Times Bank
{{Short description|Indian bank}}
{{Use Indian English|date=May 2021}}
{{Use dmy dates|date=May 2021}}
{{Infobox company
| name = Times Bank
| logo =
| native_name =
| type = Public sector
| traded_as =
| industry = Banking, Insurance, Capital Markets and allied industries
| genre =
| fate = Acquired by HDFC Bankhttps://v1.hdfcbank.com/aboutus/general/timesbank_amalgamation.htm {{Bare URL inline|date=August 2022}}
| predecessor =
| successor = HDFC Bank
| foundation = 1994
| founder = Bennett, Coleman & Co. Ltd.
| defunct = {{End date|df=yes|2000|03|31}}
| location_city = Mumbai
| locations = India
| area_served = India
| key_people =
| products = Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
| production =
| services = Loans, Deposits
| revenue =
| operating_income =
| net_income =
| aum =
| assets =
| equity =
| owner = HDFC Bank
| num_employees = 541
| parent = HDFC Bank
| divisions = 35 ATMs and 34 branches
| subsid =
| footnotes =
| location_country = India
| homepage =
}}
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.{{Cite web|url=http://www.source2update.com/Company-History/Times-Bank-TIMBAN.html|title=Times Bank limited [TIMBANs] History}}
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.{{Cite web|url=https://www.livemint.com/Industry/R9RVglpE4GP7OdDFN9wRPO/Bank-for-the-buck.html|title=A Bank for the Buck|date=19 November 2012}}
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.{{Cite web|url=http://www.source2update.com/Company-History/Times-Bank-TIMBAN.html|title=Times Bank limited [TIMBANs] History}}
The Bank opened its first branch on D. N. Road, Mumbai, on 8 June 1995.{{Cite web|url=https://www.livemint.com/Industry/R9RVglpE4GP7OdDFN9wRPO/Bank-for-the-buck.html|title=A Bank for the Buck|date=19 November 2012}}
In the year 2000, the bank was merged with the Indian private bank HDFC Bank.{{Cite web|url=http://www.source2update.com/Company-History/Times-Bank-TIMBAN.html|title=Times Bank limited [TIMBANs] History}}
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.{{Cite web|url=http://www.source2update.com/Company-History/Times-Bank-TIMBAN.html|title=Times Bank limited [TIMBANs] History}}
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.{{Cite web|url=http://www.source2update.com/Company-History/Times-Bank-TIMBAN.html|title=Times Bank limited [TIMBANs] History}}{{Cite web|url=https://www.livemint.com/Industry/R9RVglpE4GP7OdDFN9wRPO/Bank-for-the-buck.html|title=A Bank for the Buck|date=19 November 2012}} Moreover, many of the employees at the Times Bank were former employees of the State Bank of India.{{Cite web|url=https://www.livemint.com/Industry/R9RVglpE4GP7OdDFN9wRPO/Bank-for-the-buck.html|title=A Bank for the Buck|date=19 November 2012}}
The acquisition of Times Bank by HDFC Bank was a major profit booster for The Times Group.{{Cite news|url=https://www.business-standard.com/article/companies/bennett-coleman-net-profit-zooms-31-to-rs-573-crore-108082801040_1.html|title = Bennett, Coleman net profit zooms 31% to Rs 573 crore|newspaper = Business Standard India|date = 28 August 2008|last1 = Giri|first1 = Arun}}
See also
{{Portal|Banks}}
References
{{Reflist}}
External links
- [http://www.source2update.com/Company-History/Times-Bank-TIMBAN.html History of the Bank]
- [http://www.thecivilindia.com/pages/banking/history-of-banking-in-india.html History of the Bank]
{{Banking in India}}
{{SBI}}
{{Authority control}}
{{DEFAULTSORT:General Bank of India}}
Category:Defunct banks of India