What is the full form of OBC?

The full form of OBC is the Oriental Bank of Commerce. A public sector bank was established in Lahore, Pakistan, in 1943. It was nationalised in 1980, and Gurugram, Haryana, is where its headquarters are now. It has a network of more than 2000 subsidiaries spread out across India. According to the bank’s declaration of vision, it aspires to be a top bank that values its stakeholders more than before.

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 of the partition, and offices 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 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:

• Utilizing cutting-edge technology to deliver innovative and trustworthy services that adhere to user expectations
• enhancing the technical proficiency of workers and encouraging collaboration among them
• to generate money for shareholders and clients.

Services offered by OBC

OBC provides its customers with a broad range of financial products in various categories, like,

• Deposits such as savings accounts, current accounts, and term deposits.
• Retail loans, including auto, house, personal, and mortgage loans.
• Trade and finance, foreign exchange, and other services related to FX are included.
• ATMs, BHIM, online & mobile banking, debit cards, etc., are examples of digital banking services.