ORIENTBANK

In 1980, the Oriental Bank of Commerce Constituted via an Act of Parliament on 11th July, and the bank transacts all kinds of banking business. In 1993, about 12,80,000 shares of INR 10 each were already issued & subscribed. About 6,00,00,000 shares were allotted at a premium of INR 50 per share to the Indian Financial Institutions. About 60,00,000 shares at a premium of INR 50 per share to Mutual Funds. About 480,00,000 shares at a premium of INR 50 per share to the Indian public. And about 23,80,000 shares to the employees (besides 20,86,200 shares were being taken up).

Some of the Milestones:

• 1997:
• The two Banks such as Punjab Co-operative Bank Ltd., and Bari Doab Bank Ltd., were being amalgamated with the bank under the Government of India notification as of 7th April.
• And its 10 branches of the two banks were taken over and re-started its operations as Oriental Bank of Commerce branches as of 8th May.
• Also, the correspondent network of the bank consists of 138 major banks worldwide, and 27 NOSTRO accounts also enable the bank to meet the foreign exchange needs of its clientele.
• 1998:
• It had 841 branches, with 247 rural branches, and 271 semi-urban branches, and 220 urban branches and 103 Metropolitan branches.
• It launched credit cards, for which it had already tied up with Master-Card.
• It became the first public sector bank nationwide to join hands with Citibank for launching OBC co-branded credit card. Also, the formal agreement was signed among the two partners as of 27th July.
• It launched an OBC card offering access to Citibanks' world-class banking technology and also processing expertise that enables it to provide better value to its customers.
• It also launched a new deposit scheme known as `Sahaj Jama Yojana.'
• 1999:
• It proposed to enter the insurance business in collaboration with Switzerland-based Company, Zurich Re.
• It also set up a special branch, the asset recovery branch, one each at Mumbai and Delhi and also opens the same in the other parts of the country in the future.
• 2000:
• It decided to set up a life insurance venture with a foreign partner.
• Also, Mr. B.D. Narang bagged the Indira Gandhi Rajbhasha Award in 1999-2000 for the bank's outstanding achievements in the implementation of Official Language Policy.
• 2002:
• It opened a specialized branch for the women entrepreneurs.
• It slashed interest rates on home loans.
• It also revised deposit rates.
• It raised INR 200 crore Tier-II capital via the issue of bonds.
• It also tied-up with Corporation Bank to share each other's ATM network.
• 2003:
• It cuts domestic term deposit rates.
• It slashed home loan rates by 0.75-pc.
• It approved the return of Capital held by Central Govt.
• It revised interest rates, margins on SSI advances.
• It unveiled an electronic bill pay service.
• It slashed lending rates for Small Scale Industries (or SSI).
• It joined hands with Infosys Technologies Ltd. and Wipro Ltd. for its Centralised Banking Solution (or CBS).
• It came in alliance with MasterCard that had launched OBC Prepaid Card.
• It also launched a housing loan package aimed exclusively at the salaried class from government, semi-government, public sector and reputed private sector organizations.
• 2004:
• The New Holland Tractors tied up Oriental Bank of Commerce.
• It also inducts Infy and Wipro for implementing IT projects.
• On August 13, the Government of India sanctioned the scheme for amalgamation of the GTB with OCB since August 14.
• 2005:
• It also recovered INR 100 crore of non-performing asset (or NPAs) of the beleaguered Global Trust Bank that was merged into it in July, and also hopes to recover another INR 100-150 crore.
• The Government approves the second public issue of the Delhi-based Oriental Bank of Commerce (or OBC). Also, INR 2,000-crore issue brought down the government equity in the public sector bank to 51% from 66% presently.
• Also, Mr. K.N. Prithviraj was appointed as the new Chairman and Managing Director, Oriental Bank of Commerce.
• Also, being in consultation with all the Book Running Lead Managers to the issue, and also has fixed the issue price at INR 250 per share.
• It appointed Ms. H A Daruwalla as Chairman and Managing Director until December 12, 2008.
• 2006: The Bank also informed that it had signed the Memorandum of Understanding (or MOU) with the IL & FS Investment Securities Ltd, for offering Online/Offline Share Trading facility for its customers.
• 2007:
• It also raised its Benchmark Prime Lending Rate (or BPLR) by 75 basis points to 12.50% since February 23.
• It joined hands with Escorts Ltd, which is a tractor manufacturer, for offering retail tractor finance to farmers.
• It signed a non-binding MOU to set up a Joint Venture Company for the Life Insurance Business in India.
• It signed an MOU with IDBI Capital Market Services.
• 2008:
• It appointed Shri. H Rathnakar Hegde, currently General Manager, and Vijaya Bank as Executive Director of the bank.
• It declared that the Central Government vide notification as of 10 June 2008 had appointed Sumita Dawra as its nominee director for the board of the bank replacing P Bolina.
• It had inducted Sh. Bharat Bhushan Batra as the part-time non-official Director on the board of the bank.
• It appointed Shri. S C Sinha, General Manager, the Union Bank of India as Executive Director of the bank. Also, Sh. Sinha was appointed as Executive Director of the bank as of October 08, 2008.
• 2009:
• The bank set up a new branch with a core banking facility at Bantala Leather Complex.
• It also started a new branch located at East Marredpally, Secunderabad.
• 2010:
• It also appointed Shri K. H. Pandey, as Workmen Employee Director of the bank.
• The bank declared that the Central Government vide notification as of July 21, 2010, had appointed Shri S. S. Shishodia, as the Officer Employee Director of the bank.
• It also appointed Shri B. Sriniwas, as the RBI Nominee Director (replacing Sh. S. K. Newlay) of the bank.
• 2011:
• Shri Nagesh Pydah was appointed as the Chairman & Managing Director of Oriental Bank of Commerce.
• Its customers can now use their ATMs to pay their Income Tax.
• It declared a dividend INR 10.40 per share (104%) on equity shares for the financial year.
• 2012: The Board recommended a Dividend of INR 7.90 per share.
• 2013:
• It also appointed Shri Madhu Sudan Sahoo as a non-official Director.
• The Board recommended a Dividend of INR 9.20 per share.
• 2014: It appointed Shri Rajan Kumar, as a Government Nominee Director.