History of Vijaya Bank
YEAR EVENTS 1980 - The Bank came into existence on 15th April, as a consequence of the Government of India taking over the undertaking of Vijaya Bank limited The Bank is engaged in transacts all types of banking business including foreign exchange & is a Government of India undertaking.
1984 - Capital worth Rs 10 lakhs subscribed by Government.
1985 - The Bank sponsored its first Regional Rural Bank under the name & style 'Visweswaraya Grameena Bank' in March. This Regional Rural Bank would cater to the needs of target group belonging to Mandya district of Karnataka State.
- Capital worth Rs 772 lakhs subscribed by Government.
1986 - Capital worth Rs 1000 lakhs subscribed by Government.
1989 - Rs 800 lakhs subscribed by Government.
1991 - Rs 2500 lakhs subscribed by Government.
1992 - Rs 2500 lakhs subscribed by Government.
- The bank has introduced automatic renewal facility upto four times in respect of short term deposits accepted for periods from forty six days to one year for convenience of customers.
- The novel scheme of `Vijaya Vichar Vihar' was introduced by the Bank in 1989 & is now flourishing in 25 centres as on March.
- In October, a new & unique scheme viz., 'VIJAYASHREE UNITS DEPOSIT SCHEME' combining the features of term deposit & the flexibility of savings bank deposit was launched.
- The Bank introduced `Vijaya Stockinvest' scheme in May. To make it more investor friendly, the special features of Vijaya Shree Units Scheme were incorporated to this scheme & the scheme is gaining in popularity among the investing public.
1993 - Rs 5000 lakhs subscribed by Government.
- The Bank has installed 68 ALPMs in 25 branches.
- The 'Vijaya Bank Diamond Jubilee Scholarship Scheme' was introduced as a part of Diamond Jubilee Celebrations of the Bank, with the objective of awarding scholarships to such of those children of serving permanent sub-staff employees.
1994 - Rs 6500 lakhs subscribed by Government.
- The Bank had entered into the Memorandum of Understanding with the Reserve Bank of India, undertaking to fulfil definite performance commitments.
- The Bank introduced the new schemes viz. Vijaya Gift Bond Scheme & Vijaya Service Card for enlarging its services to its business clientele.
- The Bank introduced three new loan schemes, viz., V-Cash meant for salaried class, V-Equip for professionals & V-Stock for individual investons.
- The Bank has introduced a recovery incentive scheme viz. 'Loan Recovery Motivation Scheme 1994'.
- The Bank opened its third exclusive NRI branch at Mapuca [Goas] & established special NRI Cells at the branches in Tiruvalla, Kottayam, Trivandrum & Kozhencherry [all in the Kerala States].
- The Bank launched its 'V-Invest' Scheme in January. 1995 - Rs 6231 lakhs subscribed by Government.
- The Bank opened 33 new branches taking the total to 810 branches.
- The three new loan schemes, namely V-Cash, V-Equip & V-Stock introduced by Bank last year were well received by the public.
- The Bank opened five Hi-tech Agricultural Finance branches at Bangalore, Coimbatore, Delhi, Hyderabad & Lucknow.
- The Visveshvaraya Grameena Bank has entered into a Memorandum of Understanding with the Bank, setting performance parameters for improving its financial health.
- The Bank entered into an agreement with M/s. Oriental Exchange Co., WLL Manama, Bahrain providing for Bank participation in the said exchange company day-to-day management.
- The Bank entered into strategic alliance with leading private sector banks & branches of foreign banks in India viz Citi Bank, N. A. India, Catholic Syrian Bank Ltd, HDFC Bank Ltd, Centurion Bank Ltd, UTI Bank Ltd, etc.
- The Bank introduced Office Automation by providing state-of-the-art word processors at 45 branches, 13 Regional Offices & Headoffice departments.
- The Bank house magazine Vijaya Vikas entered its 20th year of publication & was awarded the coveted 'Best House Journal of the Year' award by Public Relations Society of India.
