104-year-old bank to be merged with State Bank of India tomorrow
The 104-year-old State Bank of Mysore (SBM) is all set to enter the history books tomorrow (Apr.1) when it will be merged with the State Bank India (SBI) as per Government of India notification.
Popularly known as the ‘Mysore Bank’ in the Old Mysore region, it was started by the then Maharaja Nalwadi Krishnaraja Wadiyar in 1913 on the request of the then Dewan Sir M. Visvesvaraya.
SBM was appointed as an agent of Reserve Bank of India (RBI) in 1953 to undertake government business and treasury operations. Later in March 1960, it was made a subsidiary of State Bank of India under the SBI Subsidiary Banks’ Act 1959.
The Head Office of SBM, located on Kempegowda Road in Bengaluru, will be converted into ‘Mysore Bank Museum.’ The Museum will house all historic documents of the bank, right from the first share certificate to some of the key documents about economic and business growth of the region.
With its network of 1,087 branches across the country, SBM’s total business turnover has exceeded Rs. 1.33 lakh crore as of Nov., 2016.
For the customers, there is nothing to worry as the bank officials expect the data merger is expected to be much smoother process as the software used by SBI and its associate banks are similar.
The name boards of most of the SBM and other associate banks such as State Bank of Travancore, State Bank of Hyderabad, State Bank of Patiala and others have been removed and new boards with SBI nomenclature are expected to be placed soon. This apart, the ATMs will have the common board as ‘State Bank ATM.’