Financial Daily from THE HINDU group of publications
Friday, Mar 24, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 24, 2006 |
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Money & Banking
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Public Sector Banks The story of SBI associate banks Sudanshu Ranade
STATE BANK of Mysore, Head office at Bangalore.
Chennai , March 23 State Bank of India has seven associate banks with controlling interest ranging from 75-100 per cent. This is the story of how they came into being. Hyderabad State Bank, the central bank of the erstwhile State of Hyderabad, covering present-day Telengana, parts of Karnataka and the Marathwada region of Maharashtra, was founded in 1941. It took over the Hyderabad Mercantile Bank in 1953, when its name was changed to State Bank of Hyderabad. Its aggregate deposits and advances now exceed Rs 45,000 crore. The `Indore Bank', founded by the then Maharaja of the Malwa Region, became a subsidiary of SBIin 1960, and was renamed as State Bank of Indore. It acquired the business of the Bank of Dewas in 1962 and the Dewas Senior Bank in 1965. Its business turnover now exceeds Rs 23,000 crore. The (State) Bank of Mysore was established in 1913 under the patronage of the erstwhile State of Mysore. It became an associate of SBI in 1960. Aggregate deposits and advances now exceed Rs 22,000 crore. The `Patiala State Bank' was founded in 1917 by the Maharaja of the erstwhile Patiala State. It became SBI's subsidiary in 1960. Aggregate deposits and advances now exceed Rs 42,000 crore. The region of Saurashtra in Gujarat comprised many small, medium and large princely states, each of which had its own `Darbar Bank'. After these states were integrated to form Saurashtra in 1950, the banks were amalgamated into State Bank of Saurashtra, which expanded its sphere of operations after the establishment of the State of Gujarat in 1960, and became a fully owned subsidiary of SBI. Total deposits and advances now stand at about Rs 19,000 crore.
State Bank of Travancore, an associate of SBI since 1960, was originally established as theTravancore Bank in 1945, by the Princely State of Travancore. Its deposits and advances now exceed Rs 38,000 crore.
State Bank of Bikaner and Jaipur took over the business of The Govind Bank in 1966. Though, like State Bank's other associates, it has a presence in all major banking centres, Rajasthan is its main area of operation. Its total business now exceeds Rs 26,000 crore.
More Stories on : Public Sector Banks | State Bank of India
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