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.
11. Indian Bank: It was founded in 1906 in Chennai by V Krishnaswami, when the city was in severe financial crisis. However, it commenced operations in 1907. As of 2013-13, the bank had 2128 branches. Ind. Bank Housing Ltd. and Ind. Bank Merchant Banking Services Ltd. are two subsidiaries of Indian Bank. Mahesh Kumar Jain is the bank’s CEO and MD.
12. Indian Overseas Bank (IOB): Based in Chennai, Indian Overseas Bank (IOB) was established in 1937 by M Chidambaram Chettiar. It had a total of 3272 branches as of March 2014. IOB has branches in Singapore, Hong Kong, Colombo, Seoul, and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai. IOB also has an ISO certified in-house IT department, which has developed the software that its branches use to provide online banking to customers. R Koteeswaran is the bank’s current MD and CEO. IOB won an order of Merit in 2014 in FI and ADF/MIS for the implementation of ‘IOB – SAMPOORNA’ project under Financial Inclusion and Implementation of Automated Data Flow/Management Information Systems (MIS).
13. Oriental Bank of Commerce: Founded in 1943 by Rai Bahadur Lala Sohan Lal in Lahore, Oriental Bank of Commerce (OBC) is now based in India. Animesh Chauhan is the present CEO of the bank. Its number of branches increased to 4739 in FY 14-15. It is headquartered in Gurgaon.
14. Punjab
and Sind Bank: It was founded in 1908 by Bhai Vir Singh, Sir Sunder Singh
Majitha, and Sardar Tarlochan Singh to help underprivileged people. It was
nationalised by the government in 1980 (along with 5 other banks). The bank has
1425 branches and in the year 2014-15, 126 new offices were opened. Out of
these, 59 were opened under Financial Inclusion. It has 51 specialised MSME
branches after demarcating 22 general branches for MSME branches this year.
Jatinderbir Singh is the chairman and MD of the bank.
15. Punjab
National Bank (PNB): It is one of the oldest banks, established in 1894, while
it started operations in 1895. Nationalist and freedom fighter Lala Lajpat Rai
was the first to open an account in the bank. At present it has 6407 branches,
with overseas presence in 10 countries. Offices in Hong Kong, Dubai,
Kabul, Kowloon, subsidiaries in London, Bhutan and Kazakhstan, a joint venture
in Nepal and five representative offices in Sydney, Shanghai, Dubai, Oslo and
Almaty. It won the Indian Banks’ Association’s Banking Technology Award 2014-15
for best risk management initiatives. Executive director Gauri Shankar also holds the post for MD and chairman of the bank.
To go through previous articles on list of PSBs in India, visit the following links:
To get fresh updates about different exams on your Facebook & Twitter timelines, subscribe to our pages created specifically for them. We will post only exam specific links on these pages:
Bank PO:
FB: https://www.facebook.com/pagalguybankpo
Twitter: https://twitter.com/PaGaLGuYBankPO
SSC & Other Exams:
FB: https://www.facebook.com/pages/Pagalguy-SSC-CGL-Others/879667042056262
Twitter: https://twitter.com/pagalguyssc
UPSC:
Facebook: https://www.facebook.com/pages/Pagalguy-UPSC/951926044840262
Twitter: https://twitter.com/PaGaLGuYUPSC