Six banks to stop existing from 1 April 2020 as they merge with bigger government banks of India. These banks are: Allahabad Bank, Andhra Bank, Corporation Bank, Oriental Bank of Commerce, Syndicate Bank and United Bank of India. In a similar move in 2017, four banks namely 'State Bank of Bikaner & Jaipur', 'State Bank of Hyderabad', 'State Bank of Mysore' and 'State Bank of Travancore' were merged into their parent organization 'State Bank of India'. Below is the list of 50 banks in India that are now defunct. The period extends from 1770 to 1 April 2020. 1. Allahabad Bank Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. The bank was founded in Allahabad in 1865. As of 31 March 2018, Allahabad Bank had over 3245 branches across India. The bank did a total business of INR 3.8 trillion during the FY 2017–18. The bank's market capitalisation in June 2018 was US$573 million and it ranked #1,882 on the Forbes Global 2000 list. On 30 August 2019, the Finance Minister Nirmala Sitharaman announced merger of Allahabad Bank with Indian Bank. Wikipedia Card: Former type: Public sector undertaking Traded as: BSE: 532480. NSE: ALBK Industry: Banking, Financial services Fate: Merged with Indian Bank Successor: Indian Bank Founded: 24 April 1865; 154 years ago in Allahabad, North-Western Provinces, British India Defunct: 1 April 2020 Headquarters: Kolkata, West Bengal, India Number of locations: 3,503 branches (Mar-2018) Area served: India Key people: S. S. Mallikarjuna Rao (MD & CEO) Services: Finance and insurance Consumer banking Corporate banking Revenue: Increase ₹19,051 crore (US$2.7 billion)(2018) Operating income: Decrease ₹3,438 crore (US$480 million)(2018) Net income: Decrease₹-4,674 crore (US$−660 million)(2018) Total assets: Increase ₹236,460.23 crore (US$33 billion) (2016) Number of employees: 23,210 (2019) Capital ratio: 8.69% Website: allahabadbank.in 2. Alliance Bank of Simla The Alliance Bank of Simla was a British-run though India-registered bank that commenced operations in Simla in 1874 under the management of James Lewis Walker. The bank was established to take over the business of the United Bank of India, established in 1866, which had operations in Simla and Umballa. Its board put the United Bank of India in voluntary liquidation on Saturday 21 March, and Alliance Bank commenced operations on Monday, 23 March. Alliance Bank failed on 27 April 1923 due to speculation by its management. At the time that it failed it had 36 branches, including ones in Lahore, Lucknow, Peshawar, Rawalpindi, and Rangoon. 3. Andhra Bank Andhra Bank (BSE: 532418, NSE: ANDHRABANK) is a medium-sized public sector bank (PSB) of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines (ATMs) as of 31 March 2019. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank now operates in 25 states and three Union Territories. Andhra Bank has its headquarters in Hyderabad, Telangana, India. Plans to merge it with Union Bank of India were disclosed by Minister of Finance (India) in August 2019. The Government of India owns 90.85% of its share capital as on 31 March 2019. The state owned Life Insurance Corporation of India holds 7.80% of the shares. The bank has done a total business of ₹3,106 billion (US$44 billion) and has earned a net profit of ₹5.40 billion (US$76 million) for the Financial Year 2015–16. Board of directors of bank approved merger into union bank on 13.09.2019. Wikipedia Card: Former type: Public sector undertaking Traded as: NSE: ANDHRABANK BSE: 532418 Industry: Banking. Financial services. Fate: Merged with Union Bank of India Successor: Union Bank of India Founded: 20 November 1923; 96 years ago Founder: Bhogaraju Pattabhi Sitaramayya Defunct: 1 April 2020 Headquarters: Hyderabad, Telangana, India Areas served: India, Dubai, Malaysia, Jersey City (United States) Key people: J. Packirisamy (MD & CEO) Products: Consumer banking, Credit cards, corporate banking, finance and insurance, private banking, wealth management, Agricultural Loans Revenue: Increase ₹18,027.42 crore (US$2.5 billion)(2016-17) Operating income: Increase₹4,387.95 crore (US$620 million)(2016-17) Net income: Decrease₹174.32 crore (US$24 million) (2016-17) Total assets: Increase ₹222,126.13 crore (US$31 billion)(2016-17) Number of employees: 20981 (2016-17) Capital ratio: 12.38% (2016-17) Website www.andhrabank.in 4. Arbuthnot & Co Arbuthnot & Co was a mercantile bank, based in Madras, 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 and 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 J.M. Young, a salaried partner who seems to have had no voice in the running of the firm. The firm entered into an arrangement with Patrick Macfadyen who operated P Macfadyen & Co which was effectively Arbuthnot's London branch. Macfadyen engaged in speculation, in the process losing huge amounts of the firm's money. Prior to its collapse, Arbuthnots employed between 11,000 and 12,000 people, had 7,000 creditors and £1,000,000 in liabilities. It was ascertained that the liabilities of Macfadyen's were £400,000 and there were 1,000 creditors. It was agreed by the English trustee in bankruptcy and the official assignee in Madras that the assets of the two insolvent firms were to be treated as one and the same business, all creditors were to be entitled to share rateably in the pooled assets. Macfadyen committed suicide by throwing himself under a train in 1906, and both firms had to close their doors. Both Macfadyen and Arbuthnot were consistently over-optimistic concerning their speculations. Arbuthnot was tried for the fraudulent activities the collapse revealed, and received a sentence of "18 months rigorous imprisonment". A key figure in case was the Madras lawyer, V. Krishnaswamy Iyer, who went on to organize a group of Chettiars that founded "Indian Bank" in 1907. 5. Bank of Bombay The 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, on 15 April 1840. The bank's headquarters were in Bombay, now called Mumbai. The Bank of Madras undertook all the normal activities which a commercial bank was expected to undertake. The Bank of Bombay, 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 - 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 renamed on 30 April 1955 to the State Bank of India. Wikipedia Card: Industry: Banking, Financial Services Fate: Merged with Bank of Calcutta and Bank of Madras Successor: Imperial Bank of India Founded: 15 April 1840 Defunct: 27 January 1921 Headquarters: Bombay, Bombay Presidency, British India Area served: British India 6. Bank of Chettinad Bank of Chettinad is a defunct bank that originated in the Nattukottai Chettiar community. 1929: Two prominent Nattukottai Chettiar business family partnerships established the bank with its head office in Rangoon. They registered it as a private company in India and incorporated it under the Indian Companies Act of 1913. One of the families, from Kanadukathan, ran the firm. It was involved in many activities and was also closely associated with the Chettinad Corporation. In particular, it borrowed from Chartered Bank, Imperial Bank of India, First National City Bank, and Lloyds Bank for on-lending to Chettiar moneylenders. 