Merger with ICICI Bank
Under Section 44A of the Banking Regulation Act, 1949, the ICICI Bank-Bank of Rajasthan merger was the seventh voluntary merger in the Indian banking sector. After Sangli Bank, this was ICICI Bank's fourth acquisition. The origins of the merger can be traced back to the SEBI and RBI's regulatory action in the Bank of Rajasthan.
Bank of Rajasthan merged with ICICI Bank in 2010. The promoters of BOR were criticized by the Reserve Bank of India (RBI) for not lowering their interest in the company. BOR merged with ICICI Bank for INR 30 billion.
The Board of Directors has approved a stock exchange ratio of 25 ICICI Bank shares for 118 BOR shares or one ICICI Bank share for every 4.72 BOR shares.
Following the merger of BoR and ICICI Bank, ICICI has guaranteed that former BoR customers have access to the same benefits as all ICICI Bank customers.
Advantages of Merger With ICICI Bank
The following are some of the advantages:
- Large distribution network with 4,050 branches and 12,921 ATMs as of today.
- 24X7 banking via internet and mobile.
- Financial suite of products and services to suit every banking need.
BOR: A Brief History
After memorizing the BOR full form, a candidate must note the following points:
- The Mansingka brothers of Bhilwara started BOR in May 1943 in Udaipur, Rajasthan, with a starting capital of INR 10 lakh.
- The first chairman, named Seth Shri Govind Ram Seksaria, a well-known industrialist, recognized the first general director, Late Shri Dwarka Prasad Gupta.
- In 1948, it was designated as a scheduled bank. On January 26, 1983, the bank launched the Mewar AanchalikGramin Bank in the Rajasthani region of Udaipur.
- Despite being registered in Udaipur, the bank headquarters are in Jaipur. The bank has four 63 branches in 24 states and 294 divisions in Rajasthan.
We hope that this information has been helpful to anyone trying to figure out what the full form of BOR is.
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