| Company type | Public sector |
|---|---|
| Industry | Banking,Insurance,Capital Markets and allied industries |
| Founded | 1994 |
| Founder | Bennett, Coleman & Co. Ltd. |
| Defunct | 31 March 2000 (2000-03-31) |
| Fate | Acquired byHDFC Bank[1] |
| Successor | HDFC Bank |
| Headquarters | , |
Number of locations | India |
Area served | India |
| Products | Deposits,Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes,SME Banking Schemes |
| Services | Loans, Deposits |
| Owner | HDFC Bank |
Number of employees | 541 |
| Parent | HDFC Bank |
| Divisions | 35 ATMs and 34 branches |
TheTimes Bank was a bank founded in 1994 by theBennett, Coleman & Co. Ltd. which is the holding company ofThe Times of India newspaper.[2]
In December 1993,The Times Group (which is owner of theTimes of India newspaper) received an in-principle approval from theReserve Bank of India for starting a new private bank.[3]
The Bank was incorporated on 6 July 1994 by theBennett, Coleman & Co. Ltd. and the Certificate of Commencement of Business was obtained on 22 August 1994.[4]
The Bank opened its first branch on D. N. Road, Mumbai, on 8 June 1995.[5]
In the year 2000, the bank was merged with the Indian private bankHDFC Bank.[6]
The bank was a member of theCirrus ATM network. It had four strategic business units: assets group, trade finance group, services group & syndication & advisory services group. It was also the first bank inIndia to provide an on-line, real-time debit programme in Delhi & Mumbai.[7]
At the time of its acquisition, Times Bank had 541 employees, 35 branches and 34 ATMs, whereasHDFC Bank had 827 employees, 57 branches and 77 ATMs.[8][9] Moreover, many of the employees at the Times Bank were former employees of theState Bank of India.[10]
The acquisition of Times Bank byHDFC Bank was a major profit booster forThe Times Group.[11]
