Nainital Bank is not a Government Bank, It is a Quasi Government organization. In the initial days, the Nainital Bank operated as a private-sector institution. The Bank of Baroda, a prestigious nationalized bank, was given the task of managing the operations of the Nainital Bank Ltd. by the Reserve Bank of India in 1973 due to its bad condition. Since that time, the Bank of Baroda has owned the majority of the shares of Nainital Bank. Currently, the Bank of Baroda owns 98.57% of the shares of Nainital Bank, with the public owning the remaining 1.43%.
Key points:
- Bharat Ratna Pt. Govind Ballabh Pant founded Nainital Bank Ltd. in 1922 with the intention of meeting the financial requirements of the local populace.
- In the early days, the Nainital Bank was a private-sector bank.
- Due to the condition of the Nainital Bank was not good, Then in 1973, the Bank of Baroda took over charge of managing the operations of the Nainital Bank by holding 98.57% of its shares.
- Since that time, the Bank of Baroda has owned the majority of the shares of the Nainital Bank.
- Currently, the Bank of Baroda owns 98.57% of the shares of Nainital Bank, with the public owning the remaining 1.43%.
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