company history for public sector
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history of public sectorTRANSCRIPT
Company History - State Bank of India
Company History - State Bank of India
1955 -
On 1st July State Bank of India was constituted under the State Bank
of India Act 1955, for the purpose of taking over the undertaking and
business of the Imperial Bank of India. The Imperial Bank of India
was founded in 1921 under the Imperial Bank of India Act 1920. The
Bank transacts general banking business of every description
including, foreign exchange, merchant banking and mutual funds.
1959 -
On September State Bank of India (Subsidiary Bank) Act was passed.
On October State Bank of Hyderabad become the first subsidiary of
SBI.
1960 -
During this period, State Bank of Jaipur, State Bank of Bikaner,
State Bank of Indore, State Bank of Travancore, State Bank of Mysore,
State Bank Patiala and State Bank of Saurashtra became subsidiaries of
the bank.
1962 -
The Bhor State Bank Ltd was Amalgamated with the Bank bring the total
number of minor State associated banks so amalgamated to five. A
scheme for amalgamation of the Bank of Aundh Ltd., was also approved.
On 20th August, the Unit Bank Ltd. Chennai was taken over by the
Bank.
1963 -
In october Branch in London become bankers to the Indian High
Commission, thereby taking over a function till then performed by the
office of RBI. Of the other business transacted by the Branch, an
important aspect was medium term loans mostly to Indian shipping
companies.
1969 -
On November 8th the Bank of Behar Ltd was amalgamated.
1972 -
A merchant banking division was set up in the central office to cater
to promotional needs of the corporate sector.
1977 -
During the year bank introduced the Perennial Pension Plan Scheme
under which if the depositors make a regular monthly payment of a
fixed amount for a period of 84 to 132 months, they become eligible
from the 86th and 134th months respectively for getting a monthly
pension of predetermined amount forever.
In order to meet all the developmental needs of the villages
including their social and cultural needs, the bank launched an
integrated rural developement programme, aimed at not only covering
the credit needs of agriculture and agricultural activities and
village industries, but
also housing and social activities.
1980 -
Bank introduced the cash Certificate Scheme under which deposit
certificate are issued for a fixed period on payment of the issue
price specified for the respective maturity period and the face value
corresponding to the issue price plus interest compounded at
quarterly
intervals is paid on maturity. The certificates are issued for the
face value of Rs 100, Rs 1000, Rs 10,000 and Rs 50,000 maturing after
29,65,84 and 120 months.
1982 -
The Non-Resident Investment Cell was set up, which had streamlined
the working operations of the non-resident investment sections at
important centers.
1983 -
SBI launched self employment scheme, for providing self-employment to
educated unemployed youth. Educated unemployed youths are encouraged
to undertake self-employment ventures in industry, services and
business.
1984 -
The bank provide need-based rehabitation assistance to large and
medium sick industrial units.
1985 -
During the year, company set up a data bank of sick units available
for taken over by healthy units.
With effect from 26th August, the Bank of Cochin Ltd with 108
branches was also amalgamated with the Bank.
(i) All shares in the Capital of the Imperial Bank of India was
vested in the RBI. The SBI was registered with an Authorised capital
of Rs.20 crores, and an issued and paid up capital of Rs.562,50,000
divided into 562,500 shares of Rs.100 each.
(ii) Every person who on the 30th June, 1955, was registered as a
holder of shares in the Imperial Bank of India was paid by the
Reserve Bank of India.
44,37,500 No. of shares issued at a premium of Rs 160 per share.
1986 -
At the end of the year 324 sick units with an outstanding of Rs 1069
crores were assisted. Of these, 107 units were considered viable and
60 from them were placed under regular nursing programme.
On 1st August a new subsidiary named SBI Capital Market was
functioning independently, took up leasing business and certain other
new services.
100,00,00 No. of shares issued at a prem. of Rs 160 per share.
1987 -
Up to the end of the year the bank had sponsored 30 Regional Rural
Banks covering 66 backward and underbanked districts in the country.
In terms of deployment, the advances portfolio of overseas offices
rose to Rs 5,767 crores. Investments in inter-bank money markets and
also in prime securities amounted to Rs 2,670 crores by the end of the
year.
1988 -
During the year bank initiated UPTECH an Industrial Technology Group
to direct and guide programmes aimed at facilitating technology
upgradation.
Also a scheme to develop enterpreneurship among woman under the name
Stree Shakti was launched. Several concessions in respect of margin
and and rate of interest have been built into the package. Three
pilot programmes were launched at Chennai, Calcutta, and Hyderabad.
On 20th September, the bank inaugurated `SBINET,' an integrated
communication project aimed at improving customer service,
operational efficiency and administrative convenience. The network
has been designed to handle voice, fax data and manages through the
trunk routes and exchanges in important centres.
The bank sponsored 30 RRB's covering 66 divisions in the country. 74
branches were opened raising the branch network to 2,306.
1989 -
SBICAP, in their capacity as Trustee and Manager of Mutual Fund,
launched two scheme viz., Mangnum Monthly Income Scheme 1989 and
Magnum Tax Service Scheme 1990.
During the same period SBI in association with Morgan Stanley Asset
Management Inc. of USA, launched the India Magnum Fund.
1990 -
New products launched during the year included a Regular Income
Scheme, offering an assured return in excess of 12% and the first
Pure Growth Scheme aimed at capital appreciation. A Second offshore
fund of US $ 12 million called Asian Convertible and Indian Fund was
launched in association with Asian Development Bank, Manila.
During Kharif 1990, the bank introduced an agricultural credit card,
known as SBI Green Card to give greater liquidity and flexibility to
farmers in procuring agricultural inputs. The scheme was introduced
on a pilot basis in 125 intensive centre branches.
As at on 31st March, SBIMF had over 3,40,000 Indian investors and
about Rs 475 crores by way of investible domestic funds.
50,00,000 No. of shares issued at a prem. of Rs 160 per share.
1991 -
During February the bank set up a new subsidiary called the SBI
Factors and Commercial Serviced Pvt. Ltd. for rendering factoring
services to the industrial and commercial units in Western India.
1992 -
The bank sponsored 30 RRBs with a network of 3189 offices covering
102 backward and under banked districts of the country. A sum of Rs
15.25 crores was contributed towards the share capital of the RRBs.
During the period bank intoduced `Stockinvest' scheme. Also
introduced a `Gyan Jyoti' that replaced earlier education loan
schemes and offers substantial augmented assistance to students
pursuing higher studies. Moreover dedicated NRI branches equipped
with State-of-the-art technology was set up at Mumbai and Delhi to
cater to the special needs of NRI residents.
1993 -
During the year as a part of its overseas expansion the bank
established representative office in Tashkent.
During December, the bank issued 124,000,000 equity shares of Rs.10
each for cash at a premium of 90 per share of which 245,00,000 shares
each were reserved for allotment on a preferential basis to Indian
Financial Institutions and Indian Mutual Funds. Balance issued to
the public.
Simultaneously it came out with another issue of 50,00,000 12%
unsecured redeemable floating rate bonds in the nature of promisory
notes of the face value of 1000 each. Oversubscription upon a
further amount of Rs 500 crores (in all Rs 1000 crores) was to be
allowed. The
face value of each bond would be redeemed at par at the expiry of 10
years from the date of allotment. In the event that the State Bank
decides to exercise its option to call up the bonds they would be
redeemed at the rate of 5% at the end of 5th year, at 3% at the end
of
7th year and 1% at the end of 9th year.
It was proposed to issue 1200,00,000 right equity shares of Rs.10
each at a premium of Rs.50 per share in the proportion of 3:5. Also
another 120,00,000 equity shares of Rs.10 each were to be issued at a
premium of Rs.50 per share to employees on an equitable basis.
250 sick units with the bank were referred to the BIFR including 31
public sector units. Approved rehabilitation packages being
implemented in 85 units and 41 have been recommended to be wound up.
The bank continued to be appointed as the operating agency and
rehabilitation packages were submitted to BIFR in 48 cases.
Equity shares subdivided. 1418,50,000 No. of Equity Shares of Rs. 10
each issued at a prem. of Rs 90 per share to the public. Another
1319,78,726 shares of Rs 10 each offered at a prem. of Rs 90 per
share on Rights basis and to employees.
1994 -
358 sick units with the bank were referred to the BIFR including 55
public sector units. Approved rehabilitation packages implemented in
87 units.
1,80,463 No. of Shares kept in abeyance were issued.
1995 -
351 sick units with the bank were referred to the BIFR including 66
public sector units. Approved rehabilitation packages implemented in
112 units.
683 No. of shares kept in abeyance were allotted.
1996 -
On 3rd October the Bank Issued 261,45,000 GDRs amounting to
5,22,90,000 equity shares. 1 GDR is issued to 2 equity shares. The
issue price of GDR was US $ 14.15 per GDR.
1997 -
Shares issued to employees of the bank bearing distinctive numbers
46,26,00,001 to 47,46,00,000 will not be good delivery. The rights
issue was for 12 crore equity shares at a premium of Rs.50
aggregating Rs.720 crore in addition to a further issue of 1.2 crore
equity shares of Rs.10 at a premium of Rs.50 aggregating Rs.72 crore
for State Bank employees. The price of the rights had been Rs.60 per
share.
After SBI Capital Markets, Manila-based Asian Development bank will
pick up 15 per cent equity stake in the new stock broking subsidiary
of State Bank of India to be made operational by mid-1997. The
balance 85 per cent will be subscribed to by SBI.
