Nedungadi Bank is the first private sector commercial bank to be set up in South India. It was established in 1899[1] in Calicut, Kerala by Appu Nedungadi.[2]
In 1964, the Nedungadi bank acquired the Cochin National Bank in Trichur, and in 1965, took selected assets and liabilities from the Coimbatore National Bank in Coimbatore.[4]
Over time, Nedungadi established 174 branches, including branches at all major metropolitan cities such as New Delhi, Calcutta, Chennai, Mumbai, Ahmedabad, etc.[5]
In 2002, the Joint Parliamentary Committee (JPC) probing a stock scam pointed out discrepancies in the conduct of business by Nedungadi Bank.[6] In 2003, the Punjab National Bank (PNB) took over Nedungadi.[7] At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares.
↑Krishnan, Harihara (2017). Banking India, Accepting Deposits for the Purpose of Lending.
↑Action Taken Report on the Report of the Joint Parliamentary Committee on Stock Market Scam and Matters Relating Thereto, by the Indian Government and JPC, 2003.
↑Krishnan, Harihara (2017). Banking India, Accepting Deposits for the Purpose of Lending.
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