Oriental Bank of Commerce
Oriental Bank of Commerce (OBC) was started in Lahore, Pakistan in 19th February of the year 1943. It made a modest beginning under its Founding Father, Late Rai Bahadur Lala Sohan Lal. OBC is a public sector bank engaging in monetary intermediation of commercial banks, saving banks and discount houses. In 1947, the Bank had to face the holocaust of partition. The bank was nationalized on 15 April 1980. It has its headquarters in Gurgaon, Haryana, India.
Its revenue stands to be Rs. 11,457.17 crore, net income is Rs. 1,134.68 crore and total assets Rs. 8,237.958 crore. In the year 1998, the bank had joined hands with Citibank to launch OBC co-branded credit card. For the purpose of Centralised Banking Solution (CBS), OBC had joined hands with Infosys Technologies Ltd and Wipro Ltd in the year 2003. During the same year 2003, the Bank and Small Industries Development Bank of India (SIDBI) had agreed to work on projects in the field of small-scale, infrastructure and service areas. As per the Bank's IT Plan, the Bank had implemented 'Centralised Banking Solutions (CBS)' with effect from March 2004. On 14 August 2004, Global Trust Bank Limited (GTB) was amalgamated into OBC.
It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, credit cards and asset management.
SHORT TERM DEPOSIT
A deposit held at a financial institution that has a fixed term is generally known as term deposit. These are generally short-term with maturities ranging anywhere from a month to a few years. When a term deposit is purchased, the lender (the customer) understands that the money can only be withdrawn after the term has ended or by giving a predetermined number of days notice.
Short term deposits are an extremely safe investment and are therefore very appealing to