Dear Readers,
Current affairs is an important component of several competitive exams such as the UPSC Civil Services Examination, SSC-CGL, Bank PO & PSU entrance tests, etc. Therefore, understanding the terms/concepts/events that make news is critical for aspirants. We at PaGaLGuY bring you series of articles explaining some of these important concepts/events. This series of articles deals with public sector banks in India and a brief background on each.
16. Syndicate Bank: It was established in 1925 in Udipi by three visionaries, namely Upendra Ananth Pai, a businessman, Vaman Kudva, an engineer and Dr.T M A Pai, a physician. It was initially known by the name Canara Industrial and Banking Syndicate Limited. As of March 2015, the bank has 3552 branches, including one in London. It plans to open 355 new branches in 2015-16. Arun Shrivastava is its present chairman and MD. Syndicate Bank sponsored Prathama Bank, India's first RRB. Including this, at present, the bank is sponsoring 3 RRBs.
17. UCO Bank: It was established four years prior to India's independence by industrialist Ghanshyam Das Birla, known then as United Commercial Bank. As on March 2015, the bank has 3020 branches across India. Its overseas presence extends to Singapore and Hong Kong. Arun Kaul is the chairman and MD.
18. Union Bank of India: It was established 1919 with its headquarters in Mumbai, which was inaugurated by Mahatma Gandhi. It has 4081 branches across the country with international presence in Hong Kong, Dubai, Antwerp (Belgium), Abu Dhabi, Beijing, Shanghai, Sydney, and London. It has three joint ventures; one in insurance and two others in asset management. Arun Tiwari is the present chairman and MD of the bank.
19. United Bank of India (UBI): It was formed due to the coming together of four other banks in 1950. These banks were: Comilla Banking Corporation Ltd., Bengal Central Bank Ltd., Comilla Union Bank Ltd. and Hooghly Bank Ltd. As per the data from the bank's website, it has a total of 1999 branches. In 2014-15, the bank opened 5 new branches. As on March 2015, 13250 villages were covered under the bank's financial inclusion drive. P Srinivas is the MD and CEO of the bank.
20. Vijaya Bank: AB Shetty along with a few other entrepreneurial farmers from Mangalore formed the bank in 1931 to encourage banking and entrepreneurship among farmers in the south of Karnataka. During the 1960s, nine small banks merged with Vijaya Bank, which then expanded in size and scope of operations. At present it has 1618 branches in the country. Kishore Kumar Sansi is the current MD and CEO.
21. Bhartiya Mahila Bank: It was formed with the aim of ensuring empowering women in India economically, especially those from the underprivileged sections of the society. It is one of India's recently founded banks, established in 2013, on the 96th birth anniversary of former Prime Minister Indira Gandhi. It has 62 branches and aims to open 80 branches by the end of 2015. The bank was recently conferred the Asian Banker Achievement Award 2015 for Technology Implementation in the category of Best Outsourcing Project (New Bank). Usha Ananthasubramanian is the current chairman and MD of the bank.
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