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
- Harihara Krishnan. Banking India, Accepting Deposits for the Purpose of Lending 2017^
- Know Them: One answer to many questions - Page 14, by Akhila E K, 2017.^
- Statistical Tables Relating to Banks in India - Page 78, by The Reserve Bank of India, 1978.^
- Malayalam Literary Survey - Volume 22 - Page 29.^
- 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.^
- Nedungadi shareholders not so lucky The Telegraph India, 16 November 2002, retrieved 27 May 2024^