|Headquarters||Seven Oaks Building, Mallital, Nainital, Uttarakhand, India|
|Key people||S.K.Gupta (Chairman & CEO)|
|Products||Finance and insurance
|Parent||Bank of Baroda|
The Nainital Bank Limited (NBL) (known as Nainital Bank) (Hindi: नैनीताल बैंक) is a private Indian bank, Based in Nainital, over the years, the bank has expanded to Uttar Pradesh and especially in Uttarakhand State, and has over 100 branches in Rajasthan, Delhi and Haryana states. In 1975 Government-owned Bank of Baroda (BOB), third largest bank in India, after the State Bank of India and the Punjab National Bank, acquired a majority stake (98.6%) and management control of the bank, and made it a subsidiary. Today, it has a net business of 55 billion (US$880 million) (2012), and is enlisted as a scheduled bank by the Reserve Bank of India.
Nainital Bank was founded by Govind Ballabh Pant and a few other prominent men from the Shah/Sah community of Kumaon. Two decades later, in 1975 Government-owned Bank of Baroda (BOB), third largest bank in India, after the State Bank of India and the Punjab National Bank, acquired 98.6% stake in the bank and made it a subsidiary.
In April 2004, National Insurance Company (NIC) signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches across Uttarakhand, Haryana and New Delhi states. The bank had a networth of around Rs 1.12 billion on as on 31 March 2006. It bank launched its rights issue in September 2009, to expand its capital adequacy ratio (CAR) to 14 per cent, this came after it previously withdrew its plans for an IPO due to adverse market conditions in 2007; by April 2010, the right issue had raised 300 million (US$4.8 million).
Nainital bank is associated with Bank of Baroda, HDFC Bank, LIC, National Insurance Company Limited etc. Currently, NBL has over 100 branches in Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan. It also provide online facilities, apart from Personal Banking, Business Banking, Rural and Agricultural Banking. The Nainital Bank Limited is registered as scheduled commercial bank with Reserve Bank of India (RBI), the central bank of India.
The Nainital Bank Limited has over 100 branches presently in the following Indian states.
- "Domestic: Subsidiary". Bank of Baroda.
- "Nainital Bank".
- "Growth potential for Bank of Baroda is pretty high: Arihant Capital Markets". The Economic Times. 28 May 2010. Retrieved 20 August 2010.
- "Nainital Bank drops plan for public issue". The Economic Times. 21 June 2007.
- "Nainital Bank raises Rs 30 cr.". Business Standard. 1 April 2010.
- "RBI Private Bank-Indian Bank". Reserve Bank of India.
- "BoB to merge its associate bank". The Financial Express. 25 July 2006.
- "NIC ties up with Nainital Bank". The Hindu. 13 April 2004.
- "Banks struggle with RBI norms". The Times of India. 1 October 2006.
- "About Nainital Bank in info2india.com".
- Branches NBL
- Chip Dickson; Oded Shenkar (2009). "List of Banks in India (2009)". The Great Deleveraging: Economic Growth and Investing Strategies for the Future. FT Press. p. 217. ISBN 0-13-235810-7.
|This article about an organization in India is a stub. You can help Wikipedia by expanding it.|
|This bank and insurance-related article is a stub. You can help Wikipedia by expanding it.|