Oriental Bank of Commerce:
Oriental Bank of Commerce provides financial service in India. It makes its operations through Treasury Operations, Corporate/Wholesale Banking, Retail Banking segments. The company offers savings and current account facilities along with various home, vehicular and educational loans.
It accounts for several NRI services through foreign currency exchange, loans in return of fixed property and several other services. Along with this, OBC offers card services, e-banking and ATM services.
By 2019, it is operated through the network of 2,390 branches and 2,625 ATMs. The company started in 1901, and the headquarters are located in New Delhi, India.
About Company Information:
Oriental Bank of Commerce (OBC) started in 1943 in Lahore. It is a bank in the public sector. In 1947, the Banks went through the problems caused by partition. Branch in divided Pakistan shifted to Amritsar. In 1951, the office hot shifted to Delhi. Nationalization took place in 1980. In 1992, the commercial sector was set up, and authorization took place to act as a category-I merchant banker by SEBI.
In 1997, OBC announced The Comprehensive Village Development Programme at three villages in Punjab namely Rurki Kalan, Raje Majra and Khaira Majha and two in Haryana, namely Khunga and Narwal. Punjab Co-operative Bank Ltd and Bari Doab Bank Ltd joined with OBC in the same year. In 1998, they collaborated with Citibank to create credit cards. In 1999, asset recovery branches were set up in Delhi and Mumbai.
In 2002, the Bank introduced schemes for female entrepreneurs and tied up with Corporation Bank to create ATM web. In 2003, OBC joined up with Infosys Technologies Ltd and Wipro Ltd for centralization. In 2003 itself, the Bank and SIDBI agreed to work in small scale areas and projects. In 2004, CBS was implemented for Bank IT scheme. In 2004, the company made contracts with New Holland Tractors and Global Trust Banks as well for merging up.
In 2005, the government-held over the Bank came down to 51 per cent. During 2006, the Bank signed an MoU with IL & FS for online services. In 2007, OBC linked hands with Escorts Ltd, a tractor company. In 2007 itself, the company signed MoU with IDBI Capital Market Services for online trading shares. There were link-ups with Canara Bank and HSBC insurance in 2007.
The Bank introduced Oriental Bank Navkiran Deposit Scheme in 2008 and tied up with Kotak Mahindra Asset Management Company. The joint venture between Canara Bank and HSBC came into effect in the same year.
During 2013-14, the Bank increased the pay up capital to Rs.299.85 crore. During 2013-14, the company sold away 25841 life insurance policies and sourced 2684 insurance certificates under GSS. The back tied up with several other companies during this time. In the same year Span, the Bank deployed 714 additional ATMs simultaneously in urban, semi-urban and rural areas and opened 126 new branches. During 2015-16, the Bank had earned a commission of Rs.11.46 Crores.
From 2015 through 16, the Bank handled 60 IPO and opened 100 new branches. The Bank got back a sum of Rs.3571.00 crore on 27 March 2018 as a contribution of the Central Government for preferential placement of equity shares, and the allotment came into effect on 28 March 2018, after receiving all signed approvals. In FY 2017-18, the Bank had sold 28053 life insurance policies on Individual platform with a collection of First Premium of Rs.183.25 Crores and has made an earning of Rs.32.31 Crores. Besides, the Bank had sourced 5287 policies under Group Secure Scheme for Housing & Education Loan resulting in the collection of the premium of Rs.18.38 crores.
In the FY 2017-18, the Bank made a market of 64253 mediclaim policies and made a collection of a premium of Rs.34.34 Crores resulting in the commission of Rs.3.06 Crores. Thirteen new branches opened during this period.
How Oriental Bank of Commerce, is categorized as Banks Sector, and Finance Industry :
The Financial Industry is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialized Financial Services.
Oriental Bank of Commerce comes under the Banking sector. The banking sector is one of the active areas in India, which makes a significant portion of the growth of a country's GDP. The banking sector in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Oriental Bank of Commerce, Competitors and Sector Peers:
Bank of Maharashtra BANK5
Central Bank of India CENTRB
Indian Overseas Bank INDOVE
Oriental Bank of Commerce ORIBAN
Punjab National Bank PUNNAT
State Bank Of Bikaner and Jaipur [Merged] STABAN
State Bank of India STATEB
State Bank Of Mysore STATE3
State Bank of Travancore [Merged] STATE6
Union Bank of India UNIBAN
United Bank of India UNITBA