State Bank of Mysore Merges with SBI after 104 Years of Banking Service in Karnataka

Team Udayavani, Apr 1, 2017, 11:45 AM IST

Bengaluru: State Bank of Mysore merged with India’s largest public sector bank, State Bank of India (SBI) after serving its customers for more than a century on March 31 at 05.30 PM according to an order from the union government. SBM was served its customers in the country especially in erstwhile Mysuru state for 104 years. For the time being, the bank has 1078 branches in India out which 800 branches are functioning in Karnataka alone. Meanwhile, 1, 500 SBM ATMs will turn as SBI ATMs after necessary technical changes, transfer of records and other formalities.

SBM customers still required to await for three to four weeks to become the customers of SBI till their records handed over digitally to SBI. Till then the SBM customers have asked to complete their all transaction at their respective SBM branches. The SBM customers will receive a SMS to their hand phone once digital transaction of their records from SBM to SBI gets completed. Meanwhile, the employees of SBM are yet to get a clarity on the promotion, their salary package and other benefits to be offered by the new bank.

State Bank of Mysore was  a nationalised bank in the country, with headquarters at Bengaluru. It was one of the five associate banks of State Bank of India. State Bank of Mysore was founded in 1913 as The Bank of Mysore Ltd. under the patronage of then Maharaja of Mysore state, Maharaja Krishna Raja Wadiyar IV, at the instance of the banking committee headed by the well known Engineer-Statesman, Bharat Ratna Sir M.Visvesvaraya.