State Bank of Bikaner & Jaipur (SBBJ) was a major Indian bank. It was a subsidiary of

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...

, with which it was merged on 31 March 2017. As of 2015, SBBJ had 1,360 branches, mostly located in the state of

Rajasthan Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the seventh largest by population. It is on India's northwestern si ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

. Its branch network out of Rajasthan covered all the major business centers of India. In 1997, the bank entered the capital market with an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

of 1,360,000 shares at a premium of Rs. 440 per share. For the year 2015-16 the net profit of the company was Rs. 8.5 billion.

History

State Bank of Bikaner & Jaipur came into existence on 1963 when two banks, namely, State Bank of

Bikaner Bikaner () is a city in the northwest of the state of Rajasthan, India. It is located northwest of the state capital, Jaipur. Bikaner city is the administrative headquarters of Bikaner District and Bikaner division. Formerly the capital of ...

(established in 1944) and State Bank of

Jaipur Jaipur (; Hindi Language, Hindi: ''Jayapura''), formerly Jeypore, is the List of state and union territory capitals in India, capital and largest city of the Indian States and union territories of India, state of Rajasthan. , the city had a pop ...

(established in 1943), were merged. Both these banks were subsidiaries of the State Bank of India under the State Bank of India (Subsidiary Bank) Act, 1959. On 25 April 1966 SBBJ took over Govind Bank (Private) Ltd.,

Mathura Mathura () is a city and the administrative headquarters of Mathura district in the Indian state of Uttar Pradesh. It is located approximately north of Agra, and south-east of Delhi; about from the town of Vrindavan, and from Govardhan. ...

, established on 8 February 1963. In 1984 SBBJ sponsored and established

Ganganagar Sri Ganganagar is a planned city and the northernmost city of the Indian States and territories of India, state of Rajasthan, near the international border of India and Pakistan. It is the administrative headquarters of Sri Ganganagar district. ...

Kshetriya Gramin Bank as a

Regional Rural Bank Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance , Government of India. They were creat ...

. Thereafter, in 1985 SBBJ opened the Bikaner Kshetriya Gramin Bank, the second Regional Rural Bank sponsored by it. The third Regional Rural Bank, sponsored by SBBJ was Marwar Gramin Bank, which covered the districts of

Pali Pali () is a Middle Indo-Aryan liturgical language native to the Indian subcontinent. It is widely studied because it is the language of the Buddhist ''Pāli Canon'' or ''Tipiṭaka'' as well as the sacred language of ''Theravāda'' Buddhism ...

Jalore Jalore () (ISO 15919 : ''Jālora'' ), also known as ''Granite City'', is a city in the western Indian state of Rajasthan. It is the administrative headquarters of Jalore District. It has a river known as Jawai Nadi. Jalore lies to south of Su ...

and

Sirohi Sirohi is a city, located in Sirohi district in southern Rajasthan state in western India. It is the administrative headquarters of Sirohi District and was formerly the capital of the princely state of Sirohi ruled by Deora Chauhan Rajput rul ...

. On 12 June 2006, SBBJ merged all three regional rural banks that it sponsored under the name MGB Gramin Bank, with headquarters in

Jodhpur Jodhpur (; ) is the second-largest city in the Indian state of Rajasthan and officially the second metropolitan city of the state. It was formerly the seat of the princely state of Jodhpur State. Jodhpur was historically the capital of the Ki ...

. The plans to make SBI one of the top 50 banks in India affected SBBJ very much. In 2016, the plan to merge SBBJ with its five co-subsidiaries was made, and it was ratified by the Government of India on 15 February 2017. It finally merged with SBI on 31 March 2017.

References

External links

SBBJ official website
{{DEFAULTSORT:State Bank of Bikaner and Jaipur State Bank of India Banks established in 1963 Companies based in Rajasthan Economy of Jaipur Defunct banks of India Indian companies established in 1963 1963 establishments in Rajasthan 2017 disestablishments in India Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange