Former associate bank of State Bank of India
State Bank of Mysore was a Public Sector bank in India, with headquarters at Bangalore. It was one of the five associate banks of State Bank of India, all of which were consolidated with the State Bank of India with effect from 1 April 2017.
State Bank of Mysore was established in the year 1913 as The Bank of Mysore Ltd. under the patronage of Maharaja Krishna Raja Wadiyar IV, at the instance of the banking committee headed by the great Engineer-Statesman, Bharat Ratna Sir M.Visvesvaraya. During 1953, "Mysore Bank" was appointed as an agent of Reserve Bank of India to undertake Government business and treasury operations, and in March 1960, it became a subsidiary of the State Bank of India under the State Bank of India (subsidiary Banks) Act 1959. Now the bank is an Associate Bank under State Bank Group and the State Bank of India holds 92.33% of shares. The Bank's shares were listed in Bangalore, Chennai, and Mumbai stock exchanges.
This bank had 976 branches and 10627 employees (June 2014) and the Bank has 772 branches (79%) in Karnataka State. The bank had regional offices in Bangalore, Mysore, Mangalore, Mandya, Hassan, Shimoga, Davangere, Bellary, Tumkur, Kolar, Chennai, Coimbatore, Hyderabad, Mumbai and New Delhi. The bank's turnover in the year 2013-2014 was around US$19 Billion and Profit about US$46 Million.
History.
Year - event
- The Bank actively participated in all Government sponsored schemes and contributed its share of financial assistance or the economically weaker sections through DIR, IRDP, Prime Minister Rojgar Yojna &amp; SUME schemes.
- The Bank has closed its issue of unsecured non-convertible debentures after raising the target of Rs 60 crore.
-Enters the market with a coupon of 6.4% per annum for its Tier-II capital bonds issue of Rs. 60cr on a private placement basis.
-Slashes interest rate on domestic term deposits &amp; on NRE deposits by 25-50 basis points.
-Considers new method of appraisal for lending to the agricultural sector more on the lines of industrial credit given to trade &amp; commerce.
-Declared a dividend of 40% on equity capital for year ended.
-Ties up with HMT Ltd &amp; launches SBM-HMT Agri Farm Scheme, to promote agricultural mechanisation in south India.
-Maruti Udyog forges alliances with SBM to offer car finance.
-Mr. Vijayanand assumes charges as managing director of bank from 01/03/2004
-State Bank of Mysore has joined the Real Time Gross Settlement Systems [RTGSs] network that facilitates inter-bank funds settlement on 22 July.
References.
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