State Bank of Mysore (SBM) was an Indian public sector bank headquartered in Bengaluru, Karnataka. It functioned as an associate bank of the State Bank of India (SBI) until 2017, when it was merged with its parent. Originally established as the Bank of Mysore under the patronage of the princely state of Mysore, it served for over a century as one of southern India's prominent commercial banks, with a particularly strong presence in Karnataka.
Key facts
| Type | Public sector bank (former associate of SBI) |
|---|---|
| Industry | Banking, financial services |
| Founded | 1913 (as Bank of Mysore) |
| Founder/Patron | Established under the patronage of the Maharaja of Mysore, with Sir M. Visvesvaraya closely associated with its founding |
| Headquarters | Bengaluru, Karnataka, India |
| Parent | State Bank of India |
| Merged into SBI | 1 April 2017 |
| Status | Defunct (merged) |
Background
The bank traces its origins to the Bank of Mysore, founded in 1913 during the reign of Maharaja Krishnaraja Wadiyar IV of the princely state of Mysore. Its formation was part of a broader programme of institution-building in the state, in which the Diwan of Mysore, Sir M. Visvesvaraya, played a leading role. The bank was intended to provide modern commercial banking facilities and support trade, industry and agriculture in the Mysore region.
History and timeline
- 1913: Established as the Bank of Mysore Ltd. with the support of the government of the princely state of Mysore.
- 1953: Began functioning as an agent of the Reserve Bank of India for government business in Mysore state.
- 1960: Became an associate bank of the State Bank of India under the State Bank of India (Subsidiary Banks) Act, 1959, and was renamed State Bank of Mysore.
- Late 20th century: Expanded its branch network across Karnataka and other states, with focus on retail banking, agricultural finance, SME lending and treasury operations.
- 2009: Public listing-related capital changes saw SBI continue as the majority shareholder while a portion of equity was held by public investors, with the bank's shares traded on Indian stock exchanges.
- 2017: Merged with State Bank of India on 1 April 2017, along with other associate banks (State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore) and the Bharatiya Mahila Bank, as part of the consolidation of SBI.
Operations
State Bank of Mysore operated a network of branches concentrated in Karnataka, with additional presence in major cities across India. Its services included savings and current accounts, term deposits, retail and corporate loans, agricultural credit, NRI banking, foreign exchange, and government business such as tax collection and pension disbursement. The bank also provided ATM, internet banking and card services in line with the SBI group's technology platform.
Significance
As one of the older banks in southern India, State Bank of Mysore was historically significant for its role in extending modern banking to the erstwhile Mysore state and later to Karnataka. Its association with Sir M. Visvesvaraya links it to the wider tradition of public-purpose institutions established during the modernisation of princely Mysore. The 2017 merger with SBI marked the end of the associate-bank structure that had existed since 1959 and was a major step in the consolidation of Indian public sector banking.
Related topics
- State Bank of India
- Associate banks of State Bank of India
- State Bank of Hyderabad
- State Bank of Travancore
- State Bank of Bikaner and Jaipur
- State Bank of Patiala
- Banking in India
- Kingdom of Mysore
- M. Visvesvaraya
- Reserve Bank of India
References
- Wikidata entry: Q7603067
- State Bank of India (Subsidiary Banks) Act, 1959.
- Government of India and Reserve Bank of India notifications relating to the merger of associate banks with State Bank of India, 2017.