SBI Securities Ltd the 100 per cent stockbroking subsidiary of SBI,
has recently received the much-awaited letter of incorporation from
the Registrar of Companies. Following this, both SBI and ADB will
pick up their respective shares in the new stockbroking firm. SSL
will have an
equity base of Rs.50 crore.
The State Bank of India has tied up with GE Capital to float a
venture in Mumbai. State Bank signed the memorandum of understanding
with GE Caps in March.
State Bank will tie up with either VISA or Mastercard or even both
for the franchise network. GE Caps through this joint venture will
be imparting technology, credit card expertise and payment card
mechanism.
The Reserve bank of India has directed the SBI to set up a 0
million stand-by facility for the Indian oil corporation.
State Bank of India (SBI) signed an agreement with the National
Securities Depository Ltd (NSDL) for dematerialisation of its shares.
Besides, SBI has also become an equity stake holder in NSDL to the
extent of 4.76%.
SBI Commercial and International Bank, has become the country's first
public sector bank to introduce optical disk (OD) facilities for data
storage.
1998 -
State Bank of India will kick-start its credit card business on July
1 by floating two joint ventures with GE Capital. The largest
financial intermediary in the country will sign the joint venture
agreement with GE Caps in the last week of January.
The State Bank of India on Jan 27 kicked off its foray into the
payment cards business with a joint venture agreement with US-based
financial services giant, General Electric Capital Corporation (GE
Capital).
State Bank of India (SBI) on June 24 signed an exclusive agreement
with the world's largest payment system - Visa International - for
payment cards in India. The agreement was signed in Mumbai between
the SBI managing director, Mr O P Sethia, and the general manager and
executive vice president (South East Asia) of Visa, Mr James G
Murray.
1999 -
State Bank of India (SBI) has bagged the mandate to syndicate the $
120 million loan for the National Thermal Power Corporation (NTPC).
The State Bank of India (SBI) proposes to take up the life insurance
and general insurance business once the sector is opened up.
State Bank of India has tied up with its associate banks to market
the SBI Card. The SBI has tied up with State Bank of Patiala in
Chandigarh and State Bank of Mysore in Bangalore to help market its
credit card.
SBI proposes to introduce a value-added service for cardholders
whereby the credit card can also be used as an ATM card.
The State Bank of India will tie up with international investment
banker Credit SuisseFirst Boston and three domestic public sector
banks to form a gold assaying venture.
The State Bank of India (SBI) has decided to take over SBI Home
Finance (SBIHF), with its assets and liabilities. Having the largest
stake, SBI has been weighing various options for bailing out the joint
venture company which has slipped into huge losses.
The State Bank of India (SBI) has signed up with Central Depository
Services (I) (CDSIL) for the dematerialisation of its shares.
SBI shares have already been admitted as security with National
Securities Depository (NSDL). Besides, SBI also has a stake (Rs 10
cr) in the equity of CSDL.
According to an agreement entered into with the development bank,
State Bank of India (SBI) was to reduce its stake in its investment
banking subsidiary to below 50 per cent by March 31.
The State Bank of India (SBI) has entered into an agreement with
Moody's Investor Service and Icra, under which SBI will pick up
Moody's 11 per cent stake in Icra in case the global rating firm
wants to get out of its investment in India.
State Bank of India (SBI) has taken the lead in `convenience banking'
by becoming the first public sector bank to offer its `savings bank'
account holders the benefits of fixed deposits (higher interest
rates) and current accounts (overdraft facility).
2000 -
The Bank has embarked upon the expansion of its ATM network in the
twin cities of Hyderabad and Secunderfabad.
The Bank has become the first government owned financial institution
to join the rank of companies declaring interim dividend.
The Bank has proposed to come out with an issue under private
placement of unsecured, non-convertible, subordinated bonds in the
nature of promissory notes of Rs 1 lakh each aggregating Rs 600
crores with an option to retain oversubscription of up to Rs 40
crores.
The Bank launched the Metal (Gold) Loan Scheme in Coimbatore. This
is the third scheme to be introduced by SBI.
SBI is also forming a subsidiary - SBI Gold and Precious Metals Pvt.
Ltd. with 50 per cent equity participation.
Mr. Vepa Kamesam, Deputy Managing Director, has been appointed as
Managing Director with effect from 1st June.
SBI board cleared the setting up of a separate subsidiary for
information technology.
KC Raut has recently taken charge as general manager at State Bank of
India, Chennai.
The Bank has become the first public sector bank to offer fixed-rate
home loans.
The State Bank of India has tied up with State Bank of Mysore to
launch co-branded credit cards as part its strategy to collaborate
with associate banks to expand its cardholder base.
Central Depository Services (India) Ltd has signed an agreement with
State Bank of India as its Depository participant.
State Bank of India and the Exim Bank of the US have signed
amemorandum of understanding, involving 0 million, to support the
small and medium-sized ndian companies to purchase US goods and
services.
Mr. Suresh Kumar Mehra, Workmen Directors, ceased to be a member of
the Central Board of the bank effect from October 1, due to his
retirement at the close of the business on September 30.
The Bank has launched an international credit cards for doctors, the
frist of its kind in the country, offering facilities including
special discounts on medical equipment and personal loans from GE
countrywide.
The State Bank of India has introduced a new scheme to boost
exports.
The CRISIL has assigned a triple-A (AAA) rating to the State Bank of
India's Rs 3,000 crore bonds programme.
The Bank have decided to close down its fully-owned foreign
subsidiary - SBI European Bank Ltd., in London.
Mr. S. Mukerji, Managing Director, of the bank retired from the bank
on 30th of November.
State Bank of India Mutual Fund has launched the Magnum Gilt Fund,
dedicated to investing in government securities.
2001 -
The Bank has signed an MoU with Cardif S.A. for the bank's life
insurance business.
The Bank has introduced Voluntary Retirement Scheme for eligible
employees, open from the 15th January 2001 to the 31st January 2001.
The Bank has incorporated a subsidiary `SBI Life Insurance Company
Ltd.,' for doing life insurance business.
The Bank will install 10 more Automated Teller Machines in the
north-eastern region in addition to the one already commissioned at
Guwahati.
State Bank of India launched three more ATMs i n Bangalore.
Mr Y Radhakrishnan has been promoted to the post of managing director
of State Bank of India.
SBI Cards has set up a special insurance cell in Ahmedabad for
facilitating the claims of SBI cardholders affected by the tragic
earthquake in Gujarat.
SBI has assigned the Delhi-based HCL Com Net to provide it ATM teller
inter-connectivity which could involve investments running into
several hundred crores.
SBI chief general manager Madhav M Mehta, who is currently the
operational head in Gujarat, has been transferred to its corporate
office in Mumbai as chief general manager (CGM).
July 3- Announces the launch of the SBI International card and the
SBI Global Card for global travelers in India. SBI International
cards and SBI Gold Cards would be accepted at over 20 million Visa
outlets worldwide and one lakh outlets in India.
State Bank of India has embarked upon an ambitious Rs 800-crore
technology upgradation programme. The bank has appointed KPMG, a
consultant in computer technology, to provide inter connectivity
networking to the computerised branches and also to the ATMs across
the
country enabling its customers to transact any kind of business from
anywhere
State Bank of India was presented the award for JD Power Asia
Pacifics 2001 India Sales Satisfaction Index (SSI) and Consumer
Financing Satisfaction (CFS)
State Bank of India has added three more ATMs to its network. The new
ATMs were installed at SBI's Andheri (west),Goregaon (east),and
Borivili (east) branches on September 22
State Bank Of India (SBI) has informed BSE that Shri K.J.Udeshi, ED,
RBI has been nominated on the Central Board of the Bank as nominee of
RBI in place of Dr.Y.V.Reddy, w.e.f. September 22, 2001 under
Sec.19(f) of SBI Act.
State Bank of India has slashed the interest rate on home loans by
0.5 per cent to 12 per cent, effective from September 15.
IN A significant move, the State Bank of India has decided to
distance itself from its subsidiaries - SBI Capital Markets, SBI
Gilts, SBI AMC and State Bank of Credit and Commerce International.
They will have the autonomy, independent chairmen and external
executives at the
senior management level at market-related salaries. At present, the
SBI chairman is the ex-officio chairperson of all the subsidiaries,
including the associate banks.
The new scheme will be aimed only at the award staff, a category that
was included with officers in the January 2001 voluntary retirement
scheme.
SBI Cards on July 3, announced the launch of the SBI International
card and the SBI Global Card for global travelers in India.
- VRS implemented in which around 21,000 employees, including
officers, were permitted to retire
- The Bank has crossed another milestone by making a successful foray
into insurance. SBI is the only Bank to have been permitted a 74%
stake in the insurance business. The Bank's insurance subsidiary, SBI
Life Insurance Company, a joint venture with the Bank holding 74% and
Cardif S.A., the Joint venture partner, the balance 26%, was
incorporated to undertake life insurance and pension business. Cardif
S.A. is a wholly-owned subsidiary of BNP-Paribas, which is the largest
bank in France and one of the top ten banks in the world. Cardif S.A.
is the
largest bancassurance company in France.
- The bank's efforts to establish a world -class credit information
bureau in India culminated in the successful setting up of the Credit
Information Bureau (India) Ltd., a joint venture of the Bank with HDFC
Ltd., Dun and Bradstreet Information Services India Pvt. Ltd. and
Trans
Union International Inc.
