Nedungadi Bank

Nedungadi Bank was the first private sector commercial bank to be set up in South India. Appu Nedungadi established the bank in 1899,[1] in Calicut, Kerala.[2]

The bank was incorporated on 29 May 1913.[3]

In 1964, the Nedungadi bank acquired the Cochin National Bank in Trichur, and in 1965, took selected assets and liabilities from the Coimbatore National Bank in Coimbatore.[4]

Over time, Nedungadi established 174 branches, including branches at all major metropolitan cities such as New Delhi, Calcutta, Chennai, Mumbai, Ahmedabad, etc.[1]

In 2002, the Joint Parliamentary Committee (JPC) probing a stock scam pointed out discrepancies in the conduct of business by Nedungadi Bank.[5] In 2003, the Punjab National Bank (PNB) took over Nedungadi.[1] At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares.

ReferencesEdit

  1. ^ a b c Krishnan, Harihara (2017). Banking India, Accepting Deposits for the Purpose of Lending.
  2. ^ Know Them: One answer to many questions - Page 14, by Akhila E K, 2017.
  3. ^ Statistical Tables Relating to Banks in India - Page 78, by The Reserve Bank of India, 1978.
  4. ^ Malayalam Literary Survey - Volume 22 - Page 29.
  5. ^ Action Taken Report on the Report of the Joint Parliamentary Committee on Stock Market Scam and Matters Relating Thereto, by the Indian Government and JPC, 2003.