Oriental Bank of Commerce

 

 

Oriental Bank of Commerce is a public sector bank in India, with its headquarters at New Delhi. It caters to individual, corporate, enterprise, rural and non-resident Indian (NRI) customers with a wide range of products and services.[br]

Oriental Bank of Commerce: Company Information

Oriental Bank of Commerce (OBC) was established in 1943 in the city of Lahore, which is currently in Pakistan. After the Indo-Pak partition, the registered office was shifted to Amritsar. During the 1970s, the bank suffered a serious financial crisis, which forced the owners of the bank to close down business. However, the employees came forward to make it a co-operative institution and continued business operations. Since then, the bank has expanded its horizons in terms of its customer base as well as product range. In 1980, the bank was nationalized by the Government of India.

 

According to the 2009 data, the bank caters to over 12 million customers spread across the length and breadth of the nation. OBC owns over 1400 branches and 61 extension counters. It has a network of 856 in-house ATMs. It opened its debut overseas office in Dubai in 2009, which offers core banking services to NRIs living in the UAE.

 

In the financial year 2008-09, Oriental Bank of Commerce registered growth of 25.12% from the previous year. The operating profits of the bank crossed five hundred crore rupees.

 

Oriental Bank of Commerce: Products and Services

Oriental Bank of Commerce offers the following products and services to its client base:

 

·        Deposits

·        Savings and current account

·        Loans

·        Credit cards and ATM-cum-Debit card products

·        Depository services

·        Asset and cash management

·        Insurance

·        Remittances (particularly for NRIs)

·        Foreign exchange[br]

 

Oriental Bank of Commerce has made its mark in priority sector banking services. It has specialized products and services for small and medium enterprises (SME) and the rural population. Low-interest rate loans and debt restructuring facilities are available for enterprise customers. OBS also has specific deposits and loan products for women and physically challenged individuals, such as Jeevan Sarathi and Pragati Deposit schemes.

 

OBC’s eZ Banking services (online banking) allows customers to manage their accounts and make transactions from the comfort of their home or office.