The State Bank of Mysore was established in the year 1913 as The Bank of Mysore Limited under the patronage of Maharaja Krishna Raja Wadiyar IV, on the orders of a banking committee headed by the great engineer-politician, Bharat Ratna Sir M Visvesvaraya. State Bank of Mysore was a public sector bank in India, headquartered in Bangalore. It was one of the five associate banks of State Bank of India, all of which were consolidated with State Bank of India with effect from 1 April 2017.
This bank had 976 branches and 10627 employees (June 2014) and 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 was around US$ 46 million.
During 1953, “Mysore Bank” was appointed as an agent of the Reserve Bank of India to conduct government business and treasury operations. In 1960, it became an agent of the State Bank of India under the State Bank of India. Now the bank is an associate bank under the State Bank Group and State Bank of India holds 92.33% of the shares. The shares of the bank were listed on the Bangalore, Chennai and Mumbai stock exchanges.
This bank started its business on 2 October 1913.
1953 – During the year, the bank was appointed as an agent of the Reserve Bank of India for the conduct of government business and treasury operations.
1959 – From 10 September, the bank was formed as a subsidiary of State Bank of India under the State Bank of India Act, 1959, an Act of Parliament. .
1959 – Bank formulated schemes for financing coffee planters/coffee traders with Coffee Curers Certificate, financing coffee traders, coffee exporters and coffee curers who are also engaged in the business.
The bank actively participated in all government sponsored schemes and contributed its share of financial assistance or economically weaker sections through DIR, IRDP, Pradhan Mantri Rojgar Yojana and SUME schemes.
The bank has sponsored two regional rural banks, Kaveri Gramin Bank and Kalpataru Gamena Bank, which have been merged to form Kaveri-Kalpataru Rural branch headquartered in Mysore with over 250 branches for the development of agriculture and rural industries. . is.
The bank as part of the State Bank Group is engaged in the financing of Agriculture and MSMEs in 1960 and introduced need based concept instead of security oriented finance and entrepreneur scheme under which technically qualified individuals can finance their entire requirement up to Rs. was done. 2 lakhs.
The Bank has 3 exclusive SSI branches to support SSI units and proposes to set up 3 more such branches soon.
The bank has correspondent and agency arrangements around the world and provides spot services in 18 major accepted currencies.
The bank is a member of the Society for Worldwide Interbank Financial Telecommunications, which was established to offer cost-effective and rapid transmission of financial information.
State Bank of Mysore handles a significant part of the day-to-day banking business of both the Central and State Governments in the state of Karnataka and is a banker to various Public Sector Undertakings in various sectors of the economy.
The Bank is actively participating in the welfare banking needs of the public through its community services.
STATE BANK OF MYSORE
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