2002
- In order to reduce risk and develop a transparent and active debt
market in general and government securities market in particular, the
Clearing Corporation of India Ltd. has been set up in Mumbai with the
Bank as the chief promoter.
-E K Thakur resigns from Directorship of SBI.
-TCS bags order of Rs 500 crore from SBI.
-SBI has informed that the following change in Directors. 1. Shri A C
Kalita, Director on the Bank's Central Board ceased to be a Director
on the Board wef May 13, 2002 on expiry of his term on May 12,
2002.2. Shri Y Radhakrishnan Managing Director & GE (CB) has
relinquished office of the Managing Director as on June 30, 2002 and
ceased to be Director on the Board wef July 01, 2002.
-State Bank of India has informed BSE that Mr D C Gupta IAS Secretary
(Financial Sector), Ministry of Finance, Department of Economic
Affairs, New Delhi has been nominated as Director on the Board of
State Bank of India with effect from July 17, 2002 vice Mr S K
Purkayastha.
-State Bank of India has informed BSE that Mr S Govindarajan,
Managing Director & GE (NB) has relinquished office of the Managing
Director as on July 31, 2002 and ceased to be Director on the Board w
e f August 01, 2002.Further Mr P R Khanna, Director on the Bank's
Central Board ceased to be a Director on the Board w e f August 20,
2002 consequent upon his resignation.
-State Bank of India has informed BSE that the Bank has decided to
close SBI Securities Ltd (SBISL), a subsidiary of the Bank, following
a Directive in this regard from the RBI.
-State Bank of India has informed that the Central Government
appointed Mr A K Batra, Deputy Managing Director, State Bank of India
as Managing Director, State Bank of India for the period from the date
of his taking charge and upto August 31, 2003. Also, Mr P N
Venkatachalam, Deputy Managing Director, State Bank of India, has
been appointed as Managing Director, State Bank of India for the
period from the date of his taking charge and upto March 31, 2004.
-State Bank Of India has informed that Shri Prithvi Raj Khanna and
Shri Kumar Bery have been duly elected as Directors under Section
19(c) of SBI Act at the General Meeting of the -State Bank of India
has informed that it has appointed Mr Ananta Chandra Kalita, as a
Director on the Central Board of the Bank from amongst the employees
of the Bank, who are workmen, for a period not exceeding six months
commencing from October 03, 2002 or until his successor is appointed
or till he ceases to be workmen employee of State Bank of India, or
until further orders, whichever event occurs earlier.shareholders of
the bank held on September 09, 2002.
-State Bank of India has informed BSE that Shri Janki Ballabh,
Chairman has relinquished office of Chairman at the close of business
hours on his attaining superannuation on October 31, 2002.
-State Bank of India has informed that Smt Vineeta Rai, Secretary
(Banking & Insurance), Ministry of Finance and Company Affairs,
Department of Economic Affairs (Banking Division), New Delhi has been
nominated as Director of the Board with effect from October 30, 2002.
-State Bank of India has informed that the Central Government, after
consultation with the Reserve Bank of India, appointed Shri A K
Purwar, Deputy Managing Director, State Bank as Chairman, State Bank
of India from the date of his taking charge of the post and upto May
31, 2003 i.e. date of his superannuation or until further orders
whichever is earlier. Shri A K Purwar assumed the charge of Chairman,
State Bank of India, on November 13, 2002.
2003- State Bank of India (SBI) and Maruti Udyog Ltd have announced a
joint initiative aimed at making car finance affordable to middle and
lower middle class customers. Customers will now have transparent car
finance involving no hidden charges and pre-closure penalties, and
also get the dealers' margins, Mr S.K. Bhattacharya, Chief General
Manager, SBI, told newspersons. It will help both the bank and Maruti
to aggressively tap the Andhra Pradesh market, he said. SBI offers
finance facility even for lifetime tax, insurance and accessories of
the vehicle.
- State Bank of India has informed that the Bank has appointed Shri
Ananta Chandra Kalita, Head Assistant, State Bank of India as a
Director on the Central Board of the Bank amongst the employees of
the Bank, who are workmen for a period of 3 years commencing from
July 15, 2003 or until he ceases to be a workmen employee of the Bank
or until further orders, whichever is earlier provided that he shall
not hold the office continously for a period exceeding six year.
- SBI group's total profit identified at Rs 3,354 cr in '02
- Mr. D C Gupta nominated as Director on the Board of SBI
- SBI introduces IT upgradation plan with KPMG help
- SBI Cards and Payment Services Private Ltd, the credit card
subsidiary of the State Bank of India, introduces two new schemes
recently- SBI Advantage Card to the bank's fixed deposit customers
and SBI International Card for its home loan borrowers
- Launches a new credit appraisal system targeting the small and
medium enterprises (SME) for loans up to Rs 25 lakh
- SBI selects TCS to execute trade finance solution
- SBI and ICICI Bank among the top 100 banks in Asia in 2001 as per
the study by Asian Banker Journal
- Introduces SBI Cash Plus, its Maestro Debit Card that allows
customers to access their deposit accounts from ATMs and merchant
establishments
2003
- Promotes three Chief General Managers (CGM) to the posts of Deputy
Managing Directors (DMDs). They are: A D Kalmankar, CGM in charge of
Staff College of Hyderabad, A K Das, CGM, Hyderabad; and R K Sinha,
CGM, Chandigarh
- SBI appoints Mr. S K Bhattacharya as the new Chief General Manager
for Hyderabad circle
- Increases its equity stake in Discount and Finance House of India
Ltd (DFHIL) to 51%
- Ties up with Maruti Udyog Ltd. (MUL) for car finance
- Receives permission from Insurance Regulatory and Development
Authority (IRDA) to sell healthcare products to individuals
- Increases its Equity Stake in DFHIL to 55.30%
- Starts new 'Plus schemes' loans such as Justice Plus intended for
the judges and court employees, Police Plus for the police personnel,
Teacher Plus for the teaching community and Doctor Plus for the
medical practitioners
- Receives RBI licence to set up offshore banking units (OBUs) in
special economic zones (SEZs)
- Launches SBI Bangalore card meant for a broad-based target audience
in the 25 plus age group ranging from upwardly mobile professionals
and middle class segments
- SBI unveils Hyderabad card, an exclusive initiative for the
citizens of Hyderabad
- Ananta Chandra Kalita ceases to be a Director of SBI
- Christens the tieup with Maruti Udyog Ltd. as SBI-Maruti Finance
- Orders For 1,500 ATMs With NCR Corporation
- Orange, the cellular service operator of the Hutch group for the
Mumbai circle, ties up with State Bank of India for prepaid card
refill options
- Ropes in US-based consultant McKinsey & Co to undertake Business
Process Re-engineering (BPR) exercise for the bank
- Launches charter for Small Scale Industries (SSIs)
- NPA (Non Performing Assets) slashed to 4.5 pc, writes off Rs 4,000
crore worth of assets
- Forays into stock market
- Stock price crosses the Rs 400 mark for the first time since
listing on BSE
- Mr. A K Batra, Managing Director & Group Executive (Corporate
Banking) of the Bank ceases to be a Director on the Board with effect
from July 8, 2003
- Plans a new scheme to attract Resurgent India Bonds (RIB)
- N S Sisodia, Secretary (Banking & Insurance), Ministry of Finance
and Company Affairs, Department of Economic Affairs (Banking
Division), has been nominated as a Director on the Board of State
Bank of India w.e.f. July 11, 2003
- Mr. Ananta Chandra Kalita, Head Assistant, State Bank of India,
appointed as a Director on the Central Board of the Bank amongst the
employees of the Bank
- Inks two important agreements with its employees' unions and
officers' associations. According to the contract SBI's staff will
be having no rights to interfere in bank's computerisation plans
- SBI, AirTel launch mobility service at Rs 299
- Central government nominates Mr. Arun Singh as a director on the
board of the bank wef July 25, 2003 for a period of three years.
- State Bank of India along with ANZ Investment Bank have consummated
5 year syndicate loan facility of 0 million to Indian
Petrochemicals Corporation (IPCL)
- Opens cheque clearing cente at Kolkata
- Inks pact with Mahindra & Mahindra (M&M) for co-branded tractor
scheme SBI-Mahindra Tractor Plus
- Joins hands with Tractors and Farm Equipment Ltd (TAFE) for tractor
loans
- Launches insurance scheme in Kerala
- Unveils new retail bank loan product Credit Khazana, which targets
the bank's housing loan account holders
- Unveils online ticket reservation system 'e-Rail'
- Reserve Bank of India nominates Dr Rakesh Mohan, Deputy Governor,
RBI, on the Central Board of the bank
- Appoints Mr C. Narasimhan as the Chief General Manager of the
SBI's Kerala Circle
-Unveils Credit Khazana, retail bank loan product, to target the
bank's housing loan account holders
- MRO-TEK Ltd has secured State Bank of India's order of Rs 15-crore
to provide networking solutions of 2Mbps and 64 Kbps high-end leased
line modems for SBI to connect more than 800 branches across the
country.
-SBI joins hands with LIC to dentify long-term investment proposals
for LIC
-Tied with bajaj Auto to finance its two wheelers.
