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.
SBT was established in 1945 as the Travancore Bank Ltd., at the initiative of TravancoreDiwanC. P. Ramaswami Iyer. Following popular resentment against his dictatorial rule, the bank never credited his role. Instead, the Bank considered the Maharaja of TravancoreSri 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]
state, bank, travancore, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor, 20. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources State Bank of Travancore news newspapers books scholar JSTOR May 2015 Learn how and when to remove this template message 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 TravancoreA Long Tradition of TrustFormerlyTravancore Bank Ltd TypePublicTraded asNSE SBTBSE 532191IndustryBankingCapital Markets andallied industriesFounded12 September 1945 77 years ago 1945 09 12 as Travancore Bank Ltd FounderChithira Thirunal Balarama VarmaDefunct31 March 2017 2017 03 31 FateMerged with State Bank of IndiaSuccessorState Bank of IndiaHeadquartersPoojappura Thiruvananthapuram IndiaNumber of locations1 157 Branches 12 Extension counters and 1 602 ATM CountersArea servedKeralaServicesInvestment BankingConsumer BankingCommercial BankingRetail BankingPrivate BankingAsset ManagementPensionsMortgagesNumber of employees14 069 2015 ParentState Bank of IndiaSBT 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 Contents 1 History 1 1 Foundation 1 2 Merger 2 Acquisitions 3 See also 4 References 5 External linksHistory EditFoundation Edit 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 Edit 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 EditBetween 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 EditIndian banking List of banks in IndiaReferences Edit a b Ahead of merger with SBI associate SBT to raise up to Rs 600 crore The Economic Times Retrieved 18 February 2017 Memon A Sreedhara 1 January 2001 Triumph and Tragedy in Travancore Annals of Sir CP s Sixteen Years Current Books 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 External links Edit Wikimedia Commons has media related to State Bank of Travancore Banks portal Retrieved from https en wikipedia org w index php title State Bank of Travancore amp oldid 1161907835, wikipedia, wiki, book, books, library,
