Oriental Bank of Commerce (OBC) was started in Lahore, Pakistan in 19th February of the year 1943, made a modest beginning under its Founding Father, Late Rai Bahadur Lala Sohan Lal. OBC is a public sector bank engaging in monetary intermediation of commercial banks, saving banks and discount houses. In the year 1951, the registered office was relocated to Delhi. It was nationalized in April of the year 1980. In the year 1992, the merchant banking division of the bank was set up and the bank was authorized to act as a category-I merchant banker by SEBI. In the year 1997 two banks namely Punjab Co-operative Bank and Bari Doab Bank were amalgamated in OBC. Immediate next year the bank collaborated with Citibank to launch a co-branded credit card. In 1999 it set up special branch and asset recovery branch in Mumbai and Delhi. In 2002 OBC set up a specialized branch, exclusively for women entrepreneurs. In same year it tied up with Corporation Bank to share their ATM network. In 2008 it entered into distribution tie up with Kotak Mahindra Asset Management Company. The bank network covers more than 2129 branches spread over 22 states in India and 2414 ATMs across the country.
The bank reported 3.16% growth in net profit of Rs. 364.54 crore in June 2014 against Rs.353.38 crore in FY 2013. Total assets for year 2014 stood at Rs 214783.24 crore.
02nd Dec 16 ICICI Bank reduces its MCLR by 5 basis points
ICICI Bank has reduced its overnight and three months marginal cost of lending rate by 5 basis points to 8.70 and 8.80 percent respectively. ICICI Bank has also reduced its one year lending rate to 8.90 percent from 8.95 percent earlier. Revised rates are effective from 1st December, 2016.
02nd Dec 16 Kotak Mahindra Bank cuts MCLR up to 30 basis points
Kotak Mahindra Bank has reduced its six months and one year marginal cost of lending rate to 9.05 and 9.20 percent from 9.20 and 9.45 percent respectively. The bank has reduced its three year lending rate by 30 basis points to 9.25 percent from 9.55 percent earlier. Revised rates are effective from 1st December, 2016.
02nd Dec 16 Manappuram to launch Anytime Pawn Machines for instant gold loans
Manappuram Finance, leading gold loan company, has announced the launch of a new scheme to provide instant gold loans to customers. Under the scheme, company will install Anytime Pawn Machines nationwide. The machine will issue the new currency notes to customers in exchange of their gold and jewellery.
02nd Dec 16 Muthoot Finance to launch an instant gold loan scheme for customers
Muthoot Finance has announced the launch of an instant gold loan scheme for its customers. As a part of the scheme, Anytime Pawn Machines will be installed that will issue new currency notes to the customers in exchange of their gold jewellery. The machine will use laser technology to check the weight and purity of gold before issuing cash.
02nd Dec 16 Bajaj Finance to provide an attractive offer to personal loan buyers
Bajaj Finance, a lending arm of Bajaj Financial Services has announced an attractive offer to boost up the personal loan business. Under the offer, company will provide free airline vouchers of Rs. 12,000 to the customers availing personal loan. Personal loan buyers will also get an extra benefit of selecting the destination of their choice. The offer is valid from 28th November to 4th December, 2016.
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