What is the full form of OBC?
The full form of OBC is the Oriental Bank of Commerce. It is a public sector bank founded in Pakistan’s Lahore in 1943. In the year 1980, it was nationalized and its headquarter is located in Gurugram, Haryana. It has a network distributed throughout India of more than 2000 subsidiaries. Its declaration of vision specifies that the bank aims to be a customer-friendly premier bank dedicated to increasing stakeholders’ importance.
A brief history of OBC
- It was established by the late Rai Bahadur Lala Sohan Lal in Lahore, Pakistan, in February 1943.
- The divisions in Pakistan closed down in 1947 because the partition and office were relocated from Lahore to Amritsar.
- Its registered office was relocated to Delhi in 1951.
- In April 1980, it was nationalized.
- The bank established its merchant banking unit in 1992.
- Punjab Co-operative Bank & Bari Doab Bank combined with OBC in 1997.
- The bank entered into an arrangement with Citibank to launch a co-branded credit card in the subsequent year.
- It set up a special branch & asset recovery division in Mumbai & Delhi in 1999.
- In 2002, a professional branch for female entrepreneurs was founded and linked up with Corporation Bank to share their ATMs.
- In 2003, it collaborated with Infosys Technologies & Wipro to introduce the CBC (Centralized Banking Solution).
- Global Trust Bank was integrated with OBC in 2004.
- The bank signed an MoU with IL & FS Investment Securities in 2006 to provide clients with the facility to trade online.
- The bank signed into an arrangement with Escorts in 2007 to provide farmers with funds to allow them to buy tractors.
- It joined into a distribution tie-up with the asset management firm Kotak Mahindra in 2008.
Main objectives of the OBC
The following statements are included in the main OBC objectives:
- Providing creative and reliable services in line with consumer standards using state-of-the-art technology
- Improving the technical skills of workers and fostering cooperation between them
- To produce wealth for clients and shareholders.
Service offered by OBC
OBC provides its customers with a broad range of financial products in various categories, like,
- Deposits like a term deposit, current account and saving account.
- Retail loans like mortgage loans, vehicle loans, home loans, personal loans, etc.
- Forex service includes trade & finance, forex card rate, foreign exchange, etc.
- Digital banking services like ATM, BHIM, internet & mobile banking, debit card, etc.