State Bank of Travancore
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Parent State Bank of India | |
State Bank of Travancore (SBT) was a major Indian bank headquartered in Thiruvananthapuram, Kerala, and was a major associate of State Bank of India.
SBT was a subsidiary of the State Bank Group, but also had private share-holders. It was the premier bank of Kerala. Overall, As of 31 March 2015,[update] SBT had a network of 1,157 branches and 1,602 ATMs, covering 18 states and three union territories.
On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with SBI.[1] It finally merged with its parent bank on 31 March 2017.
History
Foundation
SBT was established in 1945 as the Travancore Bank Ltd., at the initiative of
Merger
On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with State Bank of India.[1] It was merged with its parent bank on 31 March 2017.
Acquisitions
Between 1959 and 1965, SBT acquired numerous small, private banks in Kerala.[4]
- 1959: SBT acquired the assets and liabilities of Cochinin 1937.
- 1961: SBT acquired Travancore Forward Bank (est. 1929), Kottayam Orient Bank (est. 1926), and Bank of New India (est. 1944) after the Reserve Bank of India put the banks under moratorium.
- 1963: SBT acquired Vasudeva Vilasam Bank (est. 1930).
- 1964: SBT acquired Cochin Nayar Bank (est. 1929) and Latin Christian Bank (est. 1928 in Ernakulam), after the Reserve Bank of India put the banks under moratorium. It also acquired Champakulam Catholic Bank, which had been established in 1929 in Alleppey.
- 1965: SBT acquired Syrian Christian origin had founded in 1918.[5]
See also
- Indian banking
- List of banks in India
References
- ^ a b "Ahead of merger with SBI, associate SBT to raise up to Rs 600 crore". The Economic Times. Retrieved 18 February 2017.
- ISBN 9788124010945.
- ^ "State Bank Of India (Subsidiary Banks) Act, 1959 – SBI Corporate Website". www.sbi.co.in. Retrieved 1 April 2017.
- ^ http://www.indiabondwatch.com/backend/bond/PDF/900/CN000836.pdf Private placement of bonds
- ^ M.A. Ooman. 1976. "Rise and Growth of Banking in Kerala". Social Scientist 5 (3), pp. 24–46.