- Vijaya Bank launched a fully operational Custodial Services Division at Mumbai on 29th March. 1996 - The Bank opened its first subsidiary, VIBANK HOUSING FINANCE LTD to add impetus to housing finance.
- Vijaya Bank introduced three new loan schemes, namely, 'Vijaya Nivruthi', 'Vijaya Krishi Vikas' & 'Vijaya Mangala' to cater to the credit needs of pensioners, farmers & working women respectively.
- The Bank has also entered into tie-up arrangements with ICICI Banking Corporation Limited & Oman International Bank limited
- The Bank introduced innovative banking service called 'Any Branch Banking.'
1997 - Vijaya Bank has introduced a novel way to improve customer service.
- The bank has recently introduced a system of rating its branches once in six months to evaluate the quality of service & the facilities extended to the clientele.
- Vijaya Bank has launched a special agriculture credit plan targeted specifically at agriculture & other, rural advances.
- The bank launched the `special loan recovery motivation scheme' which helped reduce the level of NPAs from 11.6 per cent to 9.6 per cent.
- The Bank has recently introduced a new `trade finance' scheme.
1998 - Vijaya bank has introduced a jewel scheme under which loans are granted by bank to fund the purchase of jewellery by keeping the purchased item as collateral till the loan has been repaid.
- The Bank introduced several novel loan schemes viz. 'Liquidity Finance Scheme' to help SSI entrepreneurs to meet the shortfall in net working capital & 'Flexible Credit Scheme' with built in flexibility to utilise bank credit as pre sale or post sale finance by SSI units.
- The Bank has entered into domestic correspondent Banking arrangements with various private sector banks & foreign banks.
1999 - Vijaya Bank has entered into a Rs 200-crore take-out financing agreement with the Housing & Urban Development Corporation [Hudcos] for funding infrastructure projects.
- The Housing & Urban Development Corporation [Hudcos] has entered into a three-year reversible securitisation deal with the public sector Vijaya Bank, to raise funds for meeting some of its infrastructure financing commitments.
2000 - Vijaya Bank has introduced a new scheme named V-Star savings bank Acc. scheme.
- Vijaya Bank Chairman & Managing Director S Gopalakrishnan has been elected as the president of Indian Banks' Association, Bangalore. - Vijaya Bank is entering the capital market with an initial public offering of 10 crore shares of Rs 10 each for cash at par aggregating Rs 100 crore, bringing down the shareholding of government from 100 to 72.16 per cent.
- Vijaya Bank maiden public issue of 100 million shares of Rs 10 each which opened for public has been oversubscribed by 1.84 times.
- Vijaya Bak is increasing its focus on technology and, given the VRS pressure on its HR, the bank set up more networked ATMs.
2002
-Vijaya Bank has informed BSE that Government of India appointed Sri M S Kapur as the Chairman and Managing Director of Bank & Mr M S Kapur took charge as Chairman and Managing Director of Bank w e f August 16, 2002.
Bank has further informed that Sri Michael Bastian, Executive Director of Bank has been posted as the Chairman and Managing Director Syndicate Bank. Mr Michael Bastian was relieved as the Executive Director of Bank on August 24, 2002.
2003
-Vijaya Bank signs a pact with LIC to offer Life insurance cover to all its existing as well as its new deposit-holders.
-Bank officials are undertaking roadshows where senior officials carry placard, giving reasons about their visit. This is an innovative way to deal with defaulters for repaying loans without publicly naming them.
-Vijaya Bank has unveiled a new electronic fund remittance facility called V-REMIT, under which the bank customers can electronically remit funds to the Acc. holders in any bank.
-P A Sethi has been appointed as the Executive Director of Vijaya Bank.
-Vijaya Bank has signed a Memorandum of Understanding with M/s National Insurance Company Limited for marketing bancassurance products.
-Vijaya Bank has named its merchant bankers for its public issue amounting to Rs.100cr and slated to be released from the next month.
-Bank has decided to amalgamate its own subsidiary VIBANK Housing Finance Ltd.[VHFLs] with the Vijaya Bank.
