State Bank of Saurashtra
Saurashtra bank was previously owned by the Indian government. The bank was one of seven banks affiliated with Indian State bank with which they merged.
During the merger, Saurashtra bank had 423 branches all over 15 Indian states. This is also including the branches in Diu and Daman.
The State owned bank Group, which has over sixteen branches; this being the biggest branch network all over the country.
The bank has a market share of about 20 percent in Indian commercial banks. This is in regards to deposits and advances. Moreover, SBI gives out nearly 20 percent of the loans in the country.
Earlier on in 1948, Saurashtra region, which today constitutes a part of Gujarat State, comprised many small, medium and large luxurious states.
After the establishment of a separate State in 1960, the bank's major area of operation was Saurashtra, got to a part of Gujarat. During the same period, Saurashtra Bank and Indian State bank merged along with other main government-owned subsidiary banks which are controlled by the central bank. The there were 24 branches that had come up. The Bank had over 866 people working for it at this time.
Mr. Jagubhai Parikh was then the deputy minister in the Bhavnagar state cabinet. He was also first finance minister in the Saurashtra cabinet after the state had attained independence.
The bank operates several foreign subsidiaries or affiliates, and has over 50 branches representation in 32 over countries. Its branches are in, Johannesburg, Frankfurt, Dhaka, Hong Kong, Colombo London and the surrounding cities, Maldives city of Male, Los Angeles Muscat, Osaka, New York, Tokyo and Sydney,. The bank established offshore bank service units in Singapore, Bahrain, Mauritius and Bahamas.
State Bank of Saurashtra history
The State Bank of Saurashtra in was established first as the Indian State bank and it began during the first ten years of 19th century. It was at this time that Calcutta Bank was later named the Bank of Bengal. The Bank of Bengal together with two other Presidency banks were integrated as joint stock firms, and came as a result of royal charters.
All the 3 banks obtained the single right to give out paper currency. This was in 1861 and they held the right until the establishment of the Indian Reserve Bank. The Presidency banks merged in 1921, and the restructured banking sector adopted its name to Imperial Bank of India.