| Type | Public sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1994 |
| Founder | Bennett, Coleman & Co. Ltd. |
| Defunct | 31 March 2000 |
| Fate | Acquired by HDFC Bank [1] |
| Successor | HDFC Bank |
| Headquarters | , |
Number of locations | India |
Area served | India |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Loans, Deposits |
| Owner | HDFC Bank |
Number of employees | 541 |
| Parent | HDFC Bank |
| Divisions | 35 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]
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]
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]
The Times of India, also known by its abbreviation TOI, is an Indian English-language daily newspaper and digital news media owned and managed by The Times Group. It is the fourth-largest newspaper in India by circulation and largest selling English-language daily in the world. It is the oldest English-language newspaper in India, and the second-oldest Indian newspaper still in circulation, with its first edition published in 1838. It is nicknamed as "The Old Lady of Bori Bunder", and is an Indian "newspaper of record".
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