State bank of Saurashtra
The “State Bank of Saurashtra” is an old government based bank that merged with the State Bank of India, the largest bank in Asia.
On 13th August, 2008 it merged with “State Bank of India”. Its turnover was near about 14000 crores in the year of 2002-2003.
To have a glance on the purpose of establishment we have to walk through the history of this bank. Its history is based on the pre-autonomy period of India.
At that time (before 1948) the Saurashtra (presently know as Gujarat) was divided in many big and small princely states among
which Bhavnagar, Porbandar and Rajkot were considered to be the bigger one while Vadia and Palitana were the smaller one.
They mainly created to solve the purpose of the government of the related states. The local savings of the princely states were placed in these banks.
At the time of the foundation of Saurashtra state in the year 1948, the banks of those princely states were amalgamated and the Bhavnagar bank was named as “Bank of Saurashtra” during the year 1950 under the ordinance of State bank of Saurashtra India.
Then on the 1st July during the year 1950, other 4 banks of Rajkot, Porbandar, Palitana and Vadia were associated with the bank of Saurashtra. On the closing session of 1950 the bank has 7 branches along with a deposit of almost Rs. 7 crores.
In 1960, during the establishment of separate Gujarat, the bank started its major business around Saurashtra and in same year the State Bank of India adopted it under State Bank Act.
The State bank of Saurashtra had 24 near about branches along with the total deposit of Rs. 13.39 crores, Rs. 7.93 crores as advance, a portfolio of Rs. 8.04 crores regarding to the investment and 866 working employees in 1960. Now, the SBS has a network of near about 423 branches distributed all over the country and united region of Diu and Daman as well.
Products and features:
The work team of the State bank of Saurashtra includes efficiently trained employees with decent education which always provide great and satisfactory services to the clients. The features and services that placed the bank in such a high position are:
• Provides personal loans.
• Great deposit schemes.
• Great NRI schemes.
• Facilities of Debit & Credit card.
• Life insurance and mutual funds.
• Schemes of Senior Citizens.
• Helps government business.
The bank’s headquarter is located at Nilambaug Chowk, Bhavnagar-364 001 in Gujarat. The official website of State bank of Saurashtra India is www.sbsbank.com.