1932: It opened an office in Colombo. In 1942, the Japanese Military Authority created the Peoples Bank of Burma as a joint venture between it, the Burma Executive Authority (the Burmese puppet regime), and the Yokohama Specie Bank. Bank of Chettinad at the time was Burma's largest bank, the Peoples Bank of Burma took over Bank of Chettinad's 45 branches, and established its own head office in the former Burmese headquarters of Central Bank of India. 1946: The Supreme Court of Ceylon ruled that Bank of Chettinad was not a bank in that it primarily made loans on promissory notes and mortgages and did not take deposits. 1963: The Burmese government nationalized all foreign banks and essentially drove out the large population of people of Indian origin, among whom there were many Chettiars. Bank of Chettinad by then was no longer operating under that name and was not among the 24 foreign banks that the government nationalized. 1965: Bank of Chettinad was voluntarily wound up. 7. Bank of Hindostan Bank of Hindostan (1770-1832), a now defunct bank, is considered as among the first modern banks in colonial India. It was established by the agency house of Alexander and Company. In India, the paper currency was first issued during British East India Company rule. The first paper notes were issued by the private banks such as Bank of Hindustan and the presidency banks during late 18th century. Via the Paper Currency Act of 1861, the British Government of India was conferred the monopoly to issue paper notes in India. 8. Bank of Madras The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras (now Chennai). It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India, which later became the State Bank of India. Wikipedia Card: Industry: Banking, Financial Services Fate: Merged with Bank of Calcutta and Bank of Bombay Successor: Imperial Bank of India Founded: 1 July 1843 Defunct: 27 January 1921 Headquarters: Madras, Madras Presidency, British India Area served: British India 9. Bank of Madura Bank of Madurai was a massive Tamil Nadu based bank established in 1943 by Karumuttu Thiagarajan Chettiar. It acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) throughout the course of the 1960s. The Bank of Madura was a Chettiar bank with a large customer base of over 2 million customers and a network of more than 280 branches and 40+ ATM centres spread across around 100 cities in India. The bank merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949, under the leadership of Chairman K.M. Thiagarajan. The Bank had roughly 44 billion INR in assets at the time of the merger, not accounting for inflation. The Reserve Bank of India approved the merger effective 10 March 2001. It was headquartered at Madurai. The merger was received well and benefitted the Bank of Madura, with their share price sharply rising, and finally closing at Rs 142 - over double what they hovered at only weeks ago. ICICI, however saw a sharp drop in their share price totally four rupees, it closing at Rs 164. The move was described as a positive strategic manoeuvre by the parties involved and news outlets alike. Bank of Madura Shareholders signed off on the deal on the 19th of January, 2001, agreeing to a 2:1 merger. 10. Bank of Rajasthan The Bank of Rajasthan Ltd (Hindi: बैन्क ओफ राजस्थान) (BSE: / (500019 ) was a private sector bank of India which merged with ICICI Bank in 2010. Wikipedia Card: Former type: Private company (BSE), Industry: Banking, Loan, Capital Markets and allied industries Fate: Merged with ICICI Bank Founded: 1943 Defunct: 2010 Headquarters: Clock Tower, Udaipur, India Key people: G. Padmanabhan (MD & CEO) Products: Loans, Savings, Investment vehicles, etc. Revenue: ₹15,073.344 million (US$210 million) (year ended March 2009) Net income: Increase ₹1,177.119 million (US$17 million) (March 2009) Website: www.bankofrajasthan.com 11. Bengal Central Bank Bengal Central Bank was a commercial bank based in Bengal. It was founded by J. C. Das in 1918 as the Bengal Central Loan Company. On 18 December 1950, it merged with Comilla Banking Corporation, Comilla Union Bank and Hooghly Bank to form the United Bank of India. 12. Bharat Overseas Bank Bharat Overseas Bank (BOB) was a private bank based in Chennai, India. In 2007 it merged with Indian Overseas Bank, which took over all the bank's employees, assets, and deposits. BOB was established in 1973 order to take over for the Bangkok branch of the Indian Overseas Bank. It was one of the few private banks that the Reserve Bank of India permitted to have a branch outside India, and was the only bank representing India in Thailand. It was owned by seven banks (initial ownership figures in parentheses): Indian Overseas Bank (30%), Bank of Rajasthan (16%), Vysya Bank (14.66%), Karur Vysya Bank (10%), Federal Bank (19.67%), South Indian Bank (10%), and Karnataka Bank (8.67%), but in 2007 Indian Overseas Bank fully acquired the bank. 13. Bharatiya Mahila Bank Bharatiya Mahila Bank (BMB) was an Indian financial services banking company based in Mumbai, India. Former Indian Prime Minister Manmohan Singh inaugurated the system on 19 November 2013 on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi. As part of the Modi government's banking reforms and to ensure greater banking outreach to women, the bank merged with State Bank of India on 1 April 2017. While being run by women, and lending exclusively to women, the bank allowed deposits to flow from everyone. India was the third country, after Pakistan and Tanzania, to have a bank exclusively to benefit women. Former type: State ownership Industry: Banking, Financial services Fate: Merged with State Bank of India Founded: 2013 Defunct: 1 April 2017 Headquarters: Delhi, India Key people: S M Swathi(ED) Products: core banking, credit card, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management Owner: Government of India Number of employees: 500 Website: www.bmb.co.in 14. Bank of Calcutta Formerly: Bank of Calcutta Industry: Banking, Financial Services Fate: Merged with Bank of Bombay and Bank of Madras Successor: Imperial Bank of India Founded: 2 June 1806 Defunct: 27 January 1921 Headquarters: Calcutta, Bengal, British India Area served: British India The Bank of Calcutta (a precursor to the present State Bank of India) was founded on 2 June 1806, mainly to fund General Wellesley's wars against Tipu Sultan and the Marathas. It was the first bank of India and was renamed Bank of Bengal on 2 January 1809. The bank opened branches at Rangoon (1861), Patna (1862), Mirzapur (1862), and Benares (1862). When it became known that the bank intended to open a branch at Dacca, negotiations began that resulted in Bank of Bengal in 1862 amalgamating Dacca Bank (est. 1846). A branch at Cawnpore followed. The Bank of Calcutta, and the two other Presidency banks — the Bank of Bombay and the Bank of Madras — amalgamated on 27 January 1921 and the reorganized banking entity assumed the name Imperial Bank of India. 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 renamed on 30 April 1955 as the State Bank of India. 