Bank of Rajasthan

The Bank of Rajasthan Ltd (Hindi: बैन्क ओफ राजस्थान) was a private sector bank of India which merged with ICICI Bank in 2010.

The BANK OF RAJATHAN Ltd.
TypePrivate company
IndustryBanking
Loan
Capital Markets and allied industries
Founded1943 (1943)
Defunct2010 (2010)
FateMerged with ICICI Bank
HeadquartersClock Tower, Udaipur, India
Key people
G. Padmanabhan (MD & CEO)
ProductsLoans, Savings, Investment vehicles, etc.
Revenue₹15,073.344 million (US$190 million) (year ended March 2009)
Increase ₹1,177.119 million (US$15 million) (March 2009)
Websitewww.bankofrajasthan.com

History

It was set up at Udaipur in 1943 with an initial capital of Rs. 10.00 lacs. An eminent industrialist named Seth Shri Govindram Seksaria was the founder chairman and Late Shri Dwarka Prasad Gupta was the first General Manager. It was classified as the Scheduled Bank in 1948. The Bank also established a rural (Gramin) bank Mewar Anchlik Gramin Bank in Udaipur District in Rajasthan on 26 January 1983.

The bank's central office is located at Jaipur, although its registered office is in Udaipur. Presently the bank has 463 branches,[1][2] in 24 states, with 294 of the branches being in Rajasthan.

Merger With ICICI Bank

RBI was critical of BOR's promoters not reducing their holdings in the company. BOR has been merged with ICICI Bank. ICICI paid Rs. 30 billion for it. Each 118 shares of BOR will be converted into 25 shares of ICICI Bank.[3][4][5] dated 12 Oct 1998

References
  1. "The Bank Of Rajasthan Ltd.-Together We Prosper". Archived from the original on 12 December 2010. Retrieved 11 May 2009.
  2. Bank of Rajasthan – Bank of Rajasthan India – Bank Of Rajasthan Ltd
  3. "BoR to be merged with ICICI". The Times of India. 18 May 2010. Retrieved 20 August 2010.
  4. "Bank of Rajasthan to merge with ICICI". The Times of India. 23 May 2010. Retrieved 20 August 2010.
  5. "ICICI-BoR merger deal valued at Rs 3041 crore". The Times of India. 24 May 2010. Retrieved 20 August 2010.
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