-SBI granted Rs 125-cr loan to Nethaji Apparel park to set up units
and buy machinery for the first batch of 54 garment plants in the
65-acre special apparel park.
-The bank has tied up with TVS motor company to finance two wheeler
loans
-Tied up with apollo hospital enterprise to finance for the hospital
treatement.
-The company launched mobile pre-paid cards recharge facility at its
ATM's
-Tied up with ICICI Bank and HDFC for sharing ATM networks
2003-Bank has entered into MOU with both ICICI Bank and HDFC Bank for
sharing Bank's ATM Network with them on bilateral terms.
-The Central Government after consultation with the Reserve Bank of
India, appointed Shri Chandan Bhattacharya, Deputy Managing Director
State Bank Of India as Managing Director State Bank Of India for the
period from December 17, 2003 to January 31, 2005.
-The State Bank of India has announced a special package to BSNL
employees by allowing concessional interest rates for different types
of loans to be availed by the BSNL staff.
2004
-Former KCCI President nominated to SBI Bangalore Local Board
-State Bank Of India has informed that Reserve Bank of India has
nominated Shri A V Sardesai, Executive Director, Reserve Bank of
India on the Central Board of State Bank of India vice Dr. Rakesh
Mohan.
-SBI sets up ATM counter in Ernakulam
-Bahrain Monetary Agency (BMA) grants in-principle licence to Statte
Bank of India (SBI)
-SBI sets up India's first drive-in ATM in Hyderabad
-State Bank of India has entered into an alliance with HDFC Bank for
sharing ATM networks to be operationalised from February 3, this
year.
2004
-SBI unveils new branch in Manjeri
-Bank awarded special prize for lending to self help group run by
women
-SBI unveils floating ATM
-State Bank of India appointed six new Deputy Managing Directors on
February 11, 2004. The new DMDs are: Mr T.S. Bhattacharya, CGM,
Product Development and Marketing, Mr M.M.Lateef, Managing Director,
SBI Gilts, Mr Yogesh Agarwal, CGM, Chandigarh, Mr Krishnamurthy, CGM,
Madras LHO and Mr R.Ramanathan, CGM, Technology and Mr Vijay Anand,
CGM, Corporate Account group. These top level appointments follow the
appointment of the new Managing Director for the bank, Mr Chandan
Bhattacharya, in December.
-GAIL ties up SBI for e-banking system
-SBI join hands with Visa for travel card
-SBI enters into ATM sharing agreements with UTI Bank & HDFC Bank
-Signs a Memorandum of Understanding (MoU) under which the bank will
provide term loans to farmers for purchasing capital inputs from Jain
Irrigation Systems Ltd (JISL)
-Join hands with Siemens for financing the medical equipments sold by
Siemens
-Joins hands with VST Tillers to launch SBI-VST Shakti, a new loan
scheme for farm mechanisation programme
-Unveils Vishwa Yatra foreign travel card, a prepaid card which
offers the traveller a convenient and secure way to carry cash
-Ties up with Same Deutz-Fahr India for tractor financing
-In ally with Sikkim govt to beef up SMEs
-The government has chosen State Bank of India (SBI) for channelising
government credit to other countries which runs into billions of
dollar
-SBI opens MICR cheque processing center
-Signs MoU with HMT Ltd. for financing their tractors
-State Bank of India deploys Flexcube as core banking solution at
Frankfurt
-Mr Ashok K. Kini appointed as new Managing Director of State Bank of
India with effect from April 1, 2004 to December 31, 2005
-SBI unveils Foreign Travel card in Orissa
-ICICI Bank, SBI, LIC in pact for Rs 20,000-cr projects
-Reliance Info in ATM pact with SBI
-State Bank of India, Bangalore Circle, has announced its tie-up with
New India Assurance Company Ltd (NIAC), for distribution of NIAC's
general insurance products in Karnataka
- SBI unveils new credit card in Ahmedabad
-State Bank of India joined the billion dollar club
-THE State Bank of India opened its 236th branch in the State at
Tripunithura on June 16
-SBI inaugurates first Internet shoppe in Kochi
-State Bank of India has opened a fully computerised branch at
Karunagappally in Kollam district
-L&T-John Deere Private Ltd has signed a memorandum of understanding
(MoU) with State Bank of India for tractor finance
-Buys 10% stake in Multi Commodity Exchange of India Ltd. (MCDEX)
for Rs 2.1 crore
-SBI join hands with Hero Honda to unveil co-branded credit card
-State Bank of India launched its first mobile ATM for increasing the
banking convenience of its customers
-State Bank of India has signed a Memorandum Of Understanding (MOU)
with the Societe Generale Asset Management of France (SGAM) for
inducting Societe Generale Asset Management as a stake holding
partner for SBI's mutual fund arm, SBI Fund Management Private Ltd
(SBIFMPL)
-State Bank of India, (SBI) with a view to expand the ambit of its
educational loan schemes, has unveiled a unique educational loan
scheme, christened Nursing Plus, for the nursing students of the
country
-SBI forges alliance with Hero Honda
-SBI offers new scheme`School Plus' for schools
-SBI Card has launched 'Instant Card' offering customers in need of
instant credit opportunity. With this, the customers will get an
opportunity to get ready to use credit card within a few hours of
filing in their application form
-SBI selects Finacle for international ops
-SBI enters ATM tie up with Andhra Bank
-SBI join hands with LIC for funding infrastructure projects
-Tata Motors on December 7, 2004, signs an MoU with State Bank of
India (SBI)
-SBI partners with Eicher Motors on December 27, 2004
2005
-Raj Travels joins hands with SBI for travel loans
-SBI opens branch at Vadakara
-SBI join hands with Apollo Health to offer loans
-SBI rolls out new loan scheme
-SBI opens first branch in Lakshadweep island of Kavaratti
-SBI enters into agreement for bilateral sharing of ATMs with PNB on
May 10, 2005
-SBI signs MOU with Corporation Bank for ATM sharing
-State Bank of India and 8 associate banks have entered into an
agreement with Bharat Petroleum Corporation Ltd (BPCL) for enhancing
card usage at fuel stations
-SBI launches new mortgage loan scheme for traders
-SBI launches SBI card in Madurai
-SBI inaugurates RBO in Thrissur
-SBI signed a memorandum of understanding with Small Industries
Development Bank of India for co-financing small and medium
enterprises in Andhra Pradesh, Tamil Nadu, Uttar Pradesh, Jammu &
Kashmir, Jharkhand, Delhi and Bihar
-State Bank of India and Crisil have signed a memorandum of
understanding under which latter will assign ratings to small-scale
industries that are borrowers of SBI
-NSIC join hands with SBI to offer credit to SSI
2006
-SBI teams up with Nihilent to unveil feedback system
-Bhatt to become SBI's new MD
-State Bank of India (SBI) has informed that Shri. Yogesh Agarwal has
been appointed as Managing Director on the Board of the Bank with
effect from October 10, 2006 to the June 30, 2010
2007
-State Bank of India (SBI) has appointed Shri. S K Bhattacharya as
Managing Director on the Board of the Bank with effect from October
08, 2007 to the October 31, 2010, as per the Notification dated
October 08, 2007, by the Government of India.
- The State Bank of India (SBI) has become the first foreign bank to
set up a branch in the Israel's diamond exchange. Besides diamonds,
they also see huge potential in telecommunications, hi-tech,
chemicals, textiles, agriculture and water management, food
processing, pharma and health care.
2008
-State Bank of India (SBI) has informed that the Government of India
in pursuance of clause (e) of Section 19 of the State Bank of India
Act, 1955 (23 of 1955) has nominated Shri. Arun Ramanathan,
Secretary, Ministry of Finance, Department of Financial Services, New
Delhi as a Director on the Central Board of State Bank of India with
effect from January 18, 2008, vice Shri. Vinod Rai.
-State Bank of India (SBI) has informed that the Central Government,
in consultation with the Reserve Bank of India and in pursuance of
clause (d) of Section 19 of the State Bank of India Act, 1955 (23 of
1955), has nominated Dr. (Mrs.) Vasantha Bharucha as a part-time
non-official Director on the Central Board of State Bank of India for
a period of three years with effect from February 25, 2008, vice Shri
Piyush Goel.
- State Bank of India (SBI) has informed that the Central Government,
in consultation with the Reserve Bank of India and in pursuance of
clause (d) of Section 19 of the State Bank of India Act, 1955 (23 of
1955), has nominated Dr. Rajiv Kumar as part-time non-official
director on the Central Board of Directors of State Bank of India for
a period of three years with effect from September 08, 2008 or until
further orders, whichever is earlier.
- State Bank of India (SBI) has signed a Joint Venture Agreement with
Insurance Australia Group to form a Joint Venture Company which will
be engaged in General Insurance business in India.
- State Bank of India has rolled out a micro insurance scheme
'Grameen Shakti', for its Self Help Group (SHG) members. The product
was launched on Nov 26 at the Tamil Nadu Agricultural University. The
bank is hopeful to cover at least five lakh SHG members by December
31.
-The company has issued rights in the ratio of 1:5 at a premium of
Rs.1580/- Per Share.
