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 ubsidiary BankssAct, 1959 enacted through an Act of Parliament, ct 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 WIFTswhich 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 Indi *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 TGSsnetwork 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 MDs& 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. *2017 : After 104 years of banking history, State Bank of Mysore was merged withSee also
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