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State Bank of Mysore was established in 1913 as Bank of Mysore under the patronage of the erstwhile government of Mysore, at the instance of the banking committee headed by the great Engineer–Statesman, Late Dr Sir M Visvesvaraya. Subsequently, in March 1960, the bank became an Associate of State Bank of India. State Bank of India holds 92.33% of shares. The bank's shares are listed in Bangalore, Chennai, and Mumbai stock exchanges.
SBM has a widespread network of 671 branches(as on 31.01.2009) and 20 extension counters spread all over India which includes 6 specialised SSI branches, 4 Industrial Finance branches, 3 Corporate Accounts Branches, 4 specialised Personal Banking Branches, 10 Agricultural Development Branches, 3 Treasury branches, 1 Asset Recovery Branch and 7 Service Branches, offering wide range of services to the customers.
The bank has a dedicated workforce of 9720 employees consisting of 3169 supervisory staff, 6551 non–supervisory staff (as on 31.03.2008). The skill and competence of the employees have been kept updated to meet the requirement of our customers keeping in view the changes in the environment. The paid up capital of the Bank is Rs.360 Millions as on 31.03.2008 out of which State Bank of India holds 92.33%.The Bank has achieved a capital adequacy ratio of 11.73% as at the end of March 2008. The bank has an enviable track record of earning profits continuously and uninterrupted payment of dividend since its inception in 1913.
Total deposits of the bank as at the end of january 2009 is Rs 31817 crores and the total advances stood at Rs. 24713 crores which include export credit of Rs. 10159.50 million. The forex turnover of the bank crossed Rs 336963.50 million during the year March 2007 to March 2008 which is 44.66% higher.
State Bank of Mysore is the first Karnataka–based Bank with fully networked branches. The bank is fully on 'CORE BANKING SOLUTION' from 31.12.2005. In record time of one calendar year, the bank completed the exercise of converting all the branches to Core Banking to provide the convenience of anytime, anywhere banking to all our valued customers.
State Bank of Mysore embarked upon the latest Banking Technology platform by implementing the Core Banking Solutions (CBS) across all its branches, with an objective of providing banking convenience to the customers.
Services offered by the company:
- My bank Surakhshna– A unique deposit scheme linked with insurance cover has been introduced. Insurance cover to a maximum of Rs. 5 lakh on deposits held for 5 years and more.
- Saving Plus– In order to provide value added services to our Personal Segment customers, a new specialized auto sweep product for Personal Segment savings bank customers has been introduced.
- Saral Savings Bank account (No Frills account)– This account comes with very low minimum balances as well as low / nil charges, to cater to the needs of individual from the vast sections of population who are, otherwise, not fulfilling certain conditions of our existing Savings Bank requirements.
- SBM Tax Saver Scheme (Tax saving scheme under Sec 80c of the IT act)A Bank Term Deposit Scheme 2006 has been introduced by the Central Government commencing from the financial year 2006–07 wherein time deposits made upto Rs.1.00 lakh for a period of 5 years are exempted from payment of Income tax under Sec 80C
Personal Banking schemes
- NRI Deposits
- International Banking – Forex services
- Proforma for foreign currency remittances
- Account opening form for non–resident Indians
- Interest rates on NRE Deposits and schemes
- Details of its correspondent Banks –Exchange companies with Draft drawing arrangement with the Bank –Money Transfer to India Through Western Union –Remittance facility through State Bank of India, New York Branch