Vijaya Bank

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Vijaya Bank
RevenueIncrease ₹14,190.45 crore (US$1.8 billion)[1] (2018)
Increase ₹3,098 crore (US$390 million)[1] (2018)
Increase ₹727 crore (US$91 million)[1] (2018)
Total assetsIncrease₹177,632.04 crore (US$22 billion)[1] (2018)
Total equityIncrease₹10,627.19 crore (US$1.3 billion)[1] (2018)
Number of employees
16,079[1] (2018)
Capital ratio13.90% (2018)[1]

Vijaya Bank[2][3][4] was a PSU bank which was merged with Bank of Baroda on 1 April 2019 with its head office in Bangalore, Karnataka, India. It was one of the nationalised banks in India. The bank offered a wide range of financial products and services to customers through its various delivery channels. As of March 2017, the bank had a network of 2031 branches throughout the country and over 4,000 customer touch points including 2001 ATMs.[5][6]

History

A. B. Shetty
Vijaya Bank Founders Branch, Mangalore

Vijaya Bank was established by a group of farmers led by

Princely State of Mysore (present-day Karnataka). Since it was established on day of Vijayadashami, it was named "Vijaya Bank".[8]

During the economic chaos created out of the Great Depression of 1927–30, Shetty approached leading Bunt personalities to start a bank with the objective of extending credit facilities at a lower rate of interest to enable the farmers to cultivate their lands and prevent them from falling into the clutches of money lenders. Accordingly, Shetty involved 14 Bunts and established Vijaya Bank on 23 October 1931. In the beginning the bank had an authorised capital of ₹5 lakh and an issued capital of ₹2 lakh. The paid up capital was ₹8,670.[citation needed]

Growth and nationalisation

The bank grew steadily since its inception. The bank became a

nationalised on 15 April 1980. At the time of nationalization, the bank had 571 branches, with a total business of ₹605.95 crore and a staff strength of 9059.[citation needed
]

The present head office building of the Bank is at Mahatma Gandhi Road, Bangalore. It was inaugurated on 26 October 1984.[citation needed]

Amalgamation

Vijaya Bank head office in MG Road, Bangalore

On 17 September 2018, the

Non-performing assets.[citation needed] The Gross NPA OF the Bank of Baroda, Vijaya Bank and Dena Bank is 12.4%, 6.9% and 22% respectively.[citation needed
]

The merger was approved by the Union Cabinet and the boards of the banks on 2 January 2019. Under the terms of the merger, Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares of the Bank of Baroda, respectively, of face value ₹2 for every 1,000 shares they held. The merger is effective from 1 April 2019.[13] Vijaya Bank that has merged with Bank of Baroda has built a museum that dedicated to its history.[14]

Business operations

The bank's total business is over ₹2,29,000 crore comprising deposits of ₹1,33,012 crore and advances of ₹96,821 crore as at 31 March 2017. Basically being a retail bank, its topline growth owes quite a lot to the retail segments. Retail advances of the bank constitute 30% of the gross credit.[15]

As on 31 March 2017, the bank had a wide branch network of 2031 branches. The bank has 2001 ATMs as on 31 March 2017. Vijaya Bank provides access to over 2.21 lakh ATMs connected under National Financial Switch across the country.[16][citation needed]

Financial inclusion initiatives

The Bank has been actively pursuing the agenda of financial inclusion. The bank's initiatives in this direction aim at financial empowerment and reaching banking services to the rural masses. The bank has been opening Basic Savings Bank Accounts under Pradhan Mantri Jan Dhan Yojana and providing all the account holders with Rupay debit cards. It participates in promoting social security schemes such as Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana. The bank is also implementing the modified Direct Benefit Transfer (DBT) programme of the Government of India.[17] [citation needed]

References

  1. ^ a b c d e f g h "Annual Report 2017-18" (PDF). Vijaya Bank. Retrieved 14 March 2019.
  2. ^ Mehta, Sangita (23 July 2018). "Vijaya Bank reports 41% dip in profit, stock up 4%". The Economic Times. Retrieved 29 July 2018.
  3. ^ Mehta, Sangita (26 July 2018). "Vijaya Bank's NPAs could fall below 3% by March: RA Sankara Narayanan". The Economic Times. Retrieved 29 July 2018.
  4. ISSN 0971-751X
    . Retrieved 29 July 2018.
  5. ^ "About Us". Archived from the original on 29 March 2019.
  6. ^ "Vijaya Bank to add more branches this year". The Hindu Business Line. 20 May 2016. Retrieved 14 February 2020.
  7. ^ "A banker erased from memory". Deccan Herald. Retrieved 27 February 2012.
  8. ^ Vijaya Bank - Inception Archived 8 September 2008 at the Wayback Machine
  9. ^ "Dena Bank, Vijaya Bank, Bank Of Baroda To Be Merged, Says Government". NDTV.com. Retrieved 17 September 2018.
  10. ^ "Bank of Baroda, Vijaya Bank and Dena Bank to be amalgamated". The Economic Times. 17 September 2018. Retrieved 17 September 2018.
  11. ^ "Bank of Baroda, Vijaya Bank and Dena Bank to be merged". The Economic Times. 18 September 2018. Retrieved 14 March 2019.
  12. ^ Nair, Remya (17 September 2018). "Govt proposes merger of BoB, Dena, Vijaya Bank". www.livemint.com/. Retrieved 17 September 2018.
  13. ^ "Vijaya Bank, Dena Bank merger with BoB to be effective from April 1; here's the share exchange plan". Business Today. 21 February 2019. Retrieved 14 March 2019.
  14. ^ "Vijaya Bank Museum inaugurated". The Hindu. 23 October 2019.
  15. ^ "Financial Statements / Position & Press Releases". www.vijayabank.com. Retrieved 30 March 2019.
  16. ^ "Vijaya Bank - About Us". www.vijayabank.com. Retrieved 30 March 2019.
  17. ^ "Financial Inclusion". Archived from the original on 6 January 2019.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Vijaya_Bank&oldid=1217745245"