State Bank of Mysore

State Bank of Mysore

Company type	Public Sector bank (subsidiary of State Bank of India)
Industry	Banking, Financial services
Predecessor	The Bank of Mysore Ltd.
Founded	May 19, 1913 (1913-05-19) in Bangalore, India
Founder	Maharaja Krishna Raja Wadiyar IV, Sir M. Visvesvaraya
Defunct	April 1, 2017 (2017-04-01)
Fate	Merged into State Bank of India
Successor	State Bank of India
Headquarters	Bangalore , India
Area served	India (primarily Karnataka)
Key people	Vijayanand (Managing Director, 2004), P.P. Pattanayak (Managing Director, 2006), Dilip Mavinkurve (Managing Director, 2009), Sharad Sharma (Managing Director, 2012)
Products	Banking, financial services, loans, deposits, forex services
Owner	State Bank of India (92.33% stake before merger)
Number of employees	10,627 (2014)
Parent	State Bank of India
Website	www.sbi.co.in

State Bank of Mysore operated as a Public Sector bank in India, with its headquarters situated in Bangalore. It was among the five associate banks of State Bank of India, all of which were consolidated into the State Bank of India effective from 1 April 2017.

Founded in 1913 as The Bank of Mysore Ltd. under the patronage of Maharaja Krishna Raja Wadiyar IV and with the guidance of Engineer-Statesman Bharat Ratna Sir M.Visvesvaraya, the institution was designated as an agent for government business by the Reserve Bank of India in 1953. In March 1960, it became a subsidiary of State Bank of India pursuant to the State Bank of India (Subsidiary Banks) Act 1959. Prior to its merger, SBI held a 92.33% stake in the bank. Its shares were traded on the Bangalore, Chennai, and Mumbai stock exchanges.

By June 2014, the bank managed 976 branches staffed by 10,627 employees, with approximately 79% of these branches located within Karnataka. Its regional offices were spread across Bangalore, Mysore, Mangalore, Mandya, Hassan, Shimoga, Davangere, Bellary, Tumkur, Kolar, Chennai, Coimbatore, Hyderabad, Mumbai, and New Delhi. For the fiscal year 2013-14, the bank recorded a turnover close to US$19 billion and profits nearing US$46 million.

History

Year - milestone

• 1913 - Incorporated as 'Bank of Mysore Ltd.' on 19 May with an authorised capital of Rs. 20.00 lakhs; operations commenced on 2 October.
• 1953 - Designated as Agent for Reserve Bank of India to manage Government business and treasury functions.
• 1959 - Reconstituted as State Bank of Mysore, a subsidiary under State Bank of India according to the State Bank of India [Subsidiary Banks] Act, 1959.
• 1959 - Initiated financing programs catering to coffee planters, traders, exporters, and curers.
• The bank actively facilitated Government schemes aimed at providing financial support to economically disadvantaged groups through DIR, IRDP, Prime Minister Rojgar Yojna & SUME initiatives.
• Sponsored two Regional Rural Banks—Cauvery Grameena Bank and Kalpatharu Grameena Bank—which later merged into Kaveri-Kalpatharu Gramin Bank comprising over 250 branches focused on agriculture and rural industries.
• Engaged in agricultural and MSME financing since 1960; introduced tailored financing solutions including an Entrepreneur scheme offering loans up to Rs. 2 lakhs for technically qualified individuals.
• Operated three specialised SSI branches with plans for three additional outlets.
• Maintained extensive correspondent and agency networks internationally; provided spot services in eighteen major approved currencies.
• Managed significant daily banking operations for Central and State Governments in Karnataka; served as banker to multiple Public Sector Undertakings.
• Participated actively in welfare banking through community-oriented services.
• Member of SWIFT network facilitating global financial message transmission; initially covered two branches with plans to extend coverage to fifteen more.
• 1992 - Supported State Government initiatives such as 'ASHRAYA' housing scheme for vulnerable populations, 'VISHWA' rural and cottage industry program, and 'AKSHAYA' primary education project; involved in infrastructure projects like Konkan Railway and New Mangalore Port.
• 1994 - Implemented RBI’s credit policies for busy and slack seasons announced in 1993 and 1994.

• 2001 - Established foreign exchange cell at Hirehally Industrial Estate branch to assist small-scale industrialists with forex transactions; concluded unsecured non-convertible debentures issue after raising Rs. 60 crore.
• 2002 - Issued Tier-II capital bonds worth Rs. 60 crore at a 6.4% coupon rate through private placement; lowered interest rates on domestic term deposits and NRE deposits by 25-50 basis points.
• 2003 - Adopted new agricultural lending appraisal methods aligned with industrial credit standards; declared a 40% dividend on equity shares; collaborated with HMT Ltd on SBM-HMT Agri Farm Scheme promoting mechanisation; partnered with Maruti Udyog for automobile financing products.
• 2004 - Mr. Vijayanand appointed Managing Director from March; integrated into Real Time Gross Settlement Systems (RTGS) network on 22 July enabling inter-bank fund transfers.
• 2005 - Achieved full computerisation and implemented Core Banking Solutions (CBS); introduced a new single window service system.
• 2006 - Mr. P.P. Pattanayak took charge as Managing Director; previously served as Deputy Managing Director & Chief Credit Officer at State Bank of India.
• 2009 - Reduced share face value from Rs. 100 to Rs. 10; Sri Dilip Mavinkurve appointed Managing Director after serving as Chief General Manager.
• 2012 - Shri Sharad Sharma assumed office as Managing Director.
• 2013 - Marked centenary celebrations from October 2012 through October 2013.
• 2017 - After operating for over a century, merged into State Bank of India on 1 April.

See also

• Indian banking system
• Comprehensive list of Indian banks

External links

• Official Site State Bank of India - Personal Banking: Loans, Accounts, Cards, Investments, Deposits, Net Banking
• Online Banking Portal State Bank of India