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
''The Times of India'' (''TOI'') is an Indian English-language daily newspaper and digital news media owned and managed by the Times Group. It is the List of newspapers in India by circulation, third-largest newspaper in India by circulation an ...
'' newspaper.
History
In December 1993,
The Times Group
Bennett Coleman and Company Limited (BCCL), d/b/a the Times Group, is an Indian media conglomerate based in Mumbai. Notable media properties owned and operated by the group include India's largest selling daily English-language newspaper ''The ...
(which is owner of the
Times of India
''The Times of India'' (''TOI'') is an Indian English-language daily newspaper and digital news media owned and managed by the Times Group. It is the List of newspapers in India by circulation, third-largest newspaper in India by circulation an ...
newspaper) received an in-principle approval from the
Reserve Bank of India
Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...
for starting a new private bank.
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.
The Bank opened its first branch on D. N. Road, Mumbai, on 8 June 1995.
In the year 2000, the bank was merged with the Indian private bank
HDFC Bank
HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalisation.
The Reserve Bank of India (RBI) has identified the HDFC Bank, Stat ...
.
Business activities
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
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...
to provide an on-line, real-time debit programme in Delhi & Mumbai.
At the time of its acquisition, Times Bank had 541 employees, 35 branches and 34 ATMs, whereas
HDFC Bank
HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalisation.
The Reserve Bank of India (RBI) has identified the HDFC Bank, Stat ...
had 827 employees, 57 branches and 77 ATMs. Moreover, many of the employees at the Times Bank were former employees of the
State Bank of India
State Bank of India (SBI) is an Indian Multinational corporation, multinational Public sector undertakings in India, public sector bank and financial service body headquartered in Mumbai. It is the largest bank in India with a 23% market shar ...
.
The acquisition of Times Bank by
HDFC Bank
HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalisation.
The Reserve Bank of India (RBI) has identified the HDFC Bank, Stat ...
was a major profit booster for
The Times Group
Bennett Coleman and Company Limited (BCCL), d/b/a the Times Group, is an Indian media conglomerate based in Mumbai. Notable media properties owned and operated by the group include India's largest selling daily English-language newspaper ''The ...
.
See also
*
Indian banking
*
List of banks in India
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934.
As of 1st May 2025, India's commercial banking sector consist of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 44 ...
References
External links
History of the Bank
{{DEFAULTSORT:General Bank of India
Defunct banks of India
Companies based in Kolkata
Banks established in 1994