New Bank of India logo

Indian Banks: The Story of New Bank of India (NBI)

New Bank of India history

This bank was founded in 1936 in Lahore. The registered office was moved to Amritsar in 1947[1], an after-effect of partition.

Dr Ganeshi Lal Aggarwal, M. R. Kohli, Mulk Raj Aggarwal, Amolak Ram Suri, Jhabar Mal Chokhani, and Rai Sahi Lala Labha Ram were the early directors of this bank. Almost the same set of people also promoted Jupiter Investment Trust[3], from the same address — Sunlight Buildings, Mall, Lahore. [2]┬áJupiter Investment Trust’s HO was also moved to Amritsar in 1947, and in 1956 to Delhi.

New Bank of India logo
New Bank of India logo
New Bank of India - MR Kohli Share Certificate
New Bank of India – MR Kohli Share Certificate
Jupiter Investment Trust
Jupiter Investment Trust
The New Bank of India 1943 ad
The New Bank of India 1943 advertisement

The bank later went into the control of Bangur group (Shree Cements). After the bank was nationalized, the non-banking investment entity, Calcutta-based NBI Industrial Finance company remained with the group. This company continues to be a Bangur-company.

In 1993, the bank was merged with another bank that traced its roots to Lahore — Punjab National Bank. The New Bank of India thus became the first nationalized bank to be merged with another.