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ORIENTAL BANK OF COMMERCE

Jan 20, 2020 351

HISTORY:

Rai Bahadur Lala Sohan Lal, the Bank's first President, founded OBC in 1943 in Lahore. Within four years of its existence, OBC had to face the partition. The bank had to close its branches in newly formed Pakistan and move its registered office from Lahore to Amritsar. Lala Karam Chand Thapar, the then President of the Bank, in a unique gesture honored the commitments made to the depositors of Pakistan and paid every rupee to their departing clients.

The Bank has witnessed many ups and downs since its inception. In the year  1970-76 period is said to be the most difficult phase in Bank history. At one point the profit plummeted to ₹ 175, which led the bank owner, the Thapar House, to sell/close the bank. Then the Bank's employees and leaders came forward to bail out the Bank. The owners moved and had to change their decision to sell the bank and, in turn, decided to improve the bank's position with the active cooperation and support of all employees.

Their efforts paid off and the bank's performance improved significantly. This was the turning point in the bank's history.The bank was nationalized on April 15, 1980. At that time OBC ranked 19 among the 20 nationalized banks. In 1997, OBC acquired two banks: Bari Doab Bank and Punjab Cooperative Bank. The acquisition of these two banks did not bring additional branches.

The bank has advanced on several fronts, crossing the business mix ₹ 2 lac crores business mark as March 31, 2010 making it the seventh largest public sector bank in India.On 14 August 2004, the CBO merged the Global Trust Bank (GTB). GTB was a leading private sector bank in India that was associated with several financial discrepancies that led to a moratorium that was imposed by RBI shortly before it merged into OBC. The acquisition brought with it 103 branches, which increased the total number of OBC branches to 1092.

 

MD: Shri Animesh Chauhan