-Vijaya Bank has informed that GOI has appointed Sri.K.R.Aananda [Director, RBI Nominees], The bank board now consists of following: Mr.M.S Kapur,CMD Mr.P.A Sethi [Ex.Directors] Mr.R.Ranganath[Directors] Mr.K.R Anand [Directors] Mr.K.Kiran [Directors] Mr.Babuseth Tyrewala [Drtrs] Mrs.Sukdha Misra [ Directors] Mr.Pawan Kumar sharma [Directors] Mr.S Ananthan [Directors] Mr.R Ashok Kumar [ Directors] Mr.S.P Krishna Swamy [Directors] Mr. B.K.Jagdish Chandra [Directors]
-Vijaya Bank has opened a Kiosk that is exclusively for retail lending at its Ashoknagar Branch in Mangalore.
-Vijaya Bank has hiked the rate of interest on FCNR [ Bs] deposits for all the three currencies accepted by it.
-Bank has signed MoU with Punjab National Bank & Principal Financial Group of USA for a joint venture participation in Asset Management Company.
-Vijaya Bank decides to open training centre for employees in Bangalore
-The Union government has bought back Rs 240-crore high-yielding government securities from Vijaya Bank.
2004
-Vijaya Bank ties up with NIC to offer free insurance policy
-US-based Pricipal Group enters distributorship tie-ups with Vijaya Bank
-Delhi based Punjab National Bank [PNBs] & Bangalore-based Vijaya Bank enter into a four-way partnership with Principal Financial of US & Berger Paints to set up an insurance broking company
-Vibank Housing Finance limited becomes wholly owned subsidiary of Vijaya Bank
- Vijaya Bank has entered into a memorandum of understanding [MoUs] with two tractor manufacturers International Tractors & Mahindra Gujarat Tractors to provide finance on softer terms to farmers for purchase tractors & power tillers
-VIJAYA Bank signs pact with Nabard to co-finance agriculture, agro processing, hi-tech agriculture & rural development projects.
-Vijaya Bank too enters RTGS bandwagon
-Principal Asset Management Comp. [AMCs] formally relaunches itself as Principal PNB Asset Management Comp. in association with Vijaya Bank on July 2, 2004
-Vijaya Bank launched the bank second city specific credit card - the 'Hyderabad Card'
-Vijaya Bank has entered a Memorandum of Understanding with M/S Eicher Tractors with a view to facilitate farmers for purchase of tractors on softer terms
-Vijaya Bank has entered into a Memorandum of Understanding with Punjab Tractors Limited with a view to help farmers purchase tractors on softer term loans
-Bangalore-based Vijaya Bank has launched a new credit facility for farmers who are caught up in the clutches of private money-lenders & help them to improve their financial status
-Vijaya Bank ties up with New Holland Tractors
-Vijaya Bank ties up with National Insurance
2005
-Vijaya Bank ties up with TAFE
-Vijaya Bank sets up new branches
2007
- Vijaya Bank has informed that Shri G B Singh has been nominated as GOI Nominee Director of Bank vice Shri Atul Kumar Rai, vide letter dated August 20, 2007 received from Government of India, Ministry of Finance, Department of Financial Services with immediate effect.
2008
- Vijaya Bank inked a memorandum of understanding with credit rating agency, Crisil, for rating its corporate customers.
- Vijaya Bank has inked a pact with Credit Analysis and Research Ltd [CAREs], one of RBI accredited rating agency, to provide bank loan ratings to its corporate clients at a concessional fee.
-Vijaya Bank has informed that Shri. Sridhar Cherukuri has been nominated as part-time non-official Director of Bank with immediate effect, vide letter dated July 10, 2008 received from Government of India, Ministry of Finance, Department of Financial Services.
-Vijaya Bank has informed that Shri. Ranjan Shetty has been nominated as Officer Employee Director of Bank with immediate effect, vide letter dated September 09, 2008 received from Government of India, Ministry of Finance, Department of Financial Services.
