What is the full form of OBC?
The OBC full form is the Oriental Bank of Commerce. It is a public sector bank that was created in Lahore, Pakistan, in 1943. It was nationalized in 1980, and its headquarters are located in Gurugram, Haryana. It has a network of over 2000 subsidiaries spread over India. Its vision statement states that the bank aspires to be a customer-centric, premier institution committed to elevating the importance of stakeholders.
The Government of India uses the term OBC is “Other Backward Class” to describe castes that aren’t as educated or socially advanced.
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A basic overview of OBC
- In February 1943, it was founded by the late Rai Bahadur Lala Sohan Lal in Lahore, Pakistan.
- In 1947, Pakistan’s divisions were dissolved due to the relocation of the partition and office from Lahore to Amritsar.
- In 1951, its registered office was shifted to Delhi.
- In April of 1980, the company was nationalized.
- In 1992, the bank created its merchant banking division.
- In 1997, Punjab Co-operative Bank and Bari Doab Bank merged with OBC.
- The bank reached an agreement with Citibank to release a co-branded credit card the next year.
- In 1999, it established a dedicated branch and asset recovery section in Mumbai and Delhi.
- In 2002, a professional branch for women business owners was established and partnered with Corporation Bank to share ATMs.
- It teamed with Infosys Technologies and Wipro in 2003 to launch the CBC (Centralized Banking Solution).
- In 2004, Global Trust Bank was merged with OBC.
- In 2006, the bank and IL & FS Investment Securities signed a memorandum of understanding to enable clients to trade online.
- In 2007, the bank entered up an agreement with Escorts to provide funding for farmers to purchase tractors.
- In 2008, it formed a distribution partnership with the asset management firm Kotak Mahindra.
Principal aims of the OBC
The following statements comprise the OBC’s primary objectives:
- Providing innovative and dependable services in accordance with customer expectations using cutting-edge technology
- To generate income for clients and shareholders, it is necessary to improve the technical skills of employees and to create teamwork.
The service provided by OBC
OBC offers a vast selection of financial goods in several categories, including,
- These include a term deposit, a checking account, and a savings account.
- Retail loans including mortgage loans, vehicle loans, home loans, personal loans, etc.
- Forex service consists of trade & finance, forex card rate, foreign exchange, and other features.
- Digital banking services include ATM, BHIM, online & mobile banking, debit card, etc.
