Nainital Bank

The Nainital Bank Limited

Industry	Banking Financial services Investment services
Founded	1954
Headquarters	Seven Oaks Building, Mallital, Nainital, Uttarakhand, India
Key people	Devendra Pratap Singh (Chairman & CEO)
Products	Finance and insurance Consumer banking Corporate banking Investment banking Investment management Private banking
Parent	Bank of Baroda[1]
Website	www.nainitalbank.co.in

The Nainital Bank Limited (NBL) (known as Nainital Bank)^[2] (Hindi: नैनीताल बैंक) is a private Indian bank, established in 1954. Based in Nainital, over the years, the bank has expanded to Uttar Pradesh and especially in Uttarakhand State, and has over 100 branches in Rajasthan, Delhi and Haryana states. In 1975 Government-owned Bank of Baroda (BOB), third largest bank in India, after the State Bank of India and the Punjab National Bank^[3], acquired a majority stake (98.6%) and management control of the bank, and made it a subsidiary.^[1][4] Today, it has a net business of 3,600 crore (US$730.08 million) (2010)^[5], and is enlisted as a scheduled bank by the Reserve Bank of India. ^[6]

Overview

Nainital Bank was founded by Govind Ballabh Pant and a few other prominent men from the Shah/Sah community of Kumaon. ^[7] Two decades later, in 1975 Government-owned Bank of Baroda (BOB), third largest bank in India, after the State Bank of India and the Punjab National Bank, acquired 98.6% stake in the bank and made it a subsidiary.^[7][1]

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 Uttarankhand, Haryana and New Delhi states. ^[8] The bank had a networth of around Rs 112 crore on as on March 31, 2006. ^[9] 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 30 crore (US$6.08 million).^[5][4]

Nainital bank is associated with Bank of Baroda, HDFC Bank, LIC, National Insurance Company Limited etc.^[10] Currently, NBL has over 100 branches in Uttarankhand, Uttar Pradesh, Delhi, Haryana and Rajasthan.^[7][11] It also provide online facilities, apart from Personal Banking, Business Banking, Rural and Agricultual Banking. The Nainital Bank Limited is registered as scheduled commercial bank with Reserve Bank of India (RBI), the central bank of India.^[6][12]

Branch Locations

The Nainital Bank Limited has over 100 branches presently in the following Indian states ^[11].

1. Uttaranchal
2. Uttar Pradesh
3. Delhi
4. Rajasthan
5. Haryana

1. Dr. G.P. Shah
2. Dr. D.P. Gangola
3. Mr. Devi Lal Sah
4. Mr. M.L. Sah
5. Mr. Manohar Lal Sah

References

1. ^ ^{a b c} "Domestic: Subsidiary". Bank of Baroda. http://www.bankofbaroda.com/subsidiaries_jv.asp. 
2. ^ "Nainital Bank". http://www.nainitalbank.co.in. 
3. ^ "Growth potential for Bank of Baroda is pretty high: Arihant Capital Markets". Economic Times. 28 May 2010. http://economictimes.indiatimes.com/Views/Recommendations/articleshow/5985388.cms. Retrieved 2010-08-20. 
4. ^ ^{a b} "Nainital Bank drops plan for public issue". Economic Times. Jun 21, 2007. http://articles.economictimes.indiatimes.com/2007-06-21/news/28436108_1_public-issue-parent-bank-private-bank. 
5. ^ ^{a b} "Nainital Bank raises Rs 30 cr.". Business Standard. Apr 01, 2010. http://www.business-standard.com/power/news/nainital-bank-raises-rs-30-cr/12/05/390349/. 
6. ^ ^{a b} "RBI Private Bank-Indian Bank". Reserve Bank of India. http://www.rbi.org.in/scripts/AboutUsDisplay.aspx?pg=Indian.htm. 
7. ^ ^{a b c} "BoB to merge its associate bank". Financial Express. Jul 25, 2006. http://www.financialexpress.com/news/bob-to-merge-its-associate-bank/172293/0. 
8. ^ "NIC ties up with Nainital Bank". The Hindu. Apr 13, 2004. http://www.hindu.com/2004/04/13/stories/2004041303141915.htm. 
9. ^ "Banks struggle with RBI norms". The Times of India. Oct 1, 2006. http://articles.timesofindia.indiatimes.com/2006-10-01/india-business/27804597_1_ratnakar-bank-centrum-finance-sangli-bank. 
10. ^ "About Nainital Bank in info2india.com". http://www.info2india.com/finance/banks/private-banks/nainital-bank-ltd.html. 
11. ^ ^{a b} Branches NBL
12. ^ 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 0132358107. http://books.google.co.in/books?id=q3L6ytVlBXAC&pg=PA217&dq=%22Nainital+Bank%22&hl=en&ei=UTJ7TvDUAYvLrQej-Oy8Dw&sa=X&oi=book_result&ct=result&resnum=4&ved=0CEcQ6AEwAw#v=onepage&q=%22Nainital%20Bank%22&f=false. 

External links

• Official website