Vysya Bank

Vysya Bank was an Indian private bank in Karnataka, India, during 1930–2003.

History

Established in 1930s, Vysya Bank was formally incorporated and favours the Arcot Mudaliar community in the city of Bangalore, Karnataka. The state of Karnataka is known as the "cradle of Indian banking" due to the region's bygone banking relationship with several European East India Companies during the 17th, 18th and 19th centuries. Seven of the country's leading banks were originally established in Karnataka.
From the 1930s through the 1950s, Vysya Bank built its banking business organically in southern India. The bank concentrated on serving the Vysya community, a merchant/trading community operating across Karnataka and Andhra Pradesh.
In 1958, the bank was licensed by the Reserve Bank of India to expand its banking operations nationwide.
In 1972, the RBI upgraded Vysya Bank to a national B class bank.
In 1987, Vysya Bank established two independently operating subsidiaries providing equipment leasing and home mortgaging services.
In 1994, Vysya Bank began marketing several innovative financial products to the fast-growing Indian middle-class segment.

Take-over

The major shares of the bank were taken over by ING Group in 2002 and the bank was renamed to ING Vysya Bank in 2003.
In July 2003, Dewan [Housing Finance Corporation] took over the shareholding of ING in Vysya Bank Housing Finance Ltd and made it a subsidiary of DHFL and changed the name to DHFL Vysya Housing Finance Ltd.