PRIVATE SECTOR BANKS IN INDIA – BANK OF RAJASTHAN
PRIVATE BANKS IN INDIA – BANK OF RAJASTHAN
The Bank of Rajasthan Ltd is a private sector bank of India. It was set up at Udaipur in 1943 with an initial capital of Rs.10.00 lacs. An eminent Industrialist Late Seth Shri Govind Ram Seksaria was the founder Chairman. 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 26th January, 1983. The bank’s central office is located at Jaipur, while registered office is in Udaipur. Presently the bank has 463 branches.
RBI was critical of BOR’s promoters not reducing their holdings in the company. BOR has been merged with ICICI Bank. ICICI paid Rs.3000 Crores for it. Each 118 shares of BOR will be converted into 25 shares of ICICI Bank.