15. Centurion Bank of Punjab Type: Public. BSE:532273. NSE:CENTBOP. Luxembourg Stock Exchange Industry: Banking, Insurance, Capital Markets and allied industries Founded: Panaji, 1994 (as Centurion bank) Headquarters: Corporate Centre, 1201,Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai 400 021 India Key people: Chairman: Mr. Rana Talwar Products: Loans, Credit Cards, Savings, Investment vehicles, Life and General Insurance (Insurance) etc. Website: www.centurionbop.co.in The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that provided retail and corporate banking services. It operated on a strong nationwide franchise of 403 branches and had over 5,000 employees. The bank listed its shares on the major Indian stock exchanges and on the Luxembourg Stock Exchange. On 23 May 2008 HDFC Bank acquired Centurion Bank of Punjab. 16. Chartered Bank of India, Australia and China Industry: Banking Fate: Merged with Standard Bank Successor: Standard Chartered Founded: 1853 Defunct: 1969 Headquarters: London The Chartered Bank of India, Australia and China (informally The Chartered Bank) was a bank incorporated in London in 1853 by Scotsman James Wilson, under a Royal Charter from Queen Victoria. Though lacking a truly strong domestic network in Britain, it was influential in the development of British colonial trade throughout the East of Suez. In 1969 Chartered Bank merged with Standard Bank, which did business throughout Africa. The merged enterprise was incorporated in London under the name Standard Chartered. 17. Commercial Bank of India Founded: Bombay, British India (1845) Defunct: 1866 Number of locations: 10 Products: Banking The Commercial Bank of India, also known as Exchange Bank was a bank which was established in Bombay Presidency (now Mumbai), in 1845 of the British Raj period. The bank failed in the crash of 1866, after successfully operating for 20 years. The bank had eight branches, exclusive of the head office at Bombay, viz: London, Calcutta, Hong Kong, Foochow (now Fuzhou), Shanghai, Hankow (now part of Wuhan), Yokohama and Singapore, with an agency for the purchase of bullion at San Francisco. Commercial Bank of India then was winded up as directed by the Master of the Rolls, under the corresponding section of the Companies Act of England, where the company was registered under the Indian law and was not registered in England, but was carrying on business in England. 18. Corporation Bank Former type: Public sector undertaking Traded as: BSE: 532179. NSE: CORPBANK Industry: Banking, Financial services Fate: Merged with Union Bank of India Successor: Union Bank of India Founded: 12 March 1906; 114 years ago Founder: Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur Defunct: 1 April 2020 Headquarters: Mangalore, Karnataka, India Area served: India Key people: P. V. Bharathi (MD & CEO) Products: e-banking, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management, Credit cards, Revenue: Decrease ₹17,494.70 crore (US$2.5 billion) Operating income: Decrease ₹3,894.46 crore (US$550 million) (2019) Net income: Decrease ₹-6,332.98 crore (US$−890 million) (2019) Total assets: Decrease₹221,891.31 crore (US$31 billion) (2019) Owner: Government of India Number of employees: 19,569 (2016) Capital ratio: 12.30% (2019) Website: www.corpbank.com Corporation Bank is a public-sector banking company headquartered in Mangalore, India. The bank has 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. History :: 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. On 14 November Corporation Bank said it raised an amount of Rs 500 crore of the Basel III compliant Tier-II Bonds (Series1) and the same has been allotted by the Securities Allotment Committee of the Board of the Bank. On 2 December 2017, Corporation Bank launched its RuPay Select and RuPay Platinum credit cards. RuPay credit cards are accepted at all RuPay-enabled 1.5 million-plus PoS terminals and 80,000-plus e-commerce merchants in India and all ICS Partner acceptance points (POS, e-commerce merchants) globally. On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into Union Bank of India. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of ₹14.59 lakh crore (US$200 billion) and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The Union Cabinet approved the merger on 4 March, and it will be completed on 1 April 2020. 19. Dass Bank Dass Bank (Bengali: দাশ ব্যাঙ্ক) was a commercial bank founded by Alamohan Das in 1939 in Calcutta that grew to have 60 branches all over Bengal. After the Partition of India, Dass Bank had to close because it had lost the majority of its branches when East Bengal became Pakistan. 20. Delhi and London Bank The Delhi and London Bank was a bank that operated in British India. It was originally incorporated as the Delhi Banking Corporation in India in 1844 and under this better known name in London in 1865. The bank separated in 1916 with many of the Indian branches merging into the Alliance Bank of Simla (established in 1874) and the London branch was bought by the Boulton Brothers. The bank was liquidated in 1924 following failure. 21. Dena Bank Formerly: Devkaran Nanjee Banking Company Ltd Former type: Public sector undertaking Traded as: BSE: 532121. NSE: DENABANK ISIN: INE077A01010 Industry: Banking, Financial Services Fate: Amalgamated with Bank of Baroda Successor: Bank of Baroda Founded: 26 May 1938 Founder: Devkaran Nanjee Defunct: 1 April 2019 Headquarters: C-10, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai, Maharashtra, India Number of locations: 1,872 branches (2018) Area served: India Services: consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management Revenue: Decrease ₹8,932.2247 crore (US$1.3 billion) (2018) Operating income: Decrease ₹-3,178.7532 crore (US$−450 million) (2018) Net income: Decrease ₹-1,923.1532 crore (US$−270 million) (2018) Total assets: Decrease ₹62.7257 crore (US$8.8 million) (2018) Total equity: Decrease ₹6,943.7548 crore (US$970 million) (2018) Owner: Government of India (80.74%) Number of employees: 13,613 (2018) Capital ratio: 11.09% (2018) Website: www.denabank.com Dena Bank Ltd was an Indian public sector bank. It was headquartered in Mumbai and had 1,874 branches. The bank was founded in 1938 and the Indian government nationalized it in 1969. On 17 September 2018, the Government of India proposed the amalgamation of Dena Bank and Vijaya Bank with the Bank of Baroda, pending approval from the boards of the three banks. The Union Cabinet and the boards of the banks approved the merger on 2 January 2019. Under the terms of the amalgamation, Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares of the Bank of Baroda, respectively, of face value ₹2 for every 1,000 shares they held. The amalgamation became effective from 1 April 2019. 