SBT (Representative graphic)The takeover of the State Bank of Travancore by the State Bank of India puts an end to a journey that lasted more than 70 years. A recap of the growth of the bank that came to be the trusted companion of the people of Kerala.
1945 September 12: The King of Travancore gives the go-ahead to Diwan C.P. Ramaswami Iyer’s idea to start a commercial bank under government control. The Travancore Bank Limited is registered.
1959: The Travancore Bank Limited is incorporated as a subsidiary of the State Bank of India under the State Bank of India (Subsidiary Banks) Act. The bank’s name is changed to the State Bank of Travancore.
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1961: The Reserve Bank of India orders the merger of the Travancore