| Times Bank | |
| Type: | Public sector |
| Industry: | Banking, Insurance, Capital Markets and allied industries |
| Fate: | Acquired by HDFC Bank[1] |
| Successor: | HDFC Bank |
| Foundation: | 1994 |
| Founder: | Bennett, Coleman & Co. Ltd. |
| Location City: | Mumbai |
| 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 |
| Num Employees: | 541 |
| Parent: | HDFC Bank |
| Divisions: | 35 ATMs and 34 branches |
| Location Country: | India |
The Times Bank was a bank founded in 1994 by the Bennett, Coleman & Co. Ltd. which is the holding company of The Times of India newspaper.[2]
In December 1993, The Times Group (which is owner of the Times of India newspaper) received an in-principle approval from the Reserve Bank of India for starting a new private bank.[3]
The Bank was incorporated on 6 July 1994 by the Bennett, 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 bank HDFC Bank.[6]
The bank was a member of the Cirrus 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 in India 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, whereas HDFC Bank had 827 employees, 57 branches and 77 ATMs.[8] [9] Moreover, many of the employees at the Times Bank were former employees of the State Bank of India.[10]
The acquisition of Times Bank by HDFC Bank was a major profit booster for The Times Group.[11]