22. Exchange Bank of India & Africa The Exchange Bank of India & Africa was an Indian bank with a number of overseas branches in East African countries that operated from 1942 until its failure in 1949. It expanded rapidly across the trade routes between India and Africa but suffered a crisis in 1949 which caused it to fail. History The bank was established in Bombay in 1942. It expanded rapidly and at its peak had branches in India at Ahmedabad, Amraoti, Amritsar, Bhavnagar, Bangalore, Calcutta, Cochin, Delhi, Karachi, Khamagaon, Kolhapur, Madras, Madura, Nagpur, Rajkot, Surendranagar, Tinnevelly, and Tuticorin. It also had overseas branches at Aden, Colombo, Dar-es-Salam, Jaffna, Jinga, Kampala, London, Mombasa, and Nairobi. The bank opened three East African branches in 1947, with the branch in Tanzania opening in late 1948. A crisis developed in the bank from about mid-February 1949, resulting in a heavy run on the bank. The bank suspended payments in May and was liquidated in June 1949. The Managing Director of the bank at the time, Jaswantrai Manilal Akhaney, was charged with and found guilty of criminal breach of trust for disposing of certain securities that a client had deposited with the bank. 23. Global Trust Bank (India) Global Trust Bank (India) (GTB) was founded on 21 October 1994 and commenced operations at Secunderabad. Its founders included Ramesh Gelli (its first Chairman), Sridar Subasri, and Jayant Madhob, among others. The bank introduced a number of technology-based innovations and responsive service. GTB was involved in the stock market scam of 2001, that the stockbroker Ketan Parekh ran. GTB lent heavily to individuals speculating in the stock market; when the market crashed the bank suffered extensive losses. One consequence was that merger talks with UTI Bank fell through. The Reserve Bank of India (RBI) forced Gelli to resign. Gelli's successor resigned after six months, and Gelli's son joined the board of directors. In 2004, Gelli briefly returned to the bank in February 2004 before being again forced to resign. RBI examined GTB's accounts for 2001-2 and found that GTB's net worth had turned negative, but did not close the bank. GTB did not address its problems. Instead, and despite its dire straits, GTB continued to grow. It had 87 branches in 2002–2003, and grew to 103 branches before the RBIC forced it to close. It also paid interest on deposits at a rate equal to or better than other banks in its area. GTB sought to recapitalize itself by bringing in new investors. In mid-2004 GTB was in close talks with Newbridge Capital. Newbridge was to invest US$200million, subject to RBI approval. However, RBI was reluctant to permit private investors to restructure GTB. The RBC issued a Moratorium Order on 24 July 2004. Before GTB's winding up, Goldman Sachs owned 4% of the bank and the International Finance Corporation owned 5%. Oriental Bank of Commerce acquired GTB on 14 August 2004. Shareholders in GTB received nothing for their shares; depositors, however, suffered no loss. After acquiring GTB, OBC discovered that GTB's situation was even worse than it had appeared at the time of acquisition. OBC did gain an increased presence in the southern parts of India, where its presence had been weak and GTB's was extensive. GTB had been leaner than OBC. OBC had ten times the staff and branches than GTB, but only four to five times as much in the form of deposits, investments, or advances. 24. Grindlays Bank Headquarters: Grindlay & Co, 54 Parliament Street, Westminster on 22 August 1899 Industry: Banking Fate: Taken over by Australia and New Zealand Banking Group in 1984 Founded: 1828 in London, United Kingdom Founder: Robert Melville Grindlay Headquarters: London, United Kingdom Number of locations: 183 (1863 - 1963) The historic overseas bank was established in London in 1828 as Leslie & Grindlay, agents and bankers to the British army and business community in India. Banking operations expanded to include the Indian subcontinent, the Middle East and elements of Africa and Southeast Asia. It was styled Grindlay, Christian & Matthews in 1839, Grindlay & Co from 1843, Grindlay & Co Ltd from 1924 and Grindlays Bank Ltd in 1947 until its merger with the National Bank of India. The National Bank of India was formed in 1863 and became one of the larger London overseas banks operating not only in the Indian sub-continent but in communities around the Indian Ocean. In 1948 it purchased the smaller Grindlays Bank Ltd, renaming itself National and Grindlays Bank Ltd some ten years later. Following further acquisitions, its name was shortened to Grindlays Bank in 1974. Grindlays was taken over by Australia and New Zealand Banking Group in 1984 and renamed ANZ Grindlays Bank. Standard Chartered Bank acquired ANZ Grindlays in 2000, after which the Grindlays name fell out of use. 25. Imperial Bank of India Type: Private (80%) Industry: Banking, Financial Services Fate: Nationalization into State Bank of India in 1955 Predecessor: Bank of Calcutta(1806-1921), Bank of Bombay(1840-1921), Bank of Madras(1843-1921) Successor: State Bank of India Founded: 27 January 1921 Founder: J. M. Keynes Headquarters: Bombay, Bombay State, India Area served: India The Imperial Bank of India (IBI) was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central bank for British India prior to the formation of the Reserve Bank of India in 1935. 26. Lord Krishna Bank Lord Krishna Bank was a private sector bank headquartered at Kodungallur, in Thrissur District of Kerala state in India. The bank was founded in 1940. The bank was founded by Sri. Narayana Prabhu at Kodungallur. In the 1960s, it acquired three commercial banks: Kerala Union Bank (est. 22 September 1952): Thiyya Bank, which was established in 1941, and merged on 16 November 1964; Josna Bank, which was established on 12 June 1944 in Cochin by N. Govinda Pai and N. Lakshmana Pai, of the Gowda Saraswath Brahmin community. In 1961, Josna Bank acquired the assets and liabilities of the Tripunithura Union Bank (est. 23 July 1929). The merger between Josna Bank and Lord Krishna Bank was effective 13 October 1965. At the time Josna Bank had 14 branches. Lord Krishna Bank became a scheduled commercial bank in 1971. In 2007, Lord Krishna Bank was merged with Centurion Bank of Punjab. 27. Madhavpura Mercantile Cooperative Bank Former type: cooperative Industry: Banking Fate: Licence cancelled by RBI on 1 June 2012 Founded: Ahmedabad, Gujarat (10 October 1968) Defunct: yes Headquarters: Ahmedabad Area served: Interstate Key people: BKR Maruti(CEO), Ramesh Parikh (Chairman), Devendra Pandya (Managing Director) Net income: – ₹1,147.13 crore (US$160 million) Madhavpura Mercantile Cooperative Bank (MMCB) was a Gujarat-based interstate cooperative bank that became defunct and lost its licence after it was unable to pay back the money it owed public depositors. Reserve Bank of India cancelled its licence in June 2012 under section 22 of the Banking regulations Act, 1949. Involvement with stock brokers and impact of the 2001 Sensex crash In 1999–2000, when the bank had 50,000 public depositors, it started lending out large sums of money to stock brokers in gross violation of Reserve Bank of India (RBI) rules and regulations. The MMCB had issued pay orders worth ₹1,200 crore (US$170 million) to stock broker Ketan Parekh, which he discounted at Bank of India. The bank had also lent money to Mukesh Babu and Sirish Maniar of the brokerage firm Maniar Group. At the time banks in India were not allowed to lend more than ₹15 crore (US$2.1 million) to stock brokers. In early 2001 Parekh and other brokers made a large sum of money when the Bombay Stock Exchange's Sensex saw a bull run; however, when the dotcom bubble burst, the Sensex dropped down to 3,000 points, and Parekh and the bank started having problems. On 8 March 2001, the news broke out that the bank had given a huge guarantee to Parekh which he lost in the stock crash. As little remained in the bank's coffers, public depositors began withdrawing their money; only a few were successful. Prior to the scam, the Madhavpura Mercantile Cooperative Bank was the largest urban cooperative bank in Gujarat. It had a deposit base of ₹1,200 crore (US$170 million) in March 2001, half of which was from other banks. Seeing the condition of the bank and fear of losing their money among the depositors the RBI restricted the bank's operations on 13 March 2001. The Central Registrar of Cooperative Societies superseded the bank's 12-member board. 