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A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India. Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar. [1] The bank's corporate office was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one ...
Andhra Bank Company type Public Traded as NSE: ANDHRABANK BSE: 532418 Industry Banking Financial services Founded 28 November 1923 ; 101 years ago (1923-11-28) Founder Bhogaraju Pattabhi Sitaramayya Defunct 1 April 2020 ; 4 years ago (2020-04-01) Fate Merged with Union Bank of India Successor Union Bank of India Headquarters Hyderabad, Telangana, India Areas served India Dubai Malaysia Jersey ...
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. [3] In 2019, finance minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into the Union Bank of India, with all their branches becoming branches of the latter on 1 ...
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India’s commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, six PBs, 43 RRBs, and two LABs.
A 60% stake was taken by the Reserve Bank of India and the new bank was named State Bank of India. The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [1]
Rank Name of the Bank Year of Founding Year of Closing Fate Headquartered in References [1]; 1: The Madras Bank (1683) 1683: 1843: Merged with the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank to form the Bank of Madras in 1843
On 30 August 2019, Finance Minister announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposal would make Union Bank of India the fifth largest PSB with assets of ₹ 14.59 lakh crore (US$170 billion) and 9,609 branches. [63] [54] The Board of Directors of Andhra Bank approved the merger on 13 September.
Rakesh Sethi in his 34 years of experience served as a National Banking Group General Manager at Bank of India, General Manager of Andhra Bank, Director of Andhra Bank (since 26 December 2008). Rakesh Sethi was also the Chairman of the Board at JSC Subsidiary Bank Punjab National Bank Kazakhstan since 6 April 2012, An Executive Director of ...