State Bank of Mysore

By: EconomyWatch Content   Date: 30 October 2009

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The State Bank of Mysore is an Indian public sector bank under the patronage of the State Bank of India. It has its headquarters in Bangalore, which is the capital city of the state of Karnataka, India.

State Bank of Mysore: Company Information

In 1913, the Mysore government established the State Bank of Mysore (SBM) on the recommendations of a regional banking committee. It was then called as the Bank of Mysore. In 1960, it became an associate of the largest public bank, namely, the State Bank of India. Later, the headquarters were shifted to Bangalore and the name changed to its present form.

The net worth of the SBM is Rs. 13,778.10 millions (2008), with a total paid up capital poised at Rs.360 million. In the financial year 2007-08, the SBM earned net profit of Rs. 3,188.60 million. The bank’s shares are listed in the stock exchanges at Bangalore, Chennai and Mumbai. However, the SBI holds majority holdings with 92.33% of the shares.

Based on the 2009 data, State Bank of Mysore has a wide network of 671 branches and 20 extension centers across India. However, most of its business comes from the country’s southern region. The ATM services to the SBM customers are available through 7500+ State Bank Group ATMs.

The bank also has an ATM sharing agreement with several banks including:

  • Andhra Bank

  • Axis Bank

  • Corporation Bank

  • HDFC Bank

  • Indian Bank

  • Punjab National Bank

State Bank of Mysore: Products and Services

The State Bank of Mysore offers the following products and services to meet the financial needs of its wide customer base:

Deposits: The State Bank of Mysore offers deposits scheme including:

  • savings accounts

  • tax saving schemes

  • term deposits

  • reinvestment options

  • recurring deposits

All the schemes require a banking account with the SBM:

Advances: The bank has separate credit financing options for:

  • individual

  • corporate

  • agricultural and enterprise customers

Select branches offer ancillary services such as:

  • Letter of Credit

  • Will creation

  • cash management

  • bank draft and credit card services

SBM’s online banking services allow customers to:

  • pay utility bills

  • transfer funds

  • manage accounts

  • make payments with the use of an ATM-cum-debit card

The bank also has several banking and lending products and services that are extended across different states in India.


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