28. Mercantile Bank of India, London and China Industry: Financial Services Fate: Acquired by HSBC, 1959. Acquired by Citibank, 1984. Acquired by the Bank of Tokyo-Mitsubishi, Ltd., 1987 Predecessor: Mercantile Bank of Bombay (1853) Mercantile Bank of India, London, and China (1857) Mercantile Bank of India, Ltd (1893) Founded: 1853 Headquarters: Bombay (1853) London (1858) The Mercantile Bank of India, London and China (later, Mercantile Bank, Ltd) was an Anglo-Indian bank with business focus in the Far East. It was founded in Bombay in 1853 as the Mercantile Bank of Bombay; and later in 1857 was renamed to Mercantile Bank of India, London, and China with London as its headquarters. By 1959, through a series of mergers and divisions, its name had been shortened to 'Mercantile Bank, Ltd', and was acquired by HSBC the same year. The bank was an issuer of Hong Kong bank notes until 1974. 29. Nath Bank The Nath Bank (Bengali: নাথ ব্যাংক) was an Indian-owned bank founded by Kshetra Nath Dalal in 1926 in Noakhali, now in Bangladesh but then in undivided India. By 1947 when the Partition of India was imminent, Nath Bank had its head office and three branches in Noakhali district, as well as a branch in Comilla in Tipperah District. Noakhali and Tipperah districts were to become a part of Pakistan, so the bank shifted its head office to Kolkata. During this time the Indian banks were facing severe crisis. In 1949, the Nath Bank had to be bailed out by the Reserve Bank of India. Even that failed to resolve the crisis and the bank was finally liquidated in 1950. Economist Arun Ghosh attributes its collapse to its over-aggressive expansion of branch banking. The failure of the Nath Bank created a panic among investors. 30. Nedungadi Bank Rao Bahadur T.M. (Thalakodi Madathil) Appu Nedungadi, who was famous as the first Malayalam novelist by writing the first Malayalam novel, titled Kundalatha, established Nedungadi Bank in 1899 at Calicut in Kerala. It was first private sector commercial bank to be set up in South India. The bank was incorporated in 1913. In 1964 it acquired the Cochin National Bank in Trichur, and then the year after Nedungadi took over selected assets and liabilities of the Coimbatore National Bank (est. 25 January 1933). Cochin National Bank had three offices and Coimbatore National Bank had only one. Over time, Nedungadi established some 174 branches, including branches at all major metropolitan cities such as New Delhi, Calcutta, Chennai, Mumbai, Ahmedabad, etc. In 2002 the Joint Parliamentary Committee (JPC) probing a stock scam pointed out discrepancies in the conduct of business by Nedungadi Bank. In 2003 Punjab National Bank took it over. At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares. 31. New Bank of India New Bank of India was established in 1936, in Lahore by Mulk Raj Kohli, a professor of Economics turned banker. It moved its head office to Amritsar in 1947, and then to New Delhi in 1956. It acquired Didwana Industrial Bank in 1965, Chawla Bank in 1969, and Sahukara Bank in 1971. Earlier New Bank of India had acquired Punjab & Kashmir Bank. Didwana Industrial Bank had been established in 1925 in Didwana. Chawla Bank, which had been established in 1913, had its registered office in Bannu, North Western Frontier Province, and a branch office at Dehra Dun in the United Provinces. Ninety-five percent of its depositors and creditors migrated to India after Partition. Sahukara Bank, est. 1912 in Ludhiana, had branches in Pakistan that it lost at Partition. Lala Gokul Chand Suri founded Punjab & Kashmir Bank in 1912 in Delhi with operations in Rawalpindi. The Government of India nationalized New Bank of India in 1980. Punjab National Bank acquired New Bank of India in 1993. The only other nationalized bank merged with another—except for State Bank of India with its associate banks—was the merger of Bharatiya Mahila Bank with State Bank of India in 2017. 32. North Malabar Gramin Bank Former type: Public Sector Bank, sponsored by Syndicate Bank Industry: Financial Commercial banks Successor: Kerala Gramin Bank Founded: Estd. under Regional Rural Banks Act 1976 Defunct: July 7, 2013 Headquarters: Kannur, Kerala, India Website: www.nmgbank.com North Malabar Gramin Bank (NMGB; Malayalam: നോർത്ത് മലബാർ ഗ്രാമീൺ ബാങ്ക്) was a Regional Rural Bank in Kerala, India. It was established in 1976 as a Scheduled Commercial Bank as per the Regional Rural Banks Act of 1976 to provide banking facilities in the North Malabar region. It operated in seven districts of Kerala with the headquarters at Kannur, and had 222 branches as of 14 June 2013. The bank distinguished itself as one of the few profit making RRBs in India before its amalgamation. On 8 July 2013, per a Government of India notification, North Malabar Gramin Bank (sponsored by Syndicate Bank) and South Malabar Gramin Bank (sponsored by Canara Bank) were amalgamated into a single entity as the Kerala Gramin Bank, with its head office at Malappuram, and Canara Bank as the sponsor bank, after consulting NABARD, the concerned sponsor banks and the Government of Kerala. 33. Oriental Bank Corporation Formerly: Bank of Western India Former type: Private Industry: Banking Founded: Bombay, Bombay Presidency, British India (1842) Defunct: 1892 Headquarters: London, United Kingdom of Great Britain and Ireland Areas served: Asia, Australia, New Zealand, South Africa, San Francisco The Oriental Bank Corporation or "OBC" was a British imperial bank founded in India in 1842 which grew to be prominent throughout the Far East. As an Exchange bank, the OBC was primarily concerned with the finance of trade and exchanges of different currencies. It was the first bank in Hong Kong and the first bank to issue banknotes in Hong Kong. 34. Oriental Bank of Commerce Former type: Public sector undertaking Traded as: BSE: 500315 NSE: ORIENTBANK Industry: Banking, Financial services Fate: Merged with Punjab National Bank Successor: Punjab National Bank Founded: 19 February 1943; 77 years ago Founder: Rai Bahadur Sohan Lal Defunct: 1 April 2020 Headquarters: Gurgaon, Haryana, India Area served: India Key people: Mukesh Kumar Jain (MD & CEO) Products: Investment banking, Consumer banking, Commercial banking, Retail banking, Private banking, Asset management, Pensions, Mortgages, Credit cards Revenue: Decrease ₹17,867.69 crore (US$2.5 billion)(2019) Operating income: Increase ₹3,754 crore (US$530 million) (2019) Net income: Increase ₹55.00 crore (US$7.7 million) (2019) Total assets: Increase₹271,909.57 crore (US$38 billion) (2019) Owner: Government of India Number of employees: 21,729(2019) Capital ratio: 12.73% (2019) Website: www.obcindia.co.in Oriental Bank of Commerce (BSE: 500315 NSE: ORIENTBANK) is an Indian public sector bank. Headquartered at Gurgaon, Haryana, has 2390 branches and 2625 ATMs across India. 