Oriental Bank Of Commerce
The Oriental Bank of Commerce was established in February of 1943 in Lahore which is now currently under Pakistan. It is a nationalized bank India one of the few commercial banks in India that are.
It is a public sector bank that started from humble beginnings under its founding father, the late Rai Bahadur Lala Sohan Lai who was also the bank's first chairman.
Customer service is the bank's prime philosophy as established since its inception by the founding father that paid back every rupee owed to depositors when the bank underwent a holocaust of partition.
The Oriental Bank of Commerce is involved in a number of projects around India. A handful of success is a project that aims to incorporate people participation processes to tackle poverty.
The Grameen projects that were also conceptualized by the bank also hope to tackle the malady of poverty in India. it is also active in trying to discover and analyze the reasons behind the successes and the failures of the policy.
The Grameen project initial implementation was in Hanumangarh District as well as the Dehradun District. The projects started by giving loans starting from RS 75. Women are the ones that benefited most from this project.
The bank is also responsible to initializing training programs for the locals that taught them how to make proper use of raw materials that were available to them. These in turn become a means of employment for these people and therefore their standards of living were improved thanks to the oriental bank of Commerce.
The bank also places a lot of focus on rural development. In 1997, it introduced the "Comprehensive Village Development Programmer" in five villages; three in Punjab and two in Harayana. This program was a great success and was later expanded to cover 15 villages. The program provides integrated rural financing. The bank has shown continued commitment toward developing rural India.
The Oriental Bank of Commerce offers a wide range of services to its clientele; personal loans, home loans to educational loans. The bank also offers a number of IT enabled programs to its clients. Examples include online educational loans, casemate cards that are designed for students, online trading, internet banking and e-tax payment among others.
The bank's growth has been strong and steady through the years. Business has been estimated to be growing at about 27.04% every year. This is a strong indicator of the fact that people around India have confidence in the policies that have been put forth by the Oriental bank of Commerce.