The Times Bank was a bank founded in 1994 by the Bennett, Coleman & Co. Ltd. which is the holding company of The Times of India newspaper.[2]
| Company type | Public sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1994 |
| Founder | Bennett, Coleman & Co. Ltd. |
| Defunct | 31 March 2000 |
| Fate | Acquired by HDFC Bank[1] |
| Successor | HDFC Bank |
| Headquarters | , |
Number of locations | India |
Area served | India |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Loans, Deposits |
| Owner | HDFC Bank |
Number of employees | 541 |
| Parent | HDFC Bank |
| Divisions | 35 ATMs and 34 branches |
History
editIn December 1993, The Times Group (which is owner of the Times of India newspaper) received an in-principle approval from the Reserve Bank of India for starting a new private bank.[3]
The Bank was incorporated on 6 July 1994 by the Bennett, Coleman & Co. Ltd. and the Certificate of Commencement of Business was obtained on 22 August 1994.[4]
The Bank opened its first branch on D. N. Road, Mumbai, on 8 June 1995.[5]
In the year 2000, the bank was merged with the Indian private bank HDFC Bank.[6]
Business activities
editThe bank was a member of the Cirrus ATM network. It had four strategic business units: assets group, trade finance group, services group & syndication & advisory services group. It was also the first bank in India to provide an on-line, real-time debit programme in Delhi & Mumbai.[7]
At the time of its acquisition, Times Bank had 541 employees, 35 branches and 34 ATMs, whereas HDFC Bank had 827 employees, 57 branches and 77 ATMs.[8][9] Moreover, many of the employees at the Times Bank were former employees of the State Bank of India.[10]
The acquisition of Times Bank by HDFC Bank was a major profit booster for The Times Group.[11]
See also
edit
References
edit- ^ https://v1.hdfcbank.com/aboutus/general/timesbank_amalgamation.htm [bare URL]
- ^ "Times Bank limited [TIMBANs] History".
- ^ "A Bank for the Buck". 19 November 2012.
- ^ "Times Bank limited [TIMBANs] History".
- ^ "A Bank for the Buck". 19 November 2012.
- ^ "Times Bank limited [TIMBANs] History".
- ^ "Times Bank limited [TIMBANs] History".
- ^ "Times Bank limited [TIMBANs] History".
- ^ "A Bank for the Buck". 19 November 2012.
- ^ "A Bank for the Buck". 19 November 2012.
- ^ Giri, Arun (28 August 2008). "Bennett, Coleman net profit zooms 31% to Rs 573 crore". Business Standard India.