35. Oudh Commercial Bank Former type: Private company Industry: Banking Fate: Failed Founded: 1881 Defunct: 1958 Headquarters: Faizabad, India Oudh Commercial Bank or Awadh Commercial Bank was an Indian bank established in 1881 in Faizabad and operated until 1958 when it failed. It was the first commercial bank in India having limited liability and an entirely Indian board of directors. It was a small bank that had no branches and that served only local needs. History :: Before it failed it acquired the Bank of Rohilkund (or Bank of Rohilkhand), which Sir Yusef Ali Khan, Nawab of Rampur (1832–1887), had promoted over the objection of local moneylenders. Bank of Rohilkund was established in 1862, just after the acceptance of limited liability for banks. Bank of Rohilkund was the first promoted by a princely state; it too was a small bank. 36. Palai Central Bank Palai Central Bank was a commercial bank headquartered in Kerala, South India that functioned during the middle of last century. Although it was started in a small remote city, the bank grew up to become not only the biggest bank but the biggest institution in Kerala, after the state government, and the 17th largest among the 94 scheduled banks in India. The Kerala High Court in 1960 ordered the liquidation of Palai Central Bank on a petition from the Reserve Bank of India. From the time of its founding in 1927, Palai Central Bank had an eventful history. The bank's existence the period preceding and immediately following India's independence, when Kerala – a small State in the far south – could exert only very little influence in the nation's capital. It was also a period when the need for protecting the interests of different segments of society was not a major consideration when policy decisions were taken by the Central Government. 37. Pandyan Bank Pandyan Bank was a private sector bank that S.N.K. Sundaram established at Madurai, Tamil Nadu, on 11 December 1946. In 1963 Canara Bank acquired Pandyan Bank. The bank introduced innovations such as plastic pouches for savings bank pass-books. More importantly, it created an all-women's branch at Town Hall Road in Madurai in 1947, staffed by ten women, one of whom was Kamala Sundaram, S.N.K. Sundaram's daughter. The merger with Canara Bank took effect on 2 December 1963. At the time of the acquisition, Pandyan Bank had 83 branches, and 800 staff. 38. South Malabar Gramin Bank Former type: Public Sector Bank, sponsored by Canara Bank Industry: Financial. Commercial banks Successor: Kerala Gramin Bank Founded: Estd. under Regional Rural Banks Act 1976 Defunct: July 7, 2013 Headquarters: Malappuram, Kerala, India Website: www.smgbank.com South Malabar Gramin Bank (now Kerala Gramin Bank) was a Regional Rural Bank in India, and had its headquarters at Malappuram in Kerala. Its area of operation was limited to 8 districts in Kerala, India. It had been financing farm & non-farm sectors and other employment generation programs through its 506 branches spread over these 8 districts. As per Government of India notification dated 08.07.2013, amalgamation of South Malabar Gramin Bank and North Malabar Gramin Bank sponsored by Syndicate Bank had been effected into a single entity as Kerala Gramin Bank with its head office at Malappuram and sponsor bank as Canara Bank after consulting NABARD, concerned sponsor banks and State government of Kerala. Government of India notification is effective from 08.07.2013. 39. State Bank of Bikaner & Jaipur Former type: Public Traded as: BSE: 501061 NSE: SBBJ Industry: Banking, Insurance, Capital Markets and allied industries Fate: merged with State Bank of India on 31 March 2017 Founded: Jaipur, 1963 Defunct: 31 March 2017 Headquarters: Head Office, Tilak Marg, Jaipur 302 005 India Key people: Arundhati Bhattacharya(Chairman), Dibakar Mohanty(Managing Director) Products: Loans, Savings, Investment vehicles, etc. Net income: Increase ₹ 850.60 Crore (March 2016) Number of employees: 12,831 Parent: State Bank of India Website www.sbbjbank.com State Bank of Bikaner & Jaipur (SBBJ) was a major Indian bank. It was a subsidiary of State Bank of India, with which it was merged on 31st March 2017. As of 2015, SBBJ had 1,360 branches, mostly located in the state of Rajasthan, India. Its branch network out of Rajasthan covered all the major business centers of India. In 1997, the bank entered the capital market with an Initial Public Offering of 1,360,000 shares at a premium of Rs. 440 per share. For the year 2015-16 the net profit of the company was Rs. 8.5 billion. 40. State Bank of Hyderabad Former type: Public Sector Industry: Banking, Insurance, Capital Markets and allied industries Fate: Merged in State Bank of India in 2017 Founded: Nizam Mir Osman Ali Khan, Hyderabad State Bank Hyderabad, 8 August 1941 Defunct: 31 March 2017 Headquarters: Gunfoundry, Abids Hyderabad India Area served: Pan-India. Key people: Rajnish Kumar (banker) (Chairman), Mani Palvesan (Managing Director) Products: Personal Banking Schemes, Corportate Banking, SME Banking Schemes, FOREX, Mobile Banking, Internet Banking, Credit Cards, Insurance Net income: Rs. 1317 crores Owner: Government of India Number of employees: 17,000 Parent: State Bank of India (100% owned) Website: www.sbhyd.com State Bank of Hyderabad (SBH) was a nationalized bank in India, with headquarters at Gunfoundry, Abids, Hyderabad, Telangana. It was one of the five associate banks of State Bank of India (SBI) and was one of the scheduled banks in India. It was founded in 1941 as the Hyderabad State Bank. From 1956 until 31 March 2017, it had been an associate bank of the SBI, the largest such. The State Bank of Hyderabad was merged with SBI on 1 April 2017. The Bank's head office was situated at Gunfoundry Area, Hyderabad, India. SBH had over 2,000 branches and about 18,000 employees. The Bank's business had crossed Rs. 2.4 trillion as on 31.12.2015 with a net profit of Rs. 8.12 billion. The bank had performed well in the decades before merger, winning several awards for its banking practices. Mrs. Arundhati Bhattacharya was the Chairman and Shri Mani Palavesan the Managing Director at the time of merger. It was the chief banker of Telangana State. 