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State Bank of Mysore

The State Bank of Mysore was established in 1913 as Bank of Mysore Ltd by the late Dr. M. Visvesvaraya under the sponsorship of the then government of Mysore.

Dr. Visvesvaraya headed the banking committee that was formed to establish the bank.

It formally became a nationalized bank of India in the month of March in 1960 when it became a subsidiary and an associate bank of the State Bank of India following the adoption of the State Bank of India (Subsidiary Bank) Act of 1959.

The State Bank of India owns 92.33% of the shares of the State Bank of Mysore today. It has managed to establish a vast network of branches and service outlets in which regard it boasts as many as 671 branches and over 20 extension counters through out India.

Of these, the bank owns four industrial finance branches, three corporate account branches, ten agricultural development branches, seven service branches, one asset recovery bank, four specialized personal banking branches and three treasury branches which underlines the vast variety of services the bank offers to its customers.

In addition, the bank operates over 7500 State Bank Group ATMs and the ATMs of IndusInd Bank, Punjab National Bank, UTI Bank, Indian Bank, Union Bank of India, Andhra Bank, Corporation Bank and Dena Bank, Bank of India, HDFC Bank, UCO Bank, Canara Bank, and Bank of Rajasthan. This has enabled easy access to money services for its huge base of customers a factor that has seen the bank rewarded handsomely in annual financial figures.

Its management like other state banks is headed by Shri O. P. Bhatt who is the banks chairman and Mr. Dilip Mavinkurve who is the managing director. The headquarters of the State Bank of Mysore is on K. G. Road in the City of Bangalore which is in the state of Karnataka. Karnataka is located towards the southwest of India.

Its products and services include deposits, personal banking schemes, C & I Banking schemes, agricultural banking schemes, SME banking schemes, ATM Services, NRI services, internet banking, Real Time Gross Settlement (RTGS) transactions and National Electronic Fund Transfer (NEFT) services.

The State Bank of Mysore takes pride in being the first ever bank in Karnataka to fully network their branches. Since December 31st in 2005, the bank has been a member of the Core Banking Solution and was able to transform all its branches to Core Banking as a way of enabling its clients to bank with them anywhere and at anytime.

In the financial year ended in March 2008, the bank recorded its net worth to be Rs. 1377.81 Crores.

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