-State Bank of India Issues Rights in the Ratio of 1:5
2009
- State Bank of India yesterday slashed its benchmark lending rate by
half a percentage point to 11.75 per cent. The Benchmark Prime Lending
Rate (BPLR) was revised down by 50 basis points with effect from June
29, SBI informed the Bombay Stock Exchange. This move would benefit
home, car and corporate loan customers
- State Bank of India on June 30 launched two new home loan products
called as SBI Easy Home Loan and SBI Advantage Home Loan, with zero
processing fees for both waived off till September 30. While SBI Easy
Home is for loans amount up to Rs 30-lakh while the SBI Advantage Home
is for loans above Rs 30-lakh, a press release issued here said.
- State Bank of India, entered into an agreement with the government
of Gujarat to create a fund of Rs 5,000 crore for investing in equity
of infrastructure projects.
2010
- State Bank of India, with a debit card base of over 70 million,
comprising SBI Cash Plus, SBI Gold Debit Card and SBI Yuva Card, has
added chip and PIN-based Platinum Debit Card to its bouquet on March
26.
- Mr Arun Kumar Agarwal has taken over charge as General Manager at
State Bank of India, Kerala Circle. Until now, he has been General
Manager at the Lucknow Circle of the bank. Mr Agarwal is Certified
Associate of Indian Institute of Bankers and joined State Bank of
India as a Probationary Officer in 1977. An expert in credit and
foreign exchange, he has held several assignments ranging from Branch
Manager to Regional Manager in the Patna and Delhi circles. He also
served in the bank's foreign department at Kolkata handling
investment of the FCNB portfolio, derivatives and correspondent
relations. He has headed the Pune Module of the bank and has also
served as the Deputy General Manager and Business Head for Network-1
of the Mumbai Circle.
- State Bank of India (SBI) has signed a pact with Unique
Identification Authority of India (UIDAI) to work as a registrar for
the UID registration of residents. It has become the first bank to
take up registration work for the UIDAI project. As a registrar, SBI
will capture through empanelled enrolment agencies, the biometric
characters such as finger prints, iris and so on and send the
information to UIDAI.
- Stata Bank of India (SBI) has come up with an exclusive branch in
Hyderabad, for their ultra high networth individual (HNIs) which is
by far is first of its kind in the country.
- State Bank of India acquired State Bank of Indore.
- SBI - Joint Venture agreement with State General Reserve Fund
(SGRF), Sultanate of Oman
- State Bank of India has consortium of Elavon Incorporation, USA and
Visa International, USA as its Joint Venture (JV) Partner for Merchant
Acquiring Business.
- State Bank of India launched a special concessional banking scheme
for the Air Force personnel.
- State Bank of India (SBI) has signed an agreement with Unique
Identification Authority of India (UIDAI) in order to work as a
registrar for the UID registration of residents.
2011
- State Bank of India, with a debit card base of over 70 million,
comprising SBI Cash Plus, SBI Gold Debit Card and SBI Yuva Card, has
added chip and PIN-based Platinum Debit Card to its bouquet on March
26.
- Witnessed a joint venture between the nation's largest lender,
State Bank of India and the telecom lead, Bharti Airtel with an aim
to provide the banking services amongst the unbanked population of
the country.
- SBI - Acquisition of SBICI Bank
- State Bank of India shifted from Varma Chambers, Fort, Mumbai to
the following address with effect from September 28, 2011.Shares &
Bonds Dept., State Bank of India,Corporate Centre,8th Floor, State
Bank Bhavan, Madam Cama Road, Mumbai - 400 021Telephone nos.:
022-22740841-48 (eight lines) Fax number(s): 022-22855348.
- P Choudhary has been appointed as the new chairman of State Bank of
India after getting clearance from the government.
- Experian Credit Information Company of India Private Limited, the
first CICRA licensed credit bureau in India on September 23, 2011
said it has signed a membership agreement with State Bank of India
(SBI), the largest consumer lender in India to contribute data to
Experians credit bureau and enhance the effectiveness of
company's range of products and services.
2012
- State Bank of India signed a Preliminary Non-Binding Memorandum of
Understanding with Russian Direct Investment Fund (RDIF), to
facilitate advancing bilateral economic cooperation and trade between
Russia and India aimed at exploring investment opportunities in both
the countries.
- India's largest public sector lender, State Bank of India (SBI) has
entered into an agreement with StarAgri Warehousing Ltd (StarAgri),
India's leading agri-services & solutions provider, for Warehousing
Receipt Financing and Collateral Management Services.
- SBI launched virtual debit cards to check online fraud and promote
ecommerce
- SBI, ICICI Bank leading m-banking revolution in India. With the
advent of smartphones and 3G services, the Mobile Banking (m-Banking)
services have been fast catching up with Indian customers for
conducting balance inquiries, account transactions, utility payments,
and other banking activities using a mobile handset
- India's largest lender State Bank of India (SBI) has been planning
to cut the processing and conversion fee for home loans to leverage
the approaching festival season when Indians usually spur buying as
businesses offer healthy discounts.
2013
- India's leading Public Sector lender the State Bank of India (SBI)
is stepping up efforts to expand its presence in the world's second
biggest economy with the lender set to launch its second branch in
China.
-SBI Issue of 5 year Bonds
-SBI inaugurates 2nd branch in Tianjin and China
-SBI to launch 100 branches in AP
-SBI introduces smart pre-paid card for students, blue collar
workers
-AMW Motors collaborates with SBI to finance sale of vehicles
-SBI launches 10 branches in Raebareli
2014
-SBI announces 150% interim dividend
-State Bank of In-dia launches new digital Online and self-service
banking solutions with support from Accenture
-State Bank of India unveils 6 digital branches
-SBI launches Tech Learning Centres (TLCs) for customers
-State Bank of India has splits its face value from Rs 10/- to 1/-
Source :Dion Global Solutions Limited
BOB
Company History - Bank Of Baroda
1969
- The Bank was brought into existence by a Ordinance issue on 19th
July, by the Central Government. The Bank is a Government of India
Undertaking and carries on all types of banking business including
foreign exchange. The Ordinance was replaced by the Banking
Companies (Acquisition and Trasfer of Undertaking) Act, 1969.
- Besides managing public issues and giving underwriting support, the
Bank established a `Non-resident Portfolio Management Consultancy
Cell'. Due to closure of 2 branches in U.K. and 1 branch in UAE,
non-operative branch in Bangladesh was not taken into account.
1970
- Income-Tax consultancy services was set-up in September to assist
its constituents in the filing of income returns.
- Bank of Baroda (U.K.) Nominees Ltd., London is a subsidiary of the
Bank. Bob Fiscal Services Ltd., is also a subsidiary of the Bank
which handles functions such as merchant banking, equipment leasing,
investment banking, inter-corporate deposit, etc. Bank of Baroda
(Kenya) Ltd., Kenya is subsidiary of the Bank.
1986
- The bank sponsored and set-up five RRBs taking the total number of
RRBs to 19.
- Rs 16 crores capital subscribed for by Government.
1988
- The erstwhile `Trades Bank Ltd.' was amalgamated with the Bank.
- Rs 14 crores capital subscribed for by Govt. Rs 5.5 crore
reimbursement received from World Bank.
1989
- Rs 891,47,850 capital subscribed for by Govt.
1990
- Rs 2704,41,129 capital subscribed for by Govt.
1991
- Rs. 11,491.97 lakhs capital subscribed for by Govt.
1992
- Rs. 9158.43 lakhs capital subscribed for by Govt.
1993
- Rs. 409,34,000 capital subscribed for by Govt.
- The bank received `in principle' approval from RBI to set up a
separate subsidiary for its credit card business.
- The bank had established a new department to act as custodian of
local shares issued by Indian companies who came out with Euro Issues
(GDRs/ADRs) to raise funds from abroad. With this in view, the bank
entered into an agreement with Bank of New York, who act as
Depository
for issue of GDRs by companies.
- The bank was associated as lead manager/co-manager in respect of
142 issues involving a sum of Rs 3411 crores. The bank was activity
considering setting up of a separate subsidiary to undertake all
types of merchant banking activities.
1994
- Rs. 1,63,30,000 capital subscribed for by Govt.
1995
- Rs 163,93,59,000 capital from reserve fund.
1996
- The Bank devised new products, two new deposit schemes `BOB
SUVIDHA', `BOB CAPITAL GAINS EXEMPTION DEPOSIT' was launched to suit
the savings requirements of individuals, HUF, Association of
persuing, firms and companies.
- The bank initiated several measures to bring qualitative
improvement in the area of credit. A fast track systems for
processing credit proposals of A+ & A rated corporate client was
introduced. In addition, schemes to increase credit fluid sectors
like leasing, hire purchase, advances against shares, Can Loan
Schemes etc. were formulated and guidelines were issued for increased
lending to infrastructure projects.
- The Company lead managed 1 public and 5 rights issues aggregating
Rs 40.541 lakhs through BOB Capital Markets Ltd. BOB Housing Finance
Ltd. made a fresh disbursements of Rs 21 crores. Total cumulative
loans sanctioned reached Rs 127 crores.
- 3810,00,000 No. of Equity shares returned to Govt. of India.
1000,00,000 No. of Equity shares issued through prospectus to the
public at a prem. of Rs 75 per share.
1997
- Bank of Baroda (BoB) has received permission from the Reserve Bank
of India to open a branch at Durban in South Africa. BoB proposes to
start operations in the country soon after it receives a banking
licence from the South African Reserve Bank (SARB).
- Bank of Baroda (BoB) proposes to undertake a survey of West Bengal,
Sikkim and North-Eastern States to explore business opportunities and
also for setting up new branches.
