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Oriental Bank of Commerce
India’s prominent public sector bank, Oriental Bank of Commerce has key focus on treasury operations, corporate/wholesale banking, retail banking and other banking businesses in the country today.
Founding father of Oriental Bank of Commerce, late Rai Bahadur Lala Sohan Lal started it in Lahore just four years before country’s partition. Its branches were closed in newly formed Pakistan besides shifting corporate office in Amritsar from Lahore. The then management paid in whole depositors from Pakistani accountholders before it migrated to India.
Oriental Bank of Commerce encountered tough phases since foundation. It faced worst stage in 1970-76 when its profits became all time low. It was about to be closed down then.
This bank was finally nationalized on April 15, 1980 by Indian government. By the time it had already attained good position with Rs.483 crores reserves and being positioned at 19th out of 20 nationalized Indian banks. Its growth was fast after nationalization.
Latest records show that the bank has crossed Rs 2 lacs crores mark business. It attained the position of seventh largest Indian public sector bank in 2010. Its branches spread in the country are connected through core banking system. It serves urban and rural customers but its policies are more inclined towards rural customers.
Oriental Bank of Commerce acquired Global Trust Bank Limited on August 14, 2004.
Oriental Bank Of Commerce Details:
IFSC Code of Banks In India