State Bank of Travancore

State Bank of Travancore (SBT) was a major Indian bank headquartered in Thiruvananthapuram, Kerala, and was a major associate of State Bank of India.

State Bank of Travancore
FormerlyTravancore Bank Ltd.
TypePublic
NSE: SBT
BSE: 532191
IndustryBanking
Capital Markets and
allied industries
FateMerged with State Bank of India
SuccessorState Bank of India
Founded12 September 1945 (1945-09-12)
as Travancore Bank Ltd.
FounderChithira Thirunal Balarama Varma
Defunct31 March 2017 (2017-03-31)
HeadquartersPoojappura, Thiruvananthapuram, India
Number of locations
1,157 Branches, 12 Extension counters and 1,602 ATM Counters
Area served
Kerala
Services
Number of employees
14,069 (2015)
ParentState 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 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 Travancore Diwan C. P. Ramaswami Iyer. Following popular resentment against his dictatorial rule, the bank never credited his role. Instead, the Bank considered the Maharaja of Travancore Sri Chithira Thirunal Balarama Varma as the founder, though the king had little to do with the founding. Although the Travancore government put up only 25% of the capital, the bank undertook government treasury work and foreign exchange business, apart from its general banking business. Its head office was at Thiruvananthapuram.[2] In 1960, it became a subsidiary of State Bank of India under the SBI Subsidiary Banks Act, 1959, enacted by the Parliament of India.,[3] and thus achieved the name 'State Bank of Travancore'.

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 Indo-Mercantile Bank, which Sri Popatlal Goverdhan Lalan had helped found in Cochin in 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 Bank of Alwaye (est. 1942), and Chaldean Syrian Bank, which several leading families of Syrian Christian origin had founded in 1918.[5]

See also

References
  1. "Ahead of merger with SBI, associate SBT to raise up to Rs 600 crore". The Economic Times. Retrieved 18 February 2017.
  2. Memon, A. Sreedhara (1 January 2001). Triumph and Tragedy in Travancore: Annals of Sir CP's Sixteen Years. Current Books. ISBN 9788124010945.
  3. "State Bank Of India (Subsidiary Banks) Act, 1959 - SBI Corporate Website". www.sbi.co.in. Retrieved 1 April 2017.
  4. http://www.indiabondwatch.com/backend/bond/PDF/900/CN000836.pdf Private placement of bonds
  5. M.A. Ooman. 1976. "Rise and Growth of Banking in Kerala". Social Scientist 5 (3), pp. 24-46.
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