Full Form of OBC- Oriental Bank of Commerce
Updated on 21 February, 2024
Akansha Semwal
Study Abroad Expert
)OBC stands for Oriental Bank of Commerce. It was an Indian public sector bank that was established on 19 February 1943 in Lahore, British India. The bank was later merged with Punjab National Bank in 2020
More About OBC
- The Oriental Bank of Commerce was a public sector bank in India.
- With the tagline “Every individual is committed,” the bank provided various services, including deposit accounts, loans, debit cards, credit cards, insurance, ATMs, Internet banking, etc.
- Various products offered by OBC included asset management, commercial banking, consumer banking, credit cards, investment banking, mortgages, pensions, private banking, and retail banking.
- Its headquarters is established in Gurugram, Haryana. The bank offered around 2390 branches and 2625 ATMs across the nation.
- It was founded by Rai Bahadur Sohan Lal on 19 Feb 1943.
- On 15 April 1980, the bank was declared nationalized and ranked 19th among the 20 nationalized banks.
- Mukesh Kumar Jain became the last chairman of OBC, after which the bank was defunct.
- 80 years after its establishment on 1 April 2020, the bank was merged with Punjab National Bank.
- For every 1,000 shares they own, OBC and UBI shareholders would receive 1,150 and 121 shares of PNB, respectively.
- United Bank of India was another bank along with OBC that was part of the merger.
- After the merger, PNB became the 2nd largest public bank in India.