- Bank of Baroda (BoB) proposes to wholly own the 120 million HK
dollars IOB Bank in Hong Kong by increasing its stake from 33 per
cent to 100 per cent to make its presence felt in the Far East.
- Bank of Baroda (BoB) plans to have an alliance with a foreign bank
for merchant banking. The proposed venture would manage external
commercial borrowings (ECBs) by Indian corporates and handle
disinvestment programmes of public sector undertakings.
- Bobcards Ltd, a wholly owned subsidiary of Bank of Baroda, has
achieved a 40 per cent growth in profit before tax in the first half
year ended September, 1997.
- Bank of Baroda's New York branch has received the highest 1 rating
from the US Federal Reserve. This is for the first time that the US
Fed has given the highest rating to any Indian bank branch operating
in New York.
1998
- Bank of Baroda has become the first public sector bank to implement
the autonomy package announced by the ministry of finance in November,
1997.
- BoBGLOBAL, the first Indian credit card introduced for
international use, with VISA tie-up, is already being accepted by
over ten million establishments in over 60 countries.
- The Bank of Baroda (BoB) plans to restructure its international
operations, particularly in Europe and the United States (US) ahead
of the launch of the euro, the European Union's single currency unit.
- Bobcards Ltd, the wholly owned subsidiary of Bank of Baroda is
looking for partners to enter into a joint venture.
- Bank of Baroda is weighting the option of setting up a separate
subsidiary dedicated exclusively to its highly profitable
international business.
- Bank of Baroda has the second largest resource base in the country
after State Bank of India.
- Bank of Baroda (BoB) has revised the rate of interest on foreign
currency non-resident (banks) deposits for various maturities for
different currencies effective October 26.
- Bank of Baroda has revised the rate of interest on FNCR (b)
deposits for various maturities for different currencies with effect
from November 30.
1999
- Bank of Baroda (BoB) will co-ordinate with the finance ministry to
set up a debt recovery tribunal (DRT) in Mumbai.
- Bank of Baroda (BoB) has revised the rate of interest on its FCNR
(B) deposits for various maturities and different currencies with
effect from February 1.
- Rating agency Icra has assigned the highest rating, LAAA (LAAA), to
Rs.600 crore long-term unsecured subordinated bonds of Bank of Baroda
(BoB). The public sector bank is coming out with the bond issue to
increase its tier II capital.
- Public sector Bank of Baroda has been designated as a clearing bank
for castor oil trading in the future, which will be launched by the
Bombay Oilseeds and Oils Exchange (BOOE) on May 10.
- Bank of Baroda has bought out the 49 per cent shareholding of
Government of Uganda in Bank of Baroda (Uganda) Ltd, thus making it a
fully-owned subsidiary of Bank of Baroda.
- Bank of Baroda (BOB) is keen to diversify into the insurance
sector, where the focus of its activities will be the rural
population. BOB has proposed to enter health and general insurance
where it plans to mainly target the rural areas.
- Bank of Baroda (BoB) has made a proposal to the Union ministry of
finance (MoF) to tap foreign markets for enhancing the bank's equity
base.
- International rating agency Standard & Poor's (S&P) has revised its
rating outlook on Bank of Baroda (BoB) to stable from negative.
2000
- The BoB as launched services such as OmniBoB and BoBCash to help
the customer practice anywhere-banking at 18 branches with the `Smart
Card'.
- Bank of Baroda launched its e-banking products in Chennai.
- Bank of Baroda has joined hands with financial institutions such as
IDBI and ICICI for a speedy recovery of dues from common problem
accounts.
- Bank of Baroda has set up a core support group consisting 500
knowledge workers from across its branches to help catalyse change
management.
- Bank of Baroda has opened its 104th branch in Kalyan and will also
offer safe deposit lockers and a housing cell.
- Bank of Baroda has decided that it will hold more than 50 per cent
in the life insurance subsidiary it proposes to set-up.
- Bank of Baroda will launch seven day banking in two branches of
Chennai and Mylapore and K K Nagar, on 17th August.
- The Bank is exploring strategic tie-ups with local and foreign
partners in the area of insurance, retail lending and Web banking.
- Bank of Baroda and Punjab National Bank will tie up to form a
subsidiary for a foray into life insurance business.
- Bank of Baroda is in an advance stage of talks with a foreign
insurance company for a life insurance joint venture and is expected
to finalise the tie-up within a fortnight.
- The Bank will introduce 7-day banking at 10 branches in Mumbai from
October 8th.
- Bank of Boarda will introduce `any branch banking' facility to make
customer transactions at the nearest branch countrywide in the next 18
months.
- The Bank of Baroda has signed up to be a depository participant
with Central Depository Services (India) Ltd.
2001
- Bank of Baroda proposes to go in for a major drive to expand its
ATM network across the country.
- Bank of Baroda is tying up with a US-based IT company to set up the
basic IT infrastructure of the bank at a cost of Rs 300 crore.
- Crisil has assigned an `AAA' rating to the Rs 600-crore
sub-ordinated bond issue of Bank of Baroda.
- BANK of Baroda Housing Finance, a subsidiary of the Bank of Baroda,
has disbursed a sum of Rs 50.0 crore to 2578 beneficiaries in rural
and semi-urban areas under the golden rural housing schemes of the
National Housing Bank.
- BoB has signed a redeployment policy with its Federation Union,
affiliated to the National Confederation of Bank Employees (NCBE)
regarding the transfer of clerical staff.
- Bank (BoB) has lowered interest rates by 25-40 basis points, for
FCNR (B) deposits in force from September 5, for different
currencies, effective from September 17.
- Bank of Barodas (BoB) net profit during the second quarter has
dipped by 22.27 per cent to Rs 98.44 crore, down from Rs 126.64 crore
in the corresponding period last fiscal.
2002
- GOI nominates N S Mhatre as Director on the Board of Bank of
Baroda.
-GOI nominates Anand Sinha on the Board of Bank of Baroda.
-Govt sanctions merger of Benares State Bank with Bank of Baroda.
-Bank of Baroda has informed BSE that the Benares State Bank Ltd now
stands amalgamated with the bank wef June 20, 2002 and branches of
erstwhile Benares State Bank Ltd have started functioning as Bank of
Baroda's branches with effect from July 19, 2002.
-Bank of Baroda has informed BSE that the Bank of Baroda (Uganda)
Ltd., - Subsidiary of the Bank in Uganda has proposed to make Public
Offer of 8 million equity shares of face value of Ushs.100/- each at
an offer price of Ushs.600/- per share. The offer also involves
concessional offer of 200 equity shares per staff member at a price
of Ushs.350/-. The offer shall open on August 26, 2002. The said
offer has been approved by RBI.
-Bank of Baroda has informed BSE that the Government of India,
Ministry of Finance, Department of Economic Affairs, Banking
Division, New Delhi has nominated Mr Vinod Rai, Joint Secretary,
Ministry of Finance & Company Affairs, Deptt of Economic Affairs
(Banking Division), New Delhi as Director on the Board of the Bank
with effect from October 25, 2002.
-Bank of Baroda elects 4 Directorsthe Director so elected will assume
office w.e.f. today (November 16, 2002) and will hold office till
November 15, 2005.
1. Shri Amritlal Sanghvi
2. Dr M J Manohar Rao
3. Shri Pradip N Khandwalla
4. Shri Prem P Pareek
-RBI grants BoB Capital Markets Ltd. to operate as a primary dealer
in Govt. securities market
-Comes out with two special policies for the victims of the communal
riots in Gujarat
-Decreases its deposit rates by 25 basis points
-IFCI gets Rs 100 cr credit from Bank of Baroda
-BOBCARDS Ltd, a wholly-owned subsidiary of Bank of Baroda, in
collaboration with Mastercard International, unveils PARAS credit
cards
-Tops Non Performing Assets (NPA) list
-Shifts Central Office from Ballard Peir to Bandra
-Unveils flexi-deposit scheme for corporates
-Contributes Rs 1 lakh for repair of Akshardham temple for repairs of
damages caused by terrorist attacks
-Slashes down deposit rates by 25 basis points
-Reduces its deposit rates by 50 basis points at the longer end
deposits
-Brings down floating rate on home loans by 0.75%
-Launches international debit card in alliance with Visa
International
-BOB CARDS, a subsidiary of Bank of Baroda, and Cholamandalam
Investment and Finance Company declare a tie-up to issue co-branded
credit cards to Cholamandalam's vehicle finance customers
2003
-Decreases interest on domestic term deposits by 25-75 basis points
across different maturities effective January 10,2003
-Gets govt. approval to raise Rs 600 crore through bonds
-Unveils Super Savings Account, savings account with value added
propositions
-Appoints IBM, H-P, Accenture for Business Process Reengineering
(BPR)
-Paves the way for single-window banking across its 2,200 branches in
the country
-Cuts lending rates by 25 bp
-Extends super savings scheme to Coimbatore account holders
-Ties up with Bharat Overseas Bank Ltd. (BOBL) to expand credit cards
business in South India
-Amends interest rates for FCNR(B) deposits
-Picks up 10 pc stake in IFCI's Asset Care Enterprise (ACE)
-Sign MOU with Small Industries Development Bank of India (SIDBI) to
co-finance the small scale industries sector
2004
-Mobilizes Rs 300 Cr through Tier II bonds
-Ministry of Finance, Department of Economic Affairs, Banking
Division, New Delhi vide their Notification dated January 09, 2004
has nominated Shri G K Sharma, Chief General Manager in-charge
Reserve Bank of India, Dept. of Administration & Personnel
Management, Central Office, Mumbai as Director on the Board of the
bank w.e.f. January 09, 2004 in place of Shri Ramesh Chander,
Regional Director, RBI, New Delhi.
