State Bank of Patiala
The State Bank of Patiala was founded in 17th of November, 1917 by the maharaja of the princely state of Patiala, also known as Undivided India, His Highness, The Late Bhupindar Singh.
At its inception, it had only one branch called Chowk Fort, Patiala and was tasked with providing commercial banking services in addition to some central bank duties for the state of Patiala which included promoting the growth of agriculture, trade and industry.
Then it was known as the Patiala State Bank. When Patiala and East Punjab States Union (PEPSU) was formed in 1948, the bank witnessed significant changes in its operations and organization and it was put under the Reserve Bank of India.
The State Bank of Patiala formally became a nationalized bank of India on April 1st, 1960 after the Subsidiary Banks Act of 1959 when it became an associate and subsidiary of the State Bank of India. After India’s independence, it had been a wholly owned subsidiary of the government of Punjab.
It has recorded tremendous growth over the years and today it boasts a network of 830 service outlets which include 750 branches in most major cities of India but however concentrating their business services in the states of Punjab, Haryana, Chandigarh, Delhi, Himachal Pradesh, Jammu & Kashmir and Rajasthan. It also computerized all its service outlets in the year 2003 and with that became the first fully computerized nationalized bank in India.
Its organizational hierarchy like the other state banks is headed by Shri O. P. Bhatt as the chairman and ex-officio member of the board and Ashok Nayar as its managing director. Its headquarters are located at The Mall in the city of Patiala which is in the State of Punjab.
The state bank of Patiala is in intense competition with the other state banks which explains why it also offers the same range of products and services that include personal banking, commercial banking, cooperative banking, internet banking, NRI services, SME’s & corporate banking, agricultural and rural banking and also government business.
In the financial year 2006/2007 the State Bank of Patiala recorded a total income of Rs. 3507.35 Crores where one crore stands for ten million in the Indian numbering system which was a 24.88% increase from the previous year. Over the same period it declared a net profit of 367 Crores which was a 21% increase from the previous year’s 303 Crores.
The bank has lately focused a lot of attention on e-products in an effort to reach a wider market in a country that is fast becoming an information technology hub in Asia.