CHENNAI: Nagesh Pydah, CMD, Oriental Bank of Commerce, one of the leading Public Sector Banks, head quartered in New Delhi, on Friday, inaugurated the bank’s Cheque Truncation Centre in Chennai in the presence of K S Sreenivasan and P B Santhanakrishnan, Directors of the bank.The bank currently has 1,715 branches and ECs and 1,242 ATMs spread across the country, besides 30 Regional Offices and 25 Service Branches with a business mix of `2,50,000 crores, including advances of `1,00,000 crore.The bank’s regional office at Chennai controls 44 branches in Tamil Nadu with a business mix of more than `6,000 crore comprising deposits of `2,200 crore and advances of `3,900 crore. The bank…
Read More…
Category: Oriental Bank of Commerce
oriental bank of commerce: Oriental Bank of Commerce lowers base rate 9.45%
New Delhi, Sep 29 () Public lender Oriental Bank of Commerce (OBC) today announced a reduction of 0.05 per cent in its base rate, or minimum lending rate, to 9.45 per cent with effect from October 3. “This is to inform that the bank has revised the base rate from 9.50 per cent per annum to 9.45 per cent per annum with effect from 03.10.2017,” Oriental Bank of Commerce said in a regulatory filing. The stock was trading at Rs 120.50 on the BSE today, up 0.54 per cent from its previous close. (You can now subscribe to our Economic Times WhatsApp channel)
Read More…
RBI Begins Corrective Action Against Oriental Bank Of Commerce For High Bad Loans
The Reserve Bank of India has initiated a “prompt corrective action” against state-owned Oriental Bank of Commerce for high bad loans.The move will place various restrictions on the public sector lender, including on fresh loans and dividend distribution.“The Reserve Bank of India…has put the Bank under Prompt Corrective Action in view of high Net NPA (non- performing asset),” the bank said in a regulatory filing.It, however, added that the action will not have “any material impact” on the performance of the bank and will contribute in overall improvement in its risk management, asset quality, profitability and efficiency.
Net NPA of the bank rose to 9.56 per cent of net…
Read More…
Oriental Bank launches two cutting-edge digital services
Oriental Bank, a leading financial institution dedicated to providing exceptional banking services, officially launched two groundbreaking digital products – Oriental MCorp and Oriental ICorp, at a grand ceremony held at Hard Rock Café, Exchange Square.According to the bank, the cutting-edge mobile and Internet banking platforms are specifically designed to meet the unique needs of our corporate customers, revolutionising the way they conduct their banking operations.The launch comes not too long after the bank implemented a payment gateway service in October 2023 to facilitate e-commerce transactions for multinational companies, including AirAsia Cambodia. The service exemplifies…
Read More…
Source: https://www.khmertimeskh.com/501409055/oriental-bank-launches-two-cutting-edge-digital-services/
Bank mergers: All branches of Oriental Bank of Commerce, United Bank of India start functioning as PNB branches – Banking & Finance News
State-owned Punjab National bank on Wednesday said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches. The amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect from April 1, 2020.The merger will create the second largest nationalized bank of the country – both in terms of business and branch network. The synergy from the amalgamation will create a globally competitive, next generation bank, PNB 2.0, the bank said in a release and added that allcustomers, including depositors, will be treated as PNB customers.PNB 2.0 will be offering specified inter-operable…
Read More…
Won’t lay off employees due to merger with OBC, UBI; manpower to grow as business grows: PNB MD & CEO – Banking & Finance News
Punjab National Bank’s MD and CEO, S. S. Mallikarjuna Rao today said that there will be no retrenchment of employees following the merger of the Oriental Bank of Commerce and Union Bank of India with PNB. During the virtual press conference held to discuss the Q1 FY21 results, S. S. Mallikarjuna Rao added that PNB has a strength of 1.03 lakh employees and as the business grows, this employee strength will further grow. Speaking about ways to raise capital, he further said that PNB has planned to go for Qualified Institutional Placement (QIP) by the end of the third quarter or early fourth quarter and there is no plan to approach the government for capital infusion.Amid the expectation…
Read More…
RBI excludes 6 public sector banks including OBC, Allahabad Bank from Second Schedule of RBI Act – Banking & Finance News
The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank.“We advise that Syndicate Bank has been excluded from the Second Schedule to the RBI Act, 1934 with effect from April 01, 2020 since it has ceased to carry on banking business with effect from April 01, 2020 vide Notification of March 27 which is published in the Gazette of India…dated September 26 October 02, 2020,” RBI said in a notification on Wednesday. It has issued similar…
Read More…
PNB unveils new logo as merger with United Bank, OBC makes it India’s 2nd largest bank – Banking & Finance News
Punjab National Bank (PNB) has unveiled a new logo as it merges with United Bank of India and OBC with it, with effect from April 1. The new logo will bear distinct signages of all the three public sector lenders. With this, PNB is set to become the second largest lender in the country.“#PunjabNationalBank is here with #OrientalBankofCommerce & #UnitedBankofIndia in an all new avatar. Be a part of the #TogetherForTheBetter journey with us and experience a smoother and smarter way of banking,” PNB said in a tweet on Monday.Assuaging concerns regarding the merged entity, PNB also said there is no reason to worry as the three banks are coming together to be better, bigger and stronger….
Read More…
Name, Logo Of Merged Entities With Punjab National Bank To Be Unveiled Soon
The Centre will soon announce the new name and logo of the entity to be emerged after the merger of Punjab National Bank (PNB) United Bank of India (UBI) and Oriental Bank of Commerce (OBC), an official said on Friday.The new entity will be the second largest bank in the country after State Bank of India (SBI) with a total business volume of Rs 18 lakh crore, he said.”The government is expected to announce the new name and logo of the merged bank which will become operational from April 1, 2020,” an UBI official told PTI.He said logo is very important for creating an identity of the new lender and discussions on this aspect have been taken place at the highest level of the three…
Read More…
United Bank Of India Low Net Worth Led To Poor Swap Ratio: Official
PNB, in a regulatory filing, had announced the share exchange ratio in accordance with the scheme of amalgamation, as it is set to merge OBC and UBI into itself with effect from April 1. According to the swap ratio, 1,150 equity shares of PNB are to be exchanged for every 1,000 equity shares of OBC, while 121 equity shares of PNB are to be swapped for every 1,000 equity shares of UBI.PNB will be the anchor bank post the merger. The merged entity will be the second-largest public sector undertaking bank in India and March 25 has been fixed as the record date for the share allotment. The official told PTI that UBI had been running into losses for some time, except for the last four…
Read More…