-S P Garg is new managing director of Bobcards Ltd, a wholly-owned
subsidiary of Bank of Baroda.
-Bank of Baroda has informed that the Government of India, Ministry
of Finance, Department of Economic Affairs (Banking Division), New
Delhi vide their notification dated February 4, 2004 has appointed
Dr. A K Khandelwal, Executive Director (ED) of Bank of Baroda as
Chairman & Managing Director (CMD) of Dena Bank.
-The government has chosen Bank of Baroda for channelising government
credit to other countries which runs into billions of dollar
-Ties up with Punjab Tractors for offering finance to farmers for
buying tractors from Punjab Tractors
-Bank of Baroda signed a memorandum of understanding with L&T John
Deere Pvt Ltd to prop up farm sector lending.
-Bank of Baroda inks pact with Escorts Ltd, Indo Farm Tractors &
Motors Ltd to boost farm lending
-BOB join hands with NIC for non-life insurance products
-Bank of Baroda enters China
-Ties up with Chennai-based Tractor & Farm Equipments Ltd (TAFE) for
financing their tractors
-Mr T.V. Lakshminarayanan has taken over as the Head of the South
Zone, Bank of Baroda
-Bank of Baroda (BoB) has tied up with Mahindra and Mahindra Ltd
(M&M) for tractor financing
2005
- BoB has appointed Dr A K Khandelwal, as the Chairman & Managing
Director (CMD) of the Bank for a period of three years with effect
from March 01, 2005 upto March 31, 2008
- Bank of Baroda signs contract with HP India Sales Pvt Ltd for
implementation of Bank's IT enabled Business Transformation Process
-BoB unveils new logo, ropes in Dravid as brand ambassador
-Bank of Baroda inks co-financing agreement with SIDBI
-Bank of Baroda has amalgamated its three sponsored regional rural
banks (RRBs) into single RRB, called Baroda Gujarat Gramin Bank
-BOB signs Memorandum of Cooperation with EXIM Bank
-BoB unveils campaign on tractor, irrigation advances.
2006
-Bank of Baroda (BOB) has informed that the Bank and Infrastructure
Development Finance Company Ltd (IDFC) have on February 16, 2006,
entered into a Memorandum of Understanding (MOU) to enhance the
provision of financing and other banking products and services to
entities involved in infrastructure development.
-The Bank of Baroda unveiled its first SME loan factory in Pune on
Oct 13.
- Bank of Baroda (BOB) has informed that pursuant to powers conferred
by clause (b) of sub-section (3) of section 9 of Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970, read with sub
clause (1) of clause 3 of the Nationalised Banks (Management and
Miscellaneous Provisions) Scheme, 1970, the Government of India,
Ministry of Finance, Department of Economic Affairs (Banking
Division) vide their Notification Dated October 31, 2006 have
nominated Shri G C Chaturvedi, Joint Secretary (B&I) MOF, GOI as
Director of the Bank vice Shri Vinod Rai with immediate effect.
2007
-Bank of Baroda and India Infrastructure Finance Company Ltd (IIFC)
on January 10, 2007, have entered into an Memorandum of Understanding
(MOU) to enhance the provision of financing and other banking products
and services to entities involved in infrastructure development.
-Bank of Baroda , Andhra Bank and M/s. Legal & General Group plc, UK
have signed an MoU on November 16, 2007 to form a Joint Venture (JV)
for Life Insurance Business.
-Bank of Baroda has appointed Shri. Atul Agarwal as a part time non
official Director on the Board of Directors of the Bank for a period
of three years with effect from November 23, 2007 or until further
orders, whichever is earlier.
2008
-Bank of Baroda has appointed Smt. Shahid as Director on the Board of
the Bank under section 9(3)(h) of The Banking Companies (Acquisition
and Transfer of Undertakings) Act, 1970 vide Government Notification
dated September 15, 2005 for a period of 3 years.
2009
- Bank of Baroda has announced the deposit rate cuts by 50 basis
points across all maturities.
- Bank of Baroda has appointed Dr. Masarrat Shahid as part time, non
official director on the Board of Bank of Baroda, for a second term
of three years w.e.f. October 29, 2009 or until further orders,
whichever is earlier.
2010
- Bank of Baroda has appointed Shri N. S. Srinath as an Executive
Director of the bank.
- Bank of Baroda (BoB) has launched a Mobile Micro Loan Factory
(MMLF) in Sultanpur district of Uttar Pradesh.
- Bank of Baroda (BoB) has signed a Memorandum of Understanding (MoU)
with the Unique Identification Authority of India (UIDAI).The
memorandum which has been signed between the two organizations would
make the bank to act as a registrar for the enrolment of UID for its
existing and future customers.
- A memorandum of cooperation (MoC) has been signed by Bank of Baroda
(BoB) with the Dubai Multi Commodities Centre Authority (DMCC) in
order to provide value added services to DMCC-registered companies as
well as to enhance the proposition of operating in Jumairah Lake
Towers (JLT) Free Zone.
- Bank of Baroda has informed BSE that in exercise of the powers
conferred by of sub-section 3 (h) and (3-A) of Section 9 of The
Banking Companies (Acquisition and Transfer of Undertakings) Act,
1970 read with sub clause (1) of clause 3 of The Nationalised Banks
(Management & Miscellaneous Provisions) Scheme 1970, the Central
Government vide its notification dated August 31, 2010, has nominated
Shri. Satya Dev Tripathi as part-time non-official Director of the
Bank, for a period of three years w.e.f. August 31, 2010 or until
further orders, whichever is earlier.
2011
-BoB hikes FD interest rates of diff maturities
-Bank of Baroda hikes Benchmark Prime Lending Rate (BPLR) & Base
Rate
2012
-Bank of Baroda hikes interest rates on domestic term deposits by up
to 2.5%
-Bank of Baroda announced the reduction in home loan rates by 25
basis points across all the categories for both new and existing
customers.
2013
- Reduction in BPLR & Base Rate and Realignment of Deposit Rates by
25 bps and the Cash Reserve Ratio by 25 bps and as realigned its
Deposit Rates in the band of 15 to 20 bps. With this, the Banks Base
rate will be at 10.25% and BPLR at 14.50% with effect from February
09, 2013.
- Revision of Interest Rates on Deposits
- Bank has raised its fixed deposit rates on select maturities by
0.50 per cent, reflecting the tightening of liquidity conditions.
- The bank has launched its National Pilot Agri Loan Factory at
Himatnagar in Gujarat in order to boost agriculture sector in the
state.
- The bank sought capital infusion of Rs 1,800 crore from the
government in the form of preferential allotment.
2014
- The Bank has decided to revise interest rates payable on Domestic
and NRE term deposits below Rs. 1 crore & above.
- The bank is acting through its London Branch has issued Fixed Rate
Senior Unsecured 144A/Reg S Notes for an issue size of USD 750 Mn for
a tenor of 5.5 years. Due to this. the Notes will meet the present /
future long term funds requirement at the overseas centers of the
Bank.
- Shares of state-owned lender Bank of Baroda rose nearly 3 per cent
in early trade on Bombay Stock Exchange (BSE) after the Reserve Bank
restricted foreign institutional investors (FIIs) from buying
additional shares in bank.4
- The Bank has decided to raise funds by way of private placement of
AT-1 Bonds (Basel lll Compliant- Tier l).
Source :Dion Global Solutions Limited
Company History - Punjab National Bank
YEAR
EVENTS
1996 - A package was developed for corporate customers for fast
remittance
of funds from different up-country branches to the
controlling office.
- The concept of 'Chief Host' introduced by the bank for
resolving customers'
complaints in the minimum possible time, has resulted
in substantial improvement
in customer service.
- The company also entered into new activity of arranging
Mergers, Acquisitions and
Takeovers which has been quite rewarding in terms of
return.
2000 - The Credit Rating Information Services of India has suspended
its
rating for the fixed deposit programmes of Amruntanjan
Finance.
- The Bank has introduced a scheme for providing finance
against
mortgage of immovable property.
- Punjab National Bank and Bank of Baroda will tie up to
form a subsidiary
for a foray into life insurance business, banking
industry.
- PNB has launched a gold import scheme. The gold will be
imported through
an arrangement with Commerzbank.
- ICRA has assigned an `LAAA' rating to Punjab National
Bank's (PNB) Rs 240
crore long-term subordinated bond issue (Series V).
- The Bank is the first amongst the public sector banks to
come out with Voluntary
Retirement Scheme.
- Punjab National Bank has become the latest big player to
enter the credit card
market. The card will have two variants -- Gold and
Classic.
- An International Co-branded Credit Card of Punjab
National Bank and Hongkong
& Shanghai Banking Corporation has been launched in New
Delhi.
- Primary market dealers PNB Gilts Ltd is launching a
retail scheme in the first week of
January to rope in individuals as investors for govt.
securities. It has recently tied up with
Punjab National Bank and will be using the huge network
of 2000 branches of the bank
all over the country for distribution and receipt of
forms for investment in govt. securities.
- Mr. T S Narayansami has taken over as executive director
of Punjab National Bank.
