State Bank of Mysore

State Bank of Mysore

State Bank of Mysore logo
Native name	ಮೈಸೂರು ಬ್ಯಾಂಕ್
Type	Public sector
Traded as	BSE: 532200 NSE: MYSOREBANK ISIN: INE651A01020
Industry	Banking, Insurance, Capital Markets and allied industries
Predecessor	The Bank of Mysore Ltd.
Founded	2 October 1913 (1913-10-02) as The Bank of Mysore Ltd.
Founder	Sir M. Visvesvaraya
Headquarters	Bengaluru
Number of locations	976 branches and 9 extension counters
Area served	India
Key people	Chairman: Arundhati Bhattacharya Managing Director: N.K.Chari
Products	Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
Services	Loans, Deposits, Mobile Banking, ATM Services, NRI Services, Real Time Gross Settlement (RTGS) Transactions, National Electronic Fund Transfer (NEFT), Internet Banking, Debit Card[1]
Total equity	3988 Crores as on 31 Mar 2014[2]
Number of employees	10,627 (as on 30 Jun 2014) 3,588 supervisory staff 7,039 non-supervisory staff
Parent	State Bank of India (holds 90.00% shares)
Website	statebankofmysore.co.in

State Bank of Mysore is a nationalised bank in India, with headquarters at Bengaluru. It is one of the five associate banks of State Bank of India.

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.^[3] The Bank's shares are listed in Bengaluru, Chennai, and Mumbai stock exchanges.

This bank has 976 branches and 10627 employees (June 2014) and the Bank has 772 branches (79%) in Karnataka State.^[4] The bank has regional offices in Bengaluru, Mysuru, Mangaluru, Mandya, Hassan, Shivamogga, Davangere, Ballari, Tumakuru, 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.

The Bank has a record of uninterrupted profits since 1913 and has declared dividend every year since 1913.

History

Year - event

• 1913 - The Bank was established as 'Bank of Mysore Ltd.', on 19 May, with an authorised capital of Rs.20.00 lakhs.
• Commenced its business on 2 October 1913.
• 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 10 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].
• 1959 -The bank has formulated schemes for financing coffee planters/coffee traders against coffee curers certificate, financing coffee traders, coffee exporters & coffee curers who also engage in trading.

- 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 & SUME schemes.

• The Bank has sponsored two Regional Rural Banks, Cauvery Grameena Bank & Kalpatharu Gameena Bank which were merged to form Kaveri-Kalpatharu Gramin Brank, headquartered at Mysore with more than 250 branches for growth of agriculture & rural industries.
• The Bank, as part of State Bank Group has been engaged in financing agriculture and MSME in 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.
• 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 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.
• 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.
• 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.

• 2004

-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 : 100% computerisation and Core Banking Solutions (CBS) introduced.
• 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 Company splits its share with face value from Rs.100/- to Rs.10/-.
• 2009 : Sri Dilip Mavinkurve takes charge as Managing Director of the Bank. He was earlier Chief General Manager of the Bank.
• 2012 : Shri Sharad Sharma takes charge as Managing Director of the bank.
• 2013 : The Bank celebrated its Centenary year during the period 2 October 2012 to 1 October 2013.

See also

• Indian banking
• List of banks in India

References

External links

Wikimedia Commons has media related to State Bank of Mysore.

• Official Website
• Internet Banking

Banking in India
Reserve bank	Reserve Bank of India
Public sector banks	Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Bharatiya Mahila Bank Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Post Bank of India Punjab & Sind Bank Punjab National Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank
Private sector banks	Axis Bank Bandhan Bank Catholic Syrian Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Nainital Bank RBL Bank (Ratnakar Bank) South Indian Bank Tamilnad Mercantile Bank Limited Yes Bank
Cooperative banks	Buldhana Urban Cosmos Bank Repco Bank Saraswat Bank Shamrao Vithal Co-op. Bank TNSC Bank Rajkot Nagrik Sahakari Bank
Foreign banks	ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Australia and New Zealand Banking Group Bank Internasional Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon The Bank of Tokyo-Mitsubishi UFJ Barclays Citibank India Credit Suisse DBS bank Deutsche Bank HSBC Rabobank The Royal Bank of Scotland Scotiabank Standard Chartered
Regional Rural Banks	Andhra Pragathi Grameena Bank Kerala Gramin Bank Bangiya Gramin Vikash Bank Gramin Bank of Aryavart North Malabar Gramin Bank Pallavan Grama Bank Pandyan Grama Bank Paschim Banga Gramin Bank Sarva UP Gramin Bank South Malabar Gramin Bank Uttar Bihar Gramin Bank Vananchal Gramin Bank List of regional rural banks in Uttar Pradesh
Interbank networks	Cirrus NFS PLUS
ATM networks	BANCS Cashnet CashTree MITR Indicash (white label ATM)
Electronic funds transfers	IMPS NEFT RTGS UPI
Cards	Mastercard RuPay visa
Defunct banks	Alliance Bank of Simla Arbuthnot & Co Bank of Bombay Bank of Calcutta Bank of Chettinad Bank of Cochin Bank of Hindostan Bank of Madras Bank of Madura Bank of Rajasthan Bank of Thanjavur Bareilley Corporation Bank Bengal Central Bank Bharat Overseas Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Commercial Bank of India Dass Bank Exchange Bank of India & Africa Global Trust Bank Grindlays Bank Hindustan Commercial Bank Imperial Bank of India ING Vysya Bank Lakshmi Commercial Bank Lord Krishna Bank Madhavpura Mercantile Cooperative Bank Mercantile Bank of India, London and China Miraj State Bank Nath Bank Nedungadi Bank New Bank of India Oriental Bank Corporation Oudh Commercial Bank Palai Central Bank Pandyan Bank Sikkim Bank State Bank of Indore State Bank of Saurashtra Times Bank United Industrial Bank United Western Bank
Related topics	Banks Board Bureau Banking Codes and Standards Board of India ATM usage fees in India De-Materialisation (DEMAT) Foreign Exchange (FOREX) Indian Financial System Code (IFSC) List of banks in India National Electronic Fund Transfer (NEFT) National Payments Corporation of India Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS) Prepaid Payment Instruments in India