New Bank of India
New Bank of India was established in 1936, in Lahore by Mulk Raj Kohli, a professor of Economics turned banker. It moved its head office to Amritsar in 1947, and then to New Delhi in 1956. It acquired Didwana Industrial Bank in 1965, Chawla Bank in 1969, and Sahukara Bank in 1971. Earlier New Bank of India had acquired Punjab & Kashmir Bank.
The Government of India nationalized New Bank of India in 1980. Punjab National Bank acquired New Bank of India in 1993. The only other nationalized bank merged with another—except for State Bank of India with its associate banks—was the merger of Bharatiya Mahila Bank with State Bank of India in 2017.
