Category: TBQ

Bank of India

Bank of India was founded on 7th September, 1906 under the promotion of stalwarts like Sir Sassoon J. David, Sir Cowasji Jehangir (1st Baronet), Ratanji Dadabhoy Tata (JRD Tata’s father), Gordhandas Khatau, J.H Dani, Lalubhai Samaldas, Khetsey Khiasey, Ramnarain Hurnandrai, and Noordin Ebrahim Norrdin who became its first Directors. It commenced its operations from the Oriental Building on Esplanade Road, now the office of American Express Bank. Given the Swadeshi Movement roots of the bank, and its time of origin, the presence of Bharat Mata in its logo should not come as a surprise to anyone. The Bank was under private ownership and control till July 1969 when it was nationalised.

The bank’s logo has a star with a Bharat Mata in the center.

Tagline: Relationship beyond banking

Indian Overseas Bank (IOB) History

Indian Overseas Bank (IOB) was founded on February 10th 1937, by Shri.M.Ct.M. Chidambaram Chettyar. MCt., as he was popularly known, was pioneer in many fields – Banking, Insurance and Industry. IOB was founded with the twin objectives of specialising in foreign exchange business and overseas banking. Beginning with United India Life Insurance, he ventured into general insurance in the form of United India Fire and General Insurance Company Ltd., and then the successful bank   — the Indian Overseas Bank. He also set up Travancore Rayons, India’s first synthetic fibre unit, in Kerala.

A little background:

Indian Bank, funded by Chettiar capital, was formed after the infamous Arthurbot crash. M.Ct. Muthiah Chettiar became a director of the bank in 1914 and remained one till his death when his son MCt succeeded him in 1930 and served on the board till 1940 and then again from 1945 to 1949 when his son, M.Ct. Muthiah, became a director. Differences of opinion with the board led to Muthiah quitting it in 1950. With that ended the MCt family’s association with helping steer the Indian Bank.

By the middle of the 19th century, Chettiar capital started migrating to Ceylon, Burma and further east, to expand their business in commodity trading. But while the Chettiars were active in South and Southeast Asia during this period banking facilities in their homeland, South India, continued to be inadequate.

The Indian Overseas Bank, though thought of by some as a `Chettiar bank’, adopted from its very inception an approach quite different to the Indian Bank’s in matters of business, customers and staffing. Not only did it see helping Indians overseas as a priority, but at home it began to look at India’s growing industrial sector, in which Chettiars had played only a small role, as an area where its presence should be. Indian Overseas Bank commenced operations simultaneously in Madras, Karaikudi, the chief town of Chettinad, and Rangoon on February 10, 1937.

It was the bank that put the country’s name on the map of banking in the Far East, lending assistance and prestige to hundreds and thousands of Indians abroad. In 1969, 15 years after MCt’s death, IOB became one of the youngest among the 14 banks nationalised.

In 1973, IOB had to wind up its five Malaysian branches as the Banking law in Malaysia prohibited operation of foreign Government owned banks. This led to creation of United Asian Bank Berhad in which IOB had 16.67% of the paid up capital. In the same year Bharat Overseas Bank Ltd was created in India with 30% equity participation from IOB to take over IOB’s branch at Bangkok in Thailand. BhOB was merged with IOB in 2005. BhOB is owned by seven banks, including Indian Overseas Bank (30%). The others are The Bank of Rajasthan (16%), Vysya Bank (14.66%), Federal Bank (10.67%), Karur Vysya Bank (10%), South Indian Bank (10%) and Karnataka Bank (8.67%).

Tagline: Good people to grow with

Dena Bank History

Dena Bank was founded o­n 26th May, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd.  It became a Public Ltd. Company in December 1939 and later the name was changed to Dena Bank Ltd, the letters coming in from DEvkaran NAnjee. The bank was nationalized in 1969.

Logo: The logo of Dena Bank depicts Goddess Lakshmi, the Goddess of Wealth. It was the desire of the founding fathers of the Bank that the Bank should be a symbol of prosperity for all its clients, and the logo represents this promise. The contemporary ‘D’ in the logo reflects the dynamism, dedication and the drive towards customer satisfaction.

