Nainital Bank
 | |
| Industry |
Banking Financial services Investment services |
|---|---|
| Founded | 1922 |
| Headquarters | Seven Oaks Building, Mallital, Nainital, Uttarakhand, India |
Key people | S.K.Gupta (Chairman & CEO) |
| Products |
Finance and insurance Consumer banking Corporate banking Investment banking Investment management Private banking |
| Parent | Bank of Baroda[1] |
| Website | http://www.bankofbaroda.com/subsidiaries_jv.asp |
The Nainital Bank Limited (NTB) (known as Nainital Bank)[2] (Hindi: नैनीताल बैंक) is a scheduled commercial bank founded by Mr Govind ballabh pant and Shah community in the year 1922 .The bank is a subsidiary of Bank of Baroda the second largest bank in India, Bank of baroda is having a majority of stake of 98.6%(Approx 99%) since 1975. The bank has expanded to Uttar Pradesh and especially in Uttarakhand State, and has over 130 branches in Rajasthan, Delhi and Haryana states.[1][3][4] Today, it has a net business of ₹55 billion (US$810 million) (2012),[5] and is enlisted as a scheduled bank by the Reserve Bank of India.[6]
Overview
Nainital Bank was founded by Govind Ballabh Pant(BHARAT RATNA AWARDEE) and a few other prominent men from the Shah/Sah community of Kumaon.[7] Two decades later, in 1975 Government-owned Bank of Baroda (BOB), Second largest bank in India, after the State Bank of India acquired 98.6%(99%Approx) stake in the bank and made it a subsidiary just like State bank of india and its subsidiary bank State bank of patiala,State bank of Hyderabad,State bank of bikaner and jaipur etc.As State bank is having its 5 subsidiary bank in the same way BANK OF BARODA is having only its one subsidiary Bank which is THE NAINITAL BANK which is also a Scheduled commercial bank.[1][7]
In April 2004, National Insurance Company (NIC) signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches across Uttarakhand, Haryana and New Delhi states.[8] The bank had a net worth of around Rs 1.12 billion on as on 31 March 2006.[9] It bank launched its rights issue in September 2009, to expand its capital adequacy ratio (CAR) to 14 per cent, this came after it previously withdrew its plans for an IPO due to adverse market conditions in 2007; by April 2010, the right issue had raised ₹300 million (US$4.4 million).[4][5]
Nainital bank is associated with Bank of Baroda, HDFC Bank, LIC, National Insurance Company Limited etc.[10] Currently, NBL has over 100 branches in Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.[7][11] It also provide online facilities, apart from Personal Banking, Business Banking, Rural and Agricultural Banking. The Nainital Bank Limited is registered as scheduled commercial bank with Reserve Bank of India (RBI), the central bank of India.[6][12]
Branch Locations
The Nainital Bank Limited has 130 branches presently in the following Indian states.[11]
References
- 1 2 3 "Domestic: Subsidiary". Bank of Baroda.
- ↑ "Nainital Bank".
- ↑ "Growth potential for Bank of Baroda is pretty high: Arihant Capital Markets". The Economic Times. 28 May 2010. Retrieved 20 August 2010.
- 1 2 "Nainital Bank drops plan for public issue". The Economic Times. 21 June 2007.
- 1 2 "Nainital Bank raises Rs 30 cr.". Business Standard. 1 April 2010.
- 1 2 "RBI Private Bank-Indian Bank". Reserve Bank of India.
- 1 2 3 "BoB to merge its associate bank". The Financial Express. 25 July 2006.
- ↑ "NIC ties up with Nainital Bank". The Hindu. 13 April 2004.
- ↑ "Banks struggle with RBI norms". The Times of India. 1 October 2006.
- ↑ "About Nainital Bank in info2india.com".
- 1 2 Branches NBL
- ↑ Chip Dickson; Oded Shenkar (2009). "List of Banks in India (2009)". The Great Deleveraging: Economic Growth and Investing Strategies for the Future. FT Press. p. 217. ISBN 0-13-235810-7.
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