History of Nedungadi Bank Ltd.

YEAR EVENTS 1913 - The Bank was incorporation at Calicut, Kerala State. The Bank transacts all kinds of banking business. From 1st January 1958, the Bank was upgraded to Class `C'.

1965 - The Bank took over selected assets & liabilities of the Coimbatore National Bank Ltd., Coimbatore.

1974 - 11,688 No. of equity shares out of which 19 classes of shares have been issued. 268 shares fully paid. 20 shares - Rs 85 called up per shares & 25 shares - Rs 67.50 called up per share.

1976 - The Comp. was granted licence to deal in foreign exchange at Calicut & Chennai branches.

1991 - 17,42,330 shares taken up. Shares of Rs 2 2/2 each consolidated into shares of Rs 10 each on 14th September. 20,368 shares of Rs 10 each then issued to promoters etc. 10,00,000 No. of equity shares issued at par as rights in prop. 1:1 [to holders prior to the allotment of 20,368 sharess]. 13,79,632 shares then issued at par of which 1,18,980 shares reserved & allotted on a preferential basis to employees, etc. of Bank. The balance 12,60,652 shares offered to the public in January 1992. [all were taken ups].

1996 - The Bank made a rights issue of 68,00,000 shares at a premium of Rs 20 per share in the proportion of 2:1.

- The Bank has ventured into Credit Card business. The bank will be marketing VISA cards in tie-up arrangement with Canara Bank.

- The bank has introduced the self appraisal system for employees appearing for promotions.

1997 - The Bank has proposed to start one more Training Institute at Ernakulam with the objective of imparting training to more staff members.

- Nedungadi Bank, the first commercial bank to be set up in South India.

- Nedungadi Bank proposes to computerise 50 per cent of its 152 branches by year 2000.

- The bank also proposes to launch a campaign in a bid to increase NRI deposits which currently constitutes about 12 per cent of its deposits.

1999 - Nedungadi Bank has launched a drive to enhance the share of its NRI deposits in its total deposits.

2000 - The Nedungadi Bank Ltd [NBLs] has entered into a strategic tieup with Stock Holding Corporation of India Ltd [SHCILs] in launching a new credit scheme.

- Nedungadi Bank has signed a memorandum of understanding with Stock Holding Corporation of India Ltd [SHCILs],

- ICRA has retained the rating to the company privately placed Rs. 20 crores NB: bonds - 1997 at `LA-'.

- The Comp. proposes to diversify into personal financial services in the states of Kerala & Tamilnadu in a major way.

2001 - Mr. Rajendra Kumar Banthia has resigned from the board of directors of The Nedungadi Bank limited effective May 2.

- ICRA has downgraded the subordinated debt programme of Bank to LBBB [pronounced L triple Bs] from LA-.

- J R Prabhu, banking ombudsman for Maharashtra & Goa is tipped to takeover as the new chairman & CEO of Nedungadi Bank.