Bank of Maharashtra

Thanks to the tireless efforts of AR Bhat, founder of Mahratta Chamber of Commerce, the Bank of Maharashtra was registered on 16th September 1935 at Pune with an authorised capital of Rs.10.00 lakh by a group of visionaries with the objective of serving the common man who were till then neglected by the banking system.

The logo has a Deepstambh (Temple pillar) in the center. [Image: A typical deepastambh]

Tagline: Ek Parivaar Ek Bank

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UCO Bank History

United Commercial Bank Ltd. was founded by industrialist GD Birla in 1943, who after the historic “Quit India” movement in 1942 wanted to start a ‘truly Indian bank’. The bank was nationalized in 1969, and thus was born United Commercial Bank. In 1985, the bank’s name was shortened to UCO Bank.

The bank’s logo has undergone metamorphosis through the ages. The 1943 logo had the Indian peninsula surrounded by the seas — this symbolized the vastness and unlimited scope of the bank. The hand with coins within the peninsula symbolized Goddess Lakshmi; the motor pump symbolized agricultural and industrial growth; the boat and ship in water on both the sides symbolized overseas trade to both the sides of the globe.

The 1958 logo of the bank had a lion, wheel, and an elephant taken from the Ashoka Pillar of Sarnath — this signified the Indian origins. The wavy water-line and the ship 1958 indicated that the river port, Kolkata, was the Head Office of the Bank. The ship represented commerce and the cog-wheels industry, both closely connected with banking. The lizard on the crest was taken from the flag of Kubera, the mythical God of Wealth, symbolized Money and Banking; the bezants on the right from the 15th-century Italian Bank of Medici symbolized lending and dealing with money.

The orange logo, adopted in 1973, had U with two hands upwards signifying progress. Orange — a mixture of red and yellow — had red’s dynamism, and yellow’s future and vibrancy. In 1983, an octagon with an inlaid square, and two uplifted hands with a coin in the middle were introduced. The coin in the hands signified security of the deposits, while the uplifted hands signified progress and aspirations. The color continued to be orange, conveying the warmth of cooperation, among other things.

In 1991, the color was changed to blue — a color that symbolized purity, and eternity, or integrity and continuity in the bank’s case.

Tagline: Honours Your Trust.

Did you know: The bank was associated with a comic series called Banktantra.

Bank of Baroda History

Bank of Baroda began as “The Bank of Baroda Limited”, in 1908 in Baroda. It was founded by the great visionary the late Maharaja of Baroda – Sir Sayajirao Gaekwad-III. On 18 July 1908, an auspicious day, the Maharaja took an elephant ride to a small rented office in the heart of the city. He arrived before 11 am, and deposited a silver plate filled with 101 gold coins – Bank of Baroda’s first deposit.

In 1953, the Bank opened its first overseas branch at Mombasa, Kenya. During the period 1953-1969, the Bank opened three branches in Fiji, five branches in Kenya, three branches in Uganda and one each in London and Guyana. Between 1969 to 1974, we established three branches in Mauritius, two branches in UK and one branch in Fiji. A significant development in the sphere of overseas operations was the entry of the Bank in the oil rich Gulf countries in 1974 when two branches were opened in UAE, one at Dubai and another at Abu Dhabi.

A committee in 1955 suggested that 10 state banks, including Bank of Baroda, should be amalgamated with State Bank of India. But Bank of Baroda had already expanded beyond the state, and even abroad. It handled no government business, as Baroda was now part of Bombay, and it was served by Imperial Bank of India. In 1959, The State Bank of India Subsidiaries Act was passed, and Bank of Baroda did not figure in the list to which the legislation was to apply.

The bank was nationalized in 1969.

Logo: The Baroda Sun

The logo is a unique representation of a universal symbol. It comprises dual ‘B’ letterforms that hold the rays of the rising sun. BoB call this the Baroda Sun. The sun is an excellent representation of what the Bank stands for. It is the single most powerful source of light and energy. Its far-reaching rays dispel darkness to illuminate everything they touch.

Tagline: India’s international bank