Nedungadi Bank was the first private sector commercial bank to be set up in South India. Appu Nedungadi established the bank in 1899, in Kozhikode, Malabar District, British India (present day Kozhikode, Kerala, India).Know Them: One answer to many questions - Page 14, by Akhila E K, 2017.
The bank was incorporated on 29 May 1913.Statistical Tables Relating to Banks in India - Page 78, by The Reserve Bank of India, 1978.
In 1964, the Nedungadi Bank acquired the Cochin National Bank in Thrissur, and in 1965, took selected assets and liabilities from the Coimbatore National Bank in Coimbatore.Malayalam Literary Survey - Volume 22 - Page 29.
Over time, Nedungadi established 174 branches, including branches at all major metropolitan cities such as New Delhi, Kolkata, Chennai, Mumbai, Ahmedabad, etc.
In 2002, the Joint Parliamentary Committee (JPC) probing a stock scam pointed out discrepancies in the conduct of business by Nedungadi Bank.Action Taken Report on the Report of the Joint Parliamentary Committee on Stock Market Scam and Matters Relating Thereto, by the Indian Government and JPC, 2003. In 2003, the Punjab National Bank took over Nedungadi. At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares.
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