banking Syndicate and it was named Syndicate Bank in 1964.

Corporation Bank : 

Corporation Bank was founded on 12 March 1906 in Udupi, with Rs. 5000 capital, Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the Swadeshi movement of Bala Gangadhar Tilak.

Andhra Bank: 

Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh.[6] Raja Yarlagadda Sivarama Prasad was the individual who committed the financial resources for starting the institution.[6] The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid-up capital of ₹100,000 (US$1,400) and an authorized capital of ₹1 million (US$14,000) In 1956. Andhra bank is the co-founder of Life Insurance Corporation of India. It has 2885 branches.