Nedungadi Bank

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Nedungadi Bank was the first private sector commercial bank to be set up in South India. Appu Nedungadi established the bank in 1899, [1] in Kozhikode, Malabar District, British India (present day Kozhikode, Kerala, India). [2]

The bank was incorporated on 29 May 1913. [3]

In 1964, the Nedungadi Bank acquired the Cochin National Bank in Thrissur, and in 1965, took selected assets and liabilities from the Coimbatore National Bank in Coimbatore. [4]

Over time, Nedungadi established 174 branches, including branches at all major metropolitan cities such as New Delhi, Kolkata, Chennai, Mumbai, Ahmedabad, etc. [1]

In 2002, the Joint Parliamentary Committee (JPC) probing a stock scam pointed out discrepancies in the conduct of business by Nedungadi Bank. [5] In 2003, the Punjab National Bank took over Nedungadi. [1] At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares. [6]

References

  1. 1 2 3 Krishnan, Harihara (2017). Banking India, Accepting Deposits for the Purpose of Lending.
  2. ↑ Know Them: One answer to many questions - Page 14, by Akhila E K, 2017.
  3. ↑ Statistical Tables Relating to Banks in India - Page 78, by The Reserve Bank of India, 1978.
  4. ↑ Malayalam Literary Survey - Volume 22 - Page 29.
  5. ↑ Action Taken Report on the Report of the Joint Parliamentary Committee on Stock Market Scam and Matters Relating Thereto, by the Indian Government and JPC, 2003.
  6. ↑ "Nedungadi shareholders not so lucky". The Telegraph India. 16 November 2002. Retrieved 27 May 2024.
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