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Nainital Bank

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The Nainital Bank Ltd
Company typeScheduled commercial bank
IndustryBanking
Financial services
Investment services
Founded1922
HeadquartersNainital, Uttarakhand, India
Key people
1. Nikhil Mohan
(MD & CEO) 2. Mahesh Kumar Goyal
(Chief Financial Officer )[1]
ProductsFinance and insurance
Consumer banking
Corporate banking
Investment banking
Investment management
Private banking
RevenueIncrease₹700.09 crore (US$84 million) (2017)[1]
Increase ₹109.78 crore (US$13 million) (2017)[1]
Increase ₹48.46 crore (US$5.8 million) (2017)[1]
Total assetsIncrease₹769.96 crore (US$92 million) (2017)[1]
Number of employees
800[1]
ParentBank of Baroda, Ministry of Finance, Government of India[2]
Websitewww.nainitalbank.co.in

The Nainital Bank Limited (NTB) (known as Nainital Bank)[3] is a scheduled commercial bank founded in 1922. The bank is a subsidiary of Bank of Baroda which is under the ownership of Ministry of Finance of the Government of India. The bank has expanded to Uttar Pradesh and Uttarakhand, and has only 170 branches in Rajasthan, Delhi and Haryana.[2][4][5]

Overview

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Nainital Bank was founded by Govind Ballabh Pant.[6] In 1992, the government-owned Bank of Baroda (BOB), the second largest bank in India, acquired a 98.6% (around 99%) stake in the bank and made it a subsidiary.[2][6]

In April 2004, National Insurance Company (NIC) signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches across Uttarakhand, Haryana and New Delhi states.[7] The bank had a net worth of around Rs 1.12 billion on as on 31 March 2006.[8] It bank launched its rights issue in September 2009, to expand its capital adequacy ratio (CAR) to 14 per cent, this came after it previously withdrew its plans for an IPO due to adverse market conditions in 2007; by April 2010, the right issue had raised ₹300 million (US$3.6 million).[5][9]

Nainital bank is associated with Bank of Baroda, HDFC Bank, LIC, National Insurance Company Limited etc.[10] Currently, NBL has 170 branches in Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.[6][11] It also provide online facilities, apart from Personal Banking, Business Banking, Rural and Agricultural Banking. In 2024 Wipro ,a information technology company is in talk to acquire the bank. The Nainital Bank Limited is registered as scheduled commercial bank with Reserve Bank of India (RBI), the central bank of India.[12][13]

Branch Locations

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The Nainital Bank Limited has 170 branches presently in the following Indian states.[11]

See also

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References

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  1. ^ a b c d e f "Balance Sheet 31.03.2017". nainitalbank.co.in (15 March 2018).
  2. ^ a b c "Domestic: Subsidiary". Bank of Baroda.
  3. ^ "Nainital Bank".
  4. ^ "Growth potential for Bank of Baroda is pretty high: Arihant Capital Markets". The Economic Times. 28 May 2010. Retrieved 20 August 2010.
  5. ^ a b "Nainital Bank drops plan for public issue". The Economic Times. 21 June 2007. Archived from the original on 27 May 2012.
  6. ^ a b c "BoB to merge its associate bank". The Financial Express. 25 July 2006.
  7. ^ "NIC ties up with Nainital Bank". The Hindu. 13 April 2004. Archived from the original on 8 May 2004.
  8. ^ "Banks struggle with RBI norms". The Times of India. 1 October 2006. Archived from the original on 27 September 2012.
  9. ^ "Nainital Bank raises Rs 30 cr". Business Standard. India. 1 April 2010.
  10. ^ "About Nainital Bank in info2india.com".
  11. ^ a b Branches NBL
  12. ^ ."RBI Private Bank-Indian Bank". Reserve Bank of India.
  13. ^ Chip Dickson; Oded Shenkar (2009). "List of Banks in India (2009)". The Great Deleveraging: Economic Growth and Investing Strategies for the Future. FT Press. p. 217. ISBN 978-0-13-235810-1. Nainital Bank.


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