History of Oriental Bank of Commerce
1980
- The Oriental Bank of Commerce Constituted through an Act of Parliament on 11th July. The Bank transacts all kinds of banking business.
1993
- 12,80,000 shares of Rs 10 each already issued and subscribed. 6,00,00,000 shares allotted at a premium of Rs 50 per share to Indian Financial Institutions. 60,00,000 shares at a premium of Rs 50 per share to Mutual Funds. 480,00,000 share at a premium of Rs 50 per share to Indian public. 23,80,000 shares to employees [additional 20,86,200 shares are taken ups].
1997
- Two Banks namely Punjab Co-operative Bank Ltd., & Bari Doab Bank Ltd., were amalgamated with the bank under Government of India notification on 7th April.
- Ten branches of these two banks which were taken over re-started their operations as Oriental Bank of Commerce branches w.e.f. 8th May.
- The correspondent network of bank consisting of 138 major banks all over the world & 27 NOSTRO Accounts enables the bank to meet the foreign exchange requirements of its clientele.
1998
- The Bank had 841 branches, comprising 247 rural branches, 271 semi-urban branches, 220 urban branches & 103 Metropolitan branches.
- OBC is also launching credit cards shortly for which it has already tied up with Master-Card.
- Oriental Bank of Commerce [OBCs] has become the first public sector bank in the country to join hands with Citibank to launch OBC co-branded credit card. The formal agreement to this effect was signed between the two partners on 27th July.
- The launch of OBC card provides us access to Citibanks' world class banking technology & processing expertise which will enable us to provide better value to our customers.
- Union Bank of India has launched a new deposit scheme called `Sahaj Jama Yojana'.
1999
- Oriental Bank of Commerce proposes to enter the insurance business in collaboration with Switzerland-based company, Zurich Re.
- The bank has set up special branch, asset recovery branch, one each at Delhi & Mumbai & will also open the same in other parts of the country in future.
2000
- Oriental Bank of Commerce decided to set up a life insurance venture with a foreign partner.
- Mr. B.D. Narang has taken over as Chairman & Managing Director, of the bank with effect from July 17.
- Mr. B.D. Narang has bagged the Indira Gandhi Rajbhasha Award for the year 1999-2000 for Bank outstanding achievements in Implementation of Official Language Policy.
2002
-Opens a specialised branch for women entrepreneurs
-Slashes interest rates on home loans
-Revises deposit rates
-Raises Rs 200 crore Tier-II capital through issue of bonds
-Ties up with Corporation Bank to share each other ATM network
2003
-Cuts domestic term deposit rates
-Slashes home loan rates by 0.75-pc
-Approves return of Capital held by Central Govt.
-Revises interest rates, margins on SSI advances
-Unveils electronic bill pay service
-Slashes lending rates for Small Scale Industries [SSIs]
-Joins hands with Infosys Technologies limited & Wipro limited for its Centralised Banking Solution [CBSs]
-Punjab National Bank [PNBs] ties up with Oriental Bank of Commerce [OBCs] to share ATMs
-Small Industries Development Bank of India [SIDBIs] enters into alliance with the Oriental Bank of Commerce [OBCs] to jointly work on projects in the field of small-scale, infrastructure & service areas
- Shri Vaidya Devendra Triguna has been appointed as non-official Director of Bank
-OBC in alliance with MasterCard has launched OBC PrePaid Card
-The Comp. has launched a housing loan package aimed exclusively at the salaried class from government, semi-government, public sector & reputed private sector organisations.
2004
-Oriental Bank of Commerce has informed that Shri Karuna Sagar Principal, Bankers Training College Mumbai has been appointed as a Director of Bank in place of Shri B.K. Vasdev, Regional Director, Reserve Bank of India, Kanpur w.e.f. January 9, 2004.
-New Holland Tractors ties up Oriental Bank of Commerce
-Oriental Bank induct Infy, Wipro for implementing IT project
- The Government of India on August 13 sanctioned the scheme for amalgamation of GTB with OCB that came into effect on August 14
2005
- Oriental Bank of Commerce [OBCs] has recovered Rs 100 crore of non-performing asset [NPAss] of beleagured Global Trust Bank, which was merged into it in July, & hopes to recover another Rs 100-150 crore soon.
-Government approves the second public issue of Delhi-based Oriental Bank of Commerce [OBCs]. The Rs 2,000-crore issue will bring down government equity in the public sector bank to 51% from 66% currently.
- Mr K.N. Prithviraj appointed as the new Chairman & Managing Director, Oriental Bank of Commerce.
- Oriental Bank of Commerce in consultation with all the Book Running Lead Managers to the issue, has fixed the issue price at Rs 250 per share.
-Oriental Bank of Commerce appoints Ms H A Daruwalla as Chairman & Managing Director upto December 12, 2008
2006
-Oriental Bank of Commerce [OBCs] has informed that the Bank has signed the Memorandum of Understanding [MOUs] with the IL and FS Investment Securities Ltd, for providing Online / Offline Share Trading facility for its customers.
-Oriental Bank of Commerce [OBCs] has informed that the Central Govt. has appointed Sh. Kamal Bhushan, Chief Manager, of Bank as Officer Employee Director on the Board of Directors of Bank for a period of three years with effect from Nov 23, 2006 or until his successor is nominated or till he ceases to be an officer of Bank whichever is earlier.
-Oriental Bank of Commerce has informed that the Central Govt. has appointed Sh. V Vijayasai Reddy, Chartered Accountants, Chennai, as part time non official Director under Chartered Accountant category on the Board of Directors of Bank for a period of three years with effect from date of notification [December 14, 2006s] and/or until further orders, whichever is earlier.
2007
- Oriental Bank of Commerce has raised its Benchmark Prime Lending Rate [BPLRs] by 75 basis points to 12.50 per cent with effect from February 23.
- Oriental Bank of Commerce [OBCs] has joined hands with Escorts Ltd, a tractor manufacturer, for providing retail tractor finance to farmers.
2008
-Oriental Bank of Commerce [OBCs] has appointed Shri. H Rathnakar Hegde, presently General Manager, Vijaya Bank as Executive Director of Oriental Bank Of Commerce.
-Oriental Bank of Commerce has announced that the Central Government vide notification dated 10 June 2008 has appointed Sumita Dawra as its nominee director on the board of bank in place of P Bolina.
- Oriental Bank of Commerce [OBCs] has inducted Sh. Bharat Bhushan Batra as part-time non-official Director on the board of Bank.
- Oriental Bank of Commerce [OBCs] has appointed Shri. S C Sinha, General Manager, Union Bank of India as Executive Director of Oriental Bank of Commerce. Sh. Sinha took over the charge as Executive Director of Bank on October 08, 2008.
2009
- Oriental Bank of Commerce [OBCs] has set up a new branch with core banking facility at Bantala Leather Complex here.
- Oriental Bank Of Commerce has informed that the Central Government vide notification no. F.No. 9/19/2007-BO-I dated 20.02.2009 has appointed Shri K.B.R Naidu as part-time non-official Director on the Board of Bank. -