41. State Bank of Indore State Bank of Indore (Indore Bank) was a government-owned Indian bank and the largest of State Bank of India's (SBI) six associate bank subsidiaries. In October 2009, the Government of India gave its in-principle approval to a merger between State Bank of India and State Bank of Indore. On 15 July 2010 the Cabinet cleared the merger. On 26 August 2010 State Bank of Indore officially merged into State Bank of India. At the time of the merger the bank had over 470 branches in more than 300 cities and towns. In March 2009, the business turnover of State Bank of Indore exceeded Rs. 500 billion. History 1920: The Bank of Indore was incorporated under a special charter from Maharaja Tukoji Rao Holkar III, who was the ruler from 1903 to 1927 of the former princely state of Indore. Indore State awarded the Bank a monopoly for 10 years, granted it certain concessions and subscribed to the Bank's share capital. Indore Bank's main branch and headquarters was in the city of Indore, located on the Malwa Plateau, just north of the Vindhya Range. 1960: The Bank of Indore became a subsidiary of State Bank of India w.e.f. 1 January 1960 under the name State Bank of Indore. Prior to the merger, SBI held a 98.05% stake in Indore Bank. 1962: State Bank of Indore acquired the Bank of Dewas, which had been established in 1936 and had been the first bank in Dewas district. 1965: State Bank of Indore acquired Dewas Senior Bank, which had been incorporated in 1941. 1971: State Bank of Indore was up-graded to class 'A' category bank. 2010: State Bank of Indore was merged into State Bank of India. 42. State Bank of Mysore Former type: Public sector Traded as: BSE: 532200 NSE: MYSOREBANK ISIN: INE651A01020 Industry: Banking, Insurance, Capital Markets and allied industries Fate: Merged with State Bank of India Predecessor: The Bank of Mysore Ltd. Successor: State Bank of India Founded: 2 October 1913; 106 years ago as The Bank of Mysore Ltd. Founder: Sir M. Visvesvaraya Defunct: 31 March 2017 Headquarters: Bengaluru Number of locations: 1074 branches and 9 extension counters Area served: India Key people: Chairman: Arundhati Bhattacharya Managing Director: N.K.Chari Products: Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes Services: Loans, Deposits, Mobile Banking, ATM Services, NRI Services, Real Time Gross Settlement (RTGS) Transactions, National Electronic Fund Transfer (NEFT), Internet Banking, Debit Card Net income: Increase₹276 Crores[citation needed] Total equity: Increase3988 Crores as on 31 Mar 2014 Number of employees: 10,226 (31 December 2016) 3,600 supervisory staff 6,626 non-supervisory staff Parent: State Bank of India (90.00% shares) Website: bank.sbi State Bank of Mysore was a Public Sector bank in India, with headquarters at Bengaluru. It was one of the five associate banks of State Bank of India, all of which were consolidated with the State Bank of India with effect from 1 April 2017. State Bank of Mysore was established in the year 1913 as The Bank of Mysore Ltd. under the patronage of Maharaja Krishna Raja Wadiyar IV, at the instance of the banking committee headed by the great Engineer-Statesman, Bharat Ratna Sir M.Visvesvaraya. During 1953, "Mysore Bank" was appointed as an agent of Reserve Bank of India to undertake Government business and treasury operations, and in March 1960, it became a subsidiary of the State Bank of India under the State Bank of India (subsidiary Banks) Act 1959. Now the bank is an Associate Bank under State Bank Group and the State Bank of India holds 92.33% of shares. The Bank's shares are listed in Bengaluru, Chennai, and Mumbai stock exchanges. This bank had 976 branches and 10627 employees (June 2014) and the Bank has 772 branches (79%) in Karnataka State. The bank had regional offices in Bengaluru, Mysuru, Mangaluru, Mandya, Hassan, Shivamogga, Davangere, Ballari, Tumakuru, Kolar, Chennai, Coimbatore, Hyderabad, Mumbai and New Delhi. The bank's turnover in the year 2013-2014 was around US$19 Billion and Profit about US$46 Million. 43. State Bank of Patiala Former type: Public Traded as: BSE: 501061 NSE: SBP Industry: Banking, Insurance, Capital Markets and allied industries Fate: Merged in State Bank of India in 2017 Founded: Patiala, 1917 Defunct: 2017 Headquarters: Head Office, The Mall, Patiala 147 002 India Key people: Sh. Rajnish kumar (Chairman), Shri. S. A. Ramesh Rangan(Managing Director) Products: Loans, Savings, Investment vehicles, etc. Revenue: Increase ₹173,000 crore (US$24 billion) (2013) Net income: Increase ₹11,358.06 crore (US$1.6 billion) (2013) Total assets: Increase ₹116,709.10 crore (US$16 billion) (2013) Total equity: Increase ₹203,417.50 crore (US$29 billion) (2013) Number of employees: 13178 Parent: State Bank of India Website: www.sbp.co.in State Bank of Patiala, founded in 1917, was an associate bank of the State Bank Group. At the time of its merger, State Bank of Patiala had a network of 1445 service outlets, including 1314 branches, in all major cities of India, but most of the branches were located in the Indian states of Punjab, Haryana, Himachal Pradesh, Rajasthan, Jammu & Kashmir, Uttar Pradesh, Madhya Pradesh, Delhi, Gujarat and Maharashtra. It merged with State Bank of India on 1 April 2017. 44. State Bank of Saurashtra Headquarter: Bhavnagar The 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. At the time of the merger, the bank had a network of 423 branches spread over 15 states and the Union Territory of Daman and Diu. 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 1 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. The bank's first chairman was Jagubhai S. Parikh, and he served until 1960. He was the Deputy Chief Minister of Bhavnagar State Cabinet and was the first Finance Minister in the post-Independence Saurashtra Cabinet. 45. State Bank of Travancore Formerly: Travancore Bank Ltd Former type: Public Traded as: NSE: SBT BSE: 532191 Industry: Banking, Capital Markets and allied industries Fate: Merged with State Bank of India on 31 March 2017 Successor: State Bank of India Founded: Trivandrum, 12 September 1945 (as Travancore Bank Ltd) Founder: Chithira Thirunal Balarama Varma Defunct: 31 March 2017 Headquarters: Poojappura, Thiruvananthapuram, India Number of locations: 1,157 Branches, 12 Extension counters and 1,602 ATM Counters Area served: Kerala Services: Investment Banking, Consumer Banking, Commercial Banking, Retail Banking, Private Banking, Asset Management, Pensions, Mortgages. Number of employees: 14,069 (2015) Parent: State Bank of India Website: statebankoftravancore.com State Bank of Travancore (SBT) was a major Indian bank headquartered in Thiruvananthapuram, Kerala, and was a major associate of State Bank of India. SBT was a subsidiary of the State Bank Group, but also had private share-holders. It was the premier bank of Kerala. Overall, as of 31 March 2015 SBT had a network of 1,157 branches and 1,602 ATMs, covering 18 states and three union territories. On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with SBI. It finally merged with its parent bank on 31 March 2017. 