Times Bank
TypePublic sector
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1994
FounderBennett, Coleman & Co. Ltd.
Defunct31 March 2000 (2000-03-31)
FateAcquired by HDFC Bank[1]
SuccessorHDFC Bank
Headquarters
Mumbai
,
India
Number of locations
India
Area served
India
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesLoans, Deposits
OwnerHDFC Bank
Number of employees
541
ParentHDFC Bank
Divisions35 ATMs and 34 branches

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]

History

In 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

The 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

References

  1. ↑ https://v1.hdfcbank.com/aboutus/general/timesbank_amalgamation.htm
  2. ↑ "Times Bank limited [TIMBANs] History".
  3. ↑ "A Bank for the Buck". 19 November 2012.
  4. ↑ "Times Bank limited [TIMBANs] History".
  5. ↑ "A Bank for the Buck". 19 November 2012.
  6. ↑ "Times Bank limited [TIMBANs] History".
  7. ↑ "Times Bank limited [TIMBANs] History".
  8. ↑ "Times Bank limited [TIMBANs] History".
  9. ↑ "A Bank for the Buck". 19 November 2012.
  10. ↑ "A Bank for the Buck". 19 November 2012.
  11. ↑ Giri, Arun (28 August 2008). "Bennett, Coleman net profit zooms 31% to Rs 573 crore". Business Standard India.
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