OBC Full Form: Know All About OBC Here!

By BYJU'S Exam Prep

Updated on: September 25th, 2023

OBC Full Form: The full form of OBC is Oriental Bank of Commerce. It was a nationalised public sector bank in India with 2,390 bank branches and 2,600 ATMs across the country. The banking chain was regarded as the “best performing bank under Atal Pension Yojna”. In its last 40 years, it grew in popularity among rural and agri-based customers. However, in 2020, OBC was merged with the banking giant Punjab National Bank (PNB).

History of OBC

OBC was established in 1943 in Lahore by Rai Bahadur, the primary chairperson of the bank. Partition hit soon after, and OBC had to shut its branches in the newly established Pakistan. It relocated its registered office to Amritsar. The bank’s then Chairman, Lala Karam Chand Thapar, performed a one-of-a-kind courtesy by honouring the bank’s obligations to Pakistani customers and paying every penny to the bank’s outgoing clients.

Since its inception, the OBC has had numerous dramatic rises and falls. After the bank almost shut down in 1970–76, the support extended by its employees and leaders led to a remarkable recovery. 

In 1980, OBC was conferred with the status of a nationalised bank and ranked 19th among the 20 nationalised banks. The acquisition of Bari Doab Bank and Punjab Cooperative Bank (PCB) in 1997 brought no additional branches. Thereafter, the bank made strides on various fronts, reaching a business mix of Rs 2,37,000 crore on March 31, 2010, making it India’s seventh-largest public sector bank.

In 2004, OBC and Global Trust Bank (GTB) merged. A final merger was announced by Finance Minister Nirmala Sitharaman, where the Oriental Bank of Commerce and the United Bank of India were merged to form PNB in 2019. The merged entity, Punjab National Bank, came into existence in April 2020 and became India’s second-largest public sector bank.

Services offered by OBC

  • Students, entrepreneurs, and salaried personnel benefitted from savings accounts.
  • Customers could open current accounts with the bank, which came with various banking features, such as financial transfers and receiving checks and cash.
  • Individuals or groups of designated individuals (co-borrowers) with a guaranteed source of regular income were eligible for an OBC home loan.
  • OBC provided three different personal loan plans to qualified clients, each with a flexible payback duration.
  • Vehicle loans were available for all types of four-wheelers and two-wheelers and the purchase of used automobiles.
  • Customers who studied at renowned universities in India and abroad could choose a loan type from five different education loans.
  • Customers with current or savings accounts could open a Flexi fixed deposit.
  • Customers could take advantage of excellent interest rates on recurring deposits called Progressive Deposits.
  • In partnership with SBI, OBC offered two types of credit cards to its clients to meet various demands, such as commerce, commuting, and dining.
  • Customers could get debit cards with a variety of services, including cash transfers via ATMs, add-on cards, and mobile banking. 
  • In the event of a query, account-related inquiry, or feedback, OBC clients could contact customer service through SMS, email, or phone 24 hours a day, seven days a week.
  • Customers would use Mobile Banking to transfer funds, pay bills, check balances, etc.
  • Customers could check their account status using various methods, including missed call service, online banking, mobile banking, etc.
  • Mini statements were available to OBC clients via net banking, mobile banking, SMS, ATMs, and by calling the customer service hotline.

We hope this information was useful to you. Like the full form of OBC, you can learn from others our articles. This would be extremely beneficial for a banking exam.

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