46. Syndicate Bank Former type: Public sector undertaking Traded as: BSE: 532276 NSE: SYNDIBANK Industry: Banking, Financial services Fate: Merged with Canara Bank Successor: Canara Bank Founded: 1925; 95 years ago (as Canara Industrial and Banking Syndicate Limited) Founders: Upendra Ananth Pai, T. M. A. Pai, Vaman Kudva Defunct: 1 April 2020 Headquarters: Manipal, Udupi, Karnataka Areas served: India, United Kingdom, Oman Key people: Ajay Vipin Nanavati (Chairman), Mrutyunjay Mahapatra (MD & CEO) Products: Finance and insurance, Consumer Banking, Corporate Banking, Investment Banking, Investment Management, Private Equity, Mortgages, Credit Cards Revenue: Decrease ₹6,913.09 crore (US$970 million)(2017) Operating income: Increase ₹1,514 crore (US$210 million) (2017) Net income: Increase ₹359 crore (US$50 million) (2017) Total assets: Decrease ₹299,073.34 crore (US$42 billion) (2017) Owner: Government of India Number of employees: 35000 (March 2019) Capital ratio: 12.03% (2017) Website: www.syndicatebank.in Syndicate Bank is 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 bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the Government of India. The Bank has headquarter in the university town of Manipal, India. On 30 August 2019, the Government of India announced the bank would be merged into Canara Bank. 47. United Bank of India Former type: Public sector undertaking Traded as: NSE: UNITEDBNK BSE: 533171 Industry: Banking, Financial services Fate: Merged with Punjab National Bank Predecessors: Comilla Banking Corporation, Bengal Central Bank, Comilla Union Bank, Hooghly Bank Successor: Punjab National Bank Founded: 1950; 70 years ago Founder: Narendra Chandra Dutta Defunct: 1 April 2020 Headquarters: Kolkata, West Bengal, India Area served: India Key people: Ashok Kumar Pradhan (MD & CEO) Products: Finance and Insurance, Consumer Banking, Corporate Banking, Investment Banking, Investment Management, Private Equity, Mortgages Revenue: Increase₹10,945.00 crore (US$1.5 billion) (2019) Operating income: Increase ₹1,412.00 crore (US$200 million) (2019) Net income: Decrease ₹-2,316.00 crore (US$−320 million) (2019) Total assets: Increase ₹151,530.00 crore (US$21 billion) (2019) Owner: Government of India Number of employees: 15,191 (2018) Capital ratio: 10.08% (2016) Website: www.unitedbankofindia.com United Bank of India (UBI) is an Indian government-owned bank headquartered in Kolkata, India. Presently the bank has a three-tier organisational setup consisting of its head office in Kolkata, 36 regional offices and 2054 branches spread all over India. However, its major presence is in Eastern India. The bank has three full-fledged overseas branches, one each at Kolkata, New Delhi and Mumbai. United Bank of India now aims to expand its international activities. On 30 March 2009, the Indian government approved the restructuring of United Bank of India. The government proposed to invest 2.5 billion rupees in shares by 31 March and another 5.50 billion in the next fiscal year in Tier-I capital instruments. The move is part of the Indian government's program to improve the capital base of the state-owned banks. UBI gets SEBI approval for Rs 1,000 crore equity issue via QIP On 22 November 2017, United Bank of India (UBI) said it has received SEBI's approval for issue of equity shares worth Rs 1,000 crore by way of institutional placement. On August 30, 2019, the Government of India announced the bank would be merged into Punjab National Bank of India. The merger is most likely come into effect at the beginning of the next fiscal year starting on April 2020. 48. United Industrial Bank United Industrial Bank (UIB) was founded in Calcutta in 1940 by Jadunath Ray. In 1989 Allahabad Bank acquired it in a rescue. In 1963 UIB acquired two banks. One was the Prabartak Bank, which the Prabartak Sangha movement had founded in Calcutta on 17 September 1929 as the Prabartak Bank and Insurance Company. At one point Prabartak Bank had a branch in Chittagong. The other was the Bank of Bankura, which had been established in Calcutta on 8 June 1936. In 1964 United Industrial Bank acquired two more banks: Metropolitan Bank on 6 February, and Southern Bank on 24 August. Both Southern and Metropolitan Bank had been established in Calcutta, Southern on 10 October 1934, and Metropolitan on 16 October 1936. In 1965 the Government of East Pakistan took over UIB's branch in East Pakistan. At the time of its merger into Allahabad Bank, United Industrial had 145 branches. 49. United Western Bank United Western Bank (UWB) was an Indian bank founded in 1936 that IDBI Bank acquired in 2006 in a rescue. The Reserve Bank of India placed UWB under a moratorium to protect the interest of public and depositors as growing losses eroded its capital. Annasaheb Chirmule, a leader of the Swadeshi movement, founded Satara Swadeshi Commercial Bank in 1907, and some three decades later founded United Western Bank. The bank was incorporated in 1936, and commenced operations the next year. UWB's head office was in Satara, in Maharashtra State. It became a Scheduled Bank in 1951. In 1956 UWB acquired Union Bank of Kolhapur, which had been incorporated on 5 July 1949. In 1961 UWB acquired Satara Swadeshi Commercial Bank. Established on 20 August 1907, this was the first bank established at Satara. At the time of the merger with IDBI, UWB had some 230 branches spread over 47 districts in 9 states, controlled by five Zonal Offices at Mumbai, Pune, Kolhapur, Jalgaon and Nagpur. By acquiring UWB, IDBI was able to increase its branch network from 195 to 425 branches. 50. Vijaya Bank Former type: Public sector undertaking Traded as: BSE: 532401 NSE: VIJAYABANK ISIN: INE705A01016 Industry: Banking, Financial services Fate: Merged with Bank of Baroda Successor: Bank of Baroda Founded: 23 October 1931 (Mangalore, Madras Presidency, British India) Founder: Attavar Balakrishna Shetty Defunct: 1 April 2019 Headquarters: No. 41/2, M G Road, Bangalore, Karnataka, India Number of locations: 2,136 branches, 2,155 ATMs (2018) Area served: India Services: Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management Revenue: Increase ₹14,190.45 crore (US$2.0 billion) (2018) Operating income: Increase ₹3,098 crore (US$430 million) (2018) Net income: Increase ₹727 crore (US$100 million) (2018) Total assets: Increase₹177,632.04 crore (US$25 billion) (2018) Total equity: Increase₹10,627.19 crore (US$1.5 billion) (2018) Owner: Government of India (68.77%) Number of employees: 16,079 (2018) Capital ratio: 13.90% (2018) Website: www.vijayabank.com Vijaya Bank was a public sector bank with its corporate office in Bengaluru, Karnataka, India. It was one of the nationalised banks in India. The bank offered a wide range of financial products and services to customers through its various delivery channels. The bank had a network of 2031 branches (as of March 2017) throughout the country and over 4000 customer touch points including 2001 ATMs. On 17 September 2018, the Government of India proposed the merger of Vijaya Bank and Dena Bank with the Bank of Baroda, pending approval from the boards of the three banks. The merger was approved by the Union Cabinet and the boards of the banks on 2 January 2019. Under the terms of the merger, Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares of the Bank of Baroda, respectively, of face value ₹2 for every 1,000 shares they held. The merger is effective from 1 April 2019.. Vijaya Bank that has merged with Bank of Baroda has built a museum that dedicates to its history. References Ref 1: https://en.wikipedia.org/wiki/Category:Defunct_banks_of_India Ref 2: Bank of Hindostan
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