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Oriental Bank of Commerce share price today (on 16 April 2024).

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BSE: 500315 | NSE: ORIENTBANK | ISIN: INE141A01014 Market Cap: [Rs.Cr.] 8,799 | Face Value: [Rs.] 10 Industry: Banks - Public Sector

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 1947, the Bank had to face the holocaust of partition. Branches in the newly formed Pakistan had closed down and the Registered Office had shifted from Lahore to Amritsar. 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. OBC launched the scheme christened 'The Comprehensive Village Development Programme' on the auspicious day of Baisakhi, the 13th April of the year 1997 at three villages in Punjab namely Rurki Kalan (Distt. Sangrur), Raje Majra (Distt. Ropar) and Khaira Majha (Distt. Jaladhar) and two villages in Haryana, namely Khunga (Distt. Jind) and Narwal (Distt. Kaithal).
Two Banks namely Punjab Co-operative Bank Ltd and Bari Doab Bank Ltd were amalgamated with the bank in the same year 1997. In the year 1998, the bank had joined hands with Citibank to launch OBC co-branded credit card. OBC had set up special branch and asset recovery branch, one each at Delhi and Mumbai in the year 1999. The Bank had opened specialised branch for women entrepreneurs in the year 2002 and also in the same year OBC made tie up with Corporation Bank to share each other's ATM network. For the purpose of Centralised Banking Solution (CBS, OBC had joined hands with Infosys Technologies Ltd and Wipro Ltd in the year 2003. during the same year 203, the Bank and Small Industries Development Bank of India (SIDBI) had agreed to work on projects in the field of small-scale, infrastructure and service areas. As per the Bank's IT Plan, the Bank had implemented 'Centralised Banking Solutions (CBS)' with effect from March 2004. In the identical year 2004, OBC made tie up with New Holland Tractors and the Global Trust Bank was merged with the bank.
The bank came out with a second public issue in 2005 whereby government holding reduced to 51%. During the year 2006, the Bank had signed the Memorandum of Understanding (MOU) with the IL & FS Investment Securities Ltd, for providing Online / Offline Share Trading facility for its customers. OBC had launched its Internet Banking Services (iBanking) in all CBS Branches of the Bank during November of the year 2006. In 2007, OBC had joined hands with Escorts Ltd, a tractor manufacturer for providing retail tractor finance to farmers. As of March 2007, the bank had signed the MOU with IDBI Capital Market Services for providing online share trading facility for its customers.
In the same period Canara Bank, HSBC Insurance (Asia-Pacific) Holdings and the bank had signed a non-binding memorandum of understanding to jointly establish a life insurance company in India. The Bank had launched Oriental Bank Navkiran Deposit Scheme in February of the year 2008. Kotak Mahindra Asset Management Company entered into a distribution tie-up with OBC in March of the year 2008. The Joint Venture was made with Canara Bank and HSBC in 16th June of the year 2008 and the marketing of insurance products commenced through its branch network. The Bank network covers 1,323 branches with 79 extension counters spread across 22 states and three union territories, plans to reach 2,000 branches by 2010.

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Oriental Bank of Commerce      


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