Dear Readers,
Current affairs is an important component of several competitive exams such as the UPSC Civil Services Examination, SSC-CGL, Bank PO & PSU entrance tests, etc. Therefore, understanding the terms/concepts/events that make news is critical for aspirants. We at PaGaLGuY bring you series of articles explaining some of these important concepts/events. This series of articles deals with public sector banks in India and a brief background on each.
There are 27 public sector banks in India. This includes
19 nationalised banks, the State Bank of India and its 5 associate banks and two
government-owned banks. Listed below are basic details about nationalised banks.
1. Allahabad
Bank: It was founded in
Allahabad in 1865 and now is headquartered in Kolkata. It is one of the oldest
joint-stock bank in India (joint stock bank combines features of a partnership,
in which owners of a firm divide profits and losses, and a listed company,
which issues stock that shareholders can buy and sell on an exchange). As of
2013, the bank had 2794 branches across India. Rakesh Sethi is the bank’s
current chairman and MD.
2. Andhra
Bank: Founded in 1923, Andhra Bank is a medium-sized PSB with 2507
branches. In the next fiscal year (2015-16) the bank aims to open
more than 300 branches. While the government holds 58% of the
bank’s shares, the Life Insurance Corporation of India holds 10%. V R Rajendran
is the bank’s chairman and MD.
3. Bank
of Baroda (BOB): Offering both banking and financial services, Bank of
Baroda is the second-largest bank in India after SBI. It has a total of 5305
branches with 105 offices overseas. Though it is headquartered in Gujarat, it
has its corporate HQ in BKC, Mumbai. It was founded in 1908 and was
nationalised in 1969. Ranjan Dhawan is the present chairman of the ban.
4. Bank
of India (BoI): It is was founded in 1906 and is now headquartered in Mumbai. It has 4828 branches in India and presence in 22 foreign countries with 56 offices, 15 subsidiaries and 1 joint
venture. BoI is one of the
founding members of Society for Worldwide Interbank Financial Telecommunication
(SWIFT), which makes available a network for financial institutions across the
world to share financial information in a safe manner. BP Sharma is the
executive director of BoI who also holds the position of MD and
CEO.
5. Bank
of Maharashtra: Bank of Maharashtra was founded in 1935 by VG Kale and DK
Sathe. It is headquartered in Shivajinagar, Pune. It attained autonomy in 1998 and
this makes it easier for the bank’s 1880 branches to function without much
governmental/bureaucratic interference. Sushil Muhnot is the present chairman
and MD of the bank.
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