2002
- Punjab National Bank incorporated its branch in M.G. Road,
Bangalore named as Mid-Corporate Branch (MCD) to provide its
corporate clients with a credit limit of Rs 3.5 crore and above.
- Punjab National Bank is in a joint venture with Infosys for the
implementation of a Centralised Banking Solution for it. The bank
plans to implement Centralised Banking Solutions establishing
connectivity between its branches to cover 1,500 to 2,000 branches
and all ATMs by 2004.
- -Punjab National Bank has informed that the first AGM of the
shareholders of the Bank was held on August 05, 2002. The Chairman
declared the following candidates elected as Directors:
Dr Pritam Singh , Sh Mohanjit Singh.
- Punjab National Bank has informed that Ms. Malathi Mohan, Asstt.
General Manager has been nominated as Company Secretary in place of
Mr. Ramesh Kumar Kochar.
- Punjab National Bank has launched a special loan scheme called
'Fin-Basket', a composite package of retail loans, for a minimum size
of Rs 5 lakhs.
- Punjab National Bank (PNB) has been presented with the `Best Bank
Award' for excellence in banking technology.
- Punjab National Bank (PNB) tied up with Cisco Systems for
networking 3,870 branches as part of its Rs 150 crore plan.
2003
- Punjab National Bank (PNB) has taken over Kozhikode-based Nedungadi
Bank Ltd (NBL) on Feb 1. All the 174 branches of the previous private
bank are now working as PNB branches
- Punjab National Bank (PNB) has entered into an alliance with New
India Assurance for selling its general insurance products.
- Punjab National Bank has informed that Shri V K Sibal, a director
on the Board of the Bank has resigned from the Board. Ministry of
Finance, Govt. of India, vide its letter dated May 09, 2003 has
conveyed the acceptance of resignation w.e.f. May 07, 2003.
- Punjab National Bank has informed the Exchange that the Bank has
signed a Memorandum of Understanding (MOU) on June 24, 2003 with
Principal Financial Services Inc. (USA) and Vijaya Bank for joint
venture partnership in Life Insurance, Pensions and Asset Managements
(MF) business.
- Punjab National Bank (PNB) has formed a strategic alliance with
Infrastructure Leasing and Financial Services Ltd (IL&FS) to set up a
private equity fund for investing in domestic companies.
- Punjab National Bank has informed that it is setting up its
Representative Office at London. The office was scheduled to be
inaugurated on August 21, 2003. Further, the Bank has been granted
license to open Offshore Banking Unit at Seepz, Mumbai.
- New Delhi: Punjab National Bank has entered an agreement with
Oriental Bank of Commerce, Indian Bank, UTI Bank and Global Trust
Bank for sharing ATMs spread across the country.
-Inks pact with Principal Financial Group of USA to foray into
insurance business and pension fund
-Principal Financial Group (Mauritius) Limited enters into a joint
venture agreement with Punjab National Bank (PNB) and Vijaya Bank to
sell long-term mutual funds and related financial services in India.
The new company to be called Principal PNB Asset Management Company
(in association with Vijaya Bank)
-Receives approval from RBI for opening an Offshore Banking Unit
(OBU) at SEZ, Noida (U.P)
-Punjab National Bank (PNB) has decided to amalgamate its merchant
banking arm 'PNB Caps' with itself.
-PNB unveils a scheme to help SSIs to get ISO 9000.
- Board of Directors approved investment of Rs 250 million in the
units of 'Leverage India Fund' managed by IL&FS Investments Managers
Ltd, and has entered into MoU with IL&FS and IL&FS Investment
Managers to sponsor the Fund.
-Shri K D Khera, Director representing Non Workmen Employees of the
bank, ceases to be Director on the Board of the Bank wef October 31,
2003 on attaining age of superannuation.
-The Ministry of Finance, Government of India, vide their
notification dated November 25, 2003, Shri Anand Swarup Agarwal has
been nominated as part-time non official Director of the bank for a
period of 3 years from the date of notification.
2004
-Ministry of Finance, Government of India vide their notification
dated January 9, 2004 has informed that Dr. K.V. Rajan, Chief General
Manager, RBI, Kanpur has been nominated as RBI nominee director of the
Bank in place of Sh. V.K. Sharma with immediate effect.
-PNB acquires Hindustan Transmission Product Limited (HTPL) assets
under Sarfaesi
-IFCI merger with PNB's would help each other
-Delhi based Punjab National Bank (PNB) and Bangalore-based Vijaya
Bank enter into a four-way partnership with Principal Financial of
the US and Berger Paints to set up an insurance broking company
--Export Credit Guarantee Corporation of India Ltd (ECGC) and Punjab
National Bank (PNB) sign a corporate agency agreement for marketing
ECGC's export credit insurance products through the network of PNB
branches
-Punjab National Bank has informed that the bank has signed agreement
with M/s NCR Corporation India Pvt Ltd for providing clearance of
Intercity cheques within 48 hours after the cheque is presented, at
selected centers using cheque truncation, where there is Image based
Cheque Clearing System.
-Punjab National Bank (PNB) has enlisted the services of computer
industry giant Intel to evaulate its current and future technolgical
requirements. An MoU was signed for the deployment of various
IT-related solutions today between the bank and Intel.
-ICICI Bank and Punjab National Bank have signed a memorandum of
understanding (MoU) for ATM network sharing, giving customers an
access to over 2,200 ATMs in India
- PNB accomplishes RTGS installation
- PNB implements Loans and Advances Data Desk for Evaluations and
Reports, (LADDER) system for rationalisation of returns, asset
classification and provisioning, credit monitoring and NPA
management
- LP Agrwal, Ranjan Dhawan, I D Singh, P K Mitra, K S Bajwa, V P
Chowdhary and B P Chopra appointed as General Managers on June 9,
2004
- PNB mandates TCS to deploy HR Solutions
-Tata Consultancy Services (TCS) has joined hands with PeopleSoft to
handle a Rs 5-10 crore worth project mandated by Punjab National Bank
(PNB) to implement human capital management and payroll solution.
-Punjab National Bank has informed that the Bank has entered into
money transfer arrangement with Western Union Through their agent M/s
Weizmann Forex Ltd
-Punjab National Bank has informed that the Bank branch at Kabul,
Afghanistan has commenced soft opening on July 26, 2004
-PNB in ally with NMCE launches new loan scheme
-PNB JV with Principal Financial Group of USA
-Tractor manufacturer Escorts tied up with Punjab National Bank for
sponsorship of a farmer training centre in Haryana
-Launches corporate internet banking facility on November 18, 2004.
2005
-Government of India, Ministry of Finance (Banking Division), New
Delhi vide its Notification dated April 30, 2005, appoints Shri S C
Gupta as Chairman & Managing Director (CMD) of the Bank.
-PNB unveils ATM at Edappal
2006
-Punjab National Bank today tied up with MasterCard International to
launch a signature-based debit card.
-PNB opens branch in Uttaranchal
-Punjab National Bank (PNB) has tied up with Indian Airlines for
online booking of air tickets.
-Punjab National Bank has informed that Shri Rakesh Singh, Joint
Secretary (IF), Ministry of Finance has been appointed Government
nominee Director on the Board of the Bank w.e.f. October 20, 2006
under Clause 9(3)(b) of the Banking Companies (Acquisition and
Transfer of Undertakings) Act, 1970.
-PNB ties up with IDBI Capital
-Punjab National Bank has informed that Sh. A S Agarwal, Government
nominee Director on the Board of the Bank w.e.f. November 25, 2003,
has demitted the office on November 24, 2006 on completion of his
tenure of 3 years.
2007
-Punjab National Bank has appointed Shri Ramesh Kumar Kochar as
Company Secretary of the Bank.
- Punjab National Bank has informed that the Government of India,
Ministry of Finance, Department of Economic Affairs (Banking
Division), New Delhi vide Notification dated June 06, 2007 has
appointed Shri. Jag Mohan Garg as a Whole-time-Director (designated
as Executive Director) on the Board of Punjab National Bank from the
date of his taking over charge of his post or until further orders or
till the date of his superannuation i.e. upto July 31, 2010 whichever
is earlier.
-Punjab National Bank is entering into an MoU with India
Infrastructure Finance Co. (IIFC) on October 17, 2007 with an aim to
extend its cooperation and support to IIFC in areas of creating a
deal flow of infrastructure projects.
2008
- Punjab National Bank entered into a memorandum of understanding
(MoU) with IL&FS Cluster Development Initiative Ltd in order to
provide impetus to financing of industrial infrastructure projects.
-Punjab National Bank (PNB), has tied up with Networth Stock Broking
Ltd (NSBL) for an Internet trading alliance.
- Punjab National Bank cut its prime lending rate by 50 bps.
- Punjab National Bank has opened its 69th branch at Khammam.
- Punjab National Bank has announced the opening of its 133rd branch
in Kerala at Sana Towers, Medical College Junction, Kozhikode. All
133 branches in the State are networked under the core banking
solution including this branch.
- Punjab National Bank has informed that Government of India has
nominated Shri Vinod Kumar Mishra as part-time non-official Director
on the Board of the Bank for a period of three years from the date of
Notification of his appointment or until further orders, whichever is
earlier.
2009
- The Punjab National Bank has opened a new branch at Leicester in
Britain. Leicester has a large section of people of Indian origin.
The branch has been opened thi