Banks in India Indian Banks » PUBLIC BANKS IN INDIA » State Bank of Saurashtra » State Bank of Saurashtra

State Bank of Saurashtra

Bank of Saurashtra (SBS) is one of the Associate Banks of State Bank of india. The origins of State Bank of Saurashtra can be traced to Bhavnagar Darbar Bank, which was established in the year 1902. Bhavnagar was one of the princely states of the Saurashtra region of Gujarat. In 1948, when princely states were integrated to form Saurashtra state, a need for state-owned bank was felt. Accordingly, the Bhavnagar Darbar Bank was formed into a statutory corporation, called State Bank Of Saurashtra, and the four Darbar Banks – Rajkot State Bank, Porbandar State Bank, Palitana Darbar Bank and Vadia State Bank – were merged with it with effect from 1st July, 1950 as its branches.

In 1960, the State Bank of Saurashtra joined the State Bank family as one of its fully owned subsidiaries. This enabled State Bank of Saurashtra to expand its operations by using the network of the State Bank Group for furthering its business activities.

At the close of 1950, the Bank had only 9 branches and deposits of Rs.7 crores. By 31.03.2005, the total deposits amounted to Rs. 12613.04 crores and total advances reached the level of Rs. 6714.07 crores. Presently, the Bank has a network of 423 branches spread over 15 states and the Union Territory of Daman and Diu.

Previous post:

Next post: