New India Assurance

The New India Assurance Co. Ltd., based in Mumbai, is one of the five Wholly Government of India owned assurance companies of India. It is the "largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations". . It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.

Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became an re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy.

New India Assurance operates both in India and foreign countries. In the recent past it has collaborated with some of the leading public sector banks of India such as State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network.

Offices

The company with its corporate office in Mumbai has about 31 regional offices, 5 Large Corporate Offices, 412 Divisional Offices, 583 Branches, 27 Direct Agent Branches and 1041 Micro Offices. Centralised claim processing offices called claims hubs are operated from 29 locations.

State bank

A state bank is generally a financial institution that is chartered by a state. It differs from a reserve bank in that it does not necessarily control monetary policy (indeed, the state in question may have no legal capacity to create monetary policy), but instead usually offers only retail and commercial services.

A state bank that has been in operation for five years or less is called a de novo bank.

United States

In the United States the term "state chartered bank" or "state chartered savings bank" is used in contradistinction to "national bank" or "federal savings bank", which are technically chartered across all US states. All national banks and savings institutions are chartered and regulated by the Office of the Comptroller of the Currency. State banks are chartered and regulated by a state agency (often called the Department of Financial Institutions) in the state in which its headquarters are located. In addition, state banks that are members of the Federal Reserve are regulated by the Federal Reserve; state banks that are not members of the Federal Reserve are regulated by the Federal Deposit Insurance Corporation (FDIC). Therefore, virtually every state chartered bank has both a state and federal regulator. There are a very small number of state banks that do not have FDIC insurance.

Bank of India

Bank of India (Hindi:बैंक ऑफ इंडिया) (BoI) is commercial bank with headquarters in Mumbai, Maharashtra, India. Founded in 1906, it has been government-owned since nationalisation in 1969. Bank of India has 4828 branches as on 31 December 2013, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture. BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services.

History

Bank of India was founded on 7 September 1906 by a group of eminent businessmen from Mumbai, Maharashtra, India. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.

Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.

State Bank of India

State Bank of India is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. As of 2014-15, it has assets of INR 20,48,080 crores and 16,333 branches, including 191 foreign offices spread across 36 countries, making it the largest banking and financial services company in India by assets.

State Bank of India is one of the Big Four banks of India, along with ICICI Bank, Bank of Baroda and Punjab National Bank.

The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding, in 1806, of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two "presidency banks" in British India, Bank of Calcutta and Bank of Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India.Government of India owned the Imperial Bank of India in 1955, with Reserve Bank of India (India's Central Bank) taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India.

India

India, officially the Republic of India (Bhārat Gaṇarājya), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the south-west, and the Bay of Bengal on the south-east, it shares land borders with Pakistan to the west;China, Nepal, and Bhutan to the north-east; and Myanmar (Burma) and Bangladesh to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; in addition, India's Andaman and Nicobar Islands share a maritime border with Thailand and Indonesia.

Home to the ancient Indus Valley Civilisation and a region of historic trade routes and vast empires, the Indian subcontinent was identified with its commercial and cultural wealth for much of its long history. Four religions—Hinduism, Buddhism, Jainism, and Sikhism—originated here, whereas Zoroastrianism, Judaism, Christianity, and Islam arrived in the 1st millennium CE and also shaped the region's diverse culture. Gradually annexed by and brought under the administration of the British East India Company from the early 18th century and administered directly by the United Kingdom after the Indian Rebellion of 1857, India became an independent nation in 1947 after a struggle for independence that was marked by non-violent resistance led by Mahatma Gandhi.