State BANK oF Mysore

History Of State Bank Of Mysore

YEAR EVENTS 1913 - The Bank was established as 'Bank of Mysore Ltd.', on the 19th May, & commenced its business on the 2nd October 1913, under the patronage of His Highness the Maharaja of Mysore, with an authorised capital of Rs.20.00 lakhs.

1953 - During the year, the Bank was appointed as an Agent of Reserve Bank of India to conduct Government business & treasury operations.

1959 - With effect from the 10th September, the Bank was constituted as State Bank of Mysore as a Subsidiary of State Bank of India, under State Bank of India [Subsidiary Bankss] Act, 1959 enacted through an Act of Parliament, [Act No. 38 of 1959s].

- The bank has formulated schemes for [is] financing coffee planters/coffee traders against coffee curers certificate, [iis] financing coffee traders, [iiis] coffee exporters & [ivs] coffee curers who also engage in trading.

- State Bank of Mysore has various deposit schemes to cater to the requirements of its customers.

- The Bank has also 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 & SUME schemes.

- The Bank has sponsored two Regional Rural Banks, Cauvery Grameena Bank & Kalpatharu ameena Bank which have between them 202 branches for growth of agriculture & rural industries.

- The Bank, as part of State Bank Group has been engaged in financing 551 since 1960 & introduced the concept of need based rather than security oriented finance & the Entrepreneur scheme under which technically qualified persons were financed the entire requirement up to Rs.2 lacs.

- The Bank has 3 specialised SSI branches to assist the SSI units & proposes to establish 3 more such 551 branches shortly.

- The Bank has correspondent & agency arrangements all over the world & offers spot services in 18 major approved currencies.

- The Bank computerised dealing room is equipped with state-of-the-art information net-work for excellent services to the Bank customers.

- The Bank also proposed to open 21 NRI service centres to specially cater to the requirements of NRI customers.

- State Bank of Mysore handles a significant part of day-to-day banking business of both the Central & State Governments in the State of Karnataka & is a Banker to various Public Sector Undertakings in various sectors of Economy.

- The Bank has been actively participating in welfare banking needs of public through its community services.

- The Bank has set up social circles, a voluntary group of employees to conduct the community service activities, at various centres.

- The Bank is the proud recipient of Rolling Trophy from the Red Cross Society of Karnataka for 17 years in succession, till date, for having mobilised the maximum number of blood donors each year, among Banking Institutions.

- The Bank has installed a Main Frame Computer in its Head Office which provides a useful information system to the Management & mini computers at the Zonal Offices.

- The Bank is a member of society for worldwide Inter Bank Financial Telecommunication [SWIFTs] which was established to offer cost effective & fast transmission of financial messages globally, 2 branches of Bank are presently covered under the scheme and an additional 15 branches are proposed to be covered under SWIFT shortly.

1992 - The State Government has also taken up vigorously 'ASHRAYA', a new housing scheme for weaker sections & 'VISHWA', a new rural & cottage industry scheme. A new programme called 'AKSHAYA' has also been launched to help the children in primary education. The Konkan Railway Project & the New Mangalore Port Project are also progressing satisfactorily.

- The Bank has also been assisting Small Scale industries by offering technology & financial consultancy services to the units in its books, so as to enable them to overcome the problems of technological obsolescence, marketing, management etc.

- The Bank has been given a special annual award by Karnataka Unit of Indian Red Cross Society for fourteenth time for having held the most number of voluntary blood donation camps.

1994 - Several important measures have been introduced in the busy season credit policy of November 1993 & slack season credit policy of May 1994, announced by Reserve Bank of India.

- The Bank extended rehabilitation finance to 54 such units during the year under review.

- The Bank STREE SAKTHI PACKAGE designed exclusively for women continued to be implemented with full vigour.

- The Bank also proposes to introduce Automated Teller Machines [ATMs] and Electronic Funds Transfer facility during the next year as a measure of offering state of art banking services to its customers.

2000 - Mr. M. Sitarama Murty has been appointed as Managing Director, of Bank.

- Crisil has reaffirmed the A+ & P1+ ratings assigned to the bond issue & the CD programme of bank.

2001 - State Bank of Mysore has opened a foreign exchange cell at its Hirehally Industrial estate branch in Tumkur district to enable small-scale industrialists to manage their foreign exchange transactions.

- The Bank has closed its issue of unsecured non-convertible debentures after raising the target of Rs 60 crore.

2002

-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 & on NRE deposits by 25-50 basis points.

2003

-Considers new method of appraisal for lending to the agricultural sector more on the lines of industrial credit given to trade & commerce.

-Declared a dividend of 40% on equity capital for year ended.

-Ties up with HMT Ltd & launches SBM-HMT Agri Farm Scheme, to promote agricultural mechanisation in south India.

-Maruti Udyog forges alliances with SBM to offer car finance.

-Slashes floating home loan rates & the new loan is as follows: maturities up to 5 five years, the rates would be 8 per cent, for maturities up to 10 years, the rates would be 8.75 per cent on a floating rate basis & for above 10 years, 9.25 per cent. The fixed rate housing loans remained unchanged. Farm lending rate up to Rs 50,000 was lowered to 9 per cent

-Inaugrated two branches in hyderabad.

2004

-SBM join hands with LTJD for tractor financing

-State Bank of Mysore has informed that Shri M. Sitarama Murty, Managing Director of Bank retired from the services on December 31, 2003 on attaining super-annuation

-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

2005

-SBM unveils new single window system

2006

-Mr P.P. Pattanayak has assumed charge as Managing Director of State Bank of Mysore. Mr Pattanayak was earlier Deputy Managing Director [DMDs] & Chief Credit Officer of State Bank of India, Mumbai.

2009

- The Comp. has splits its face value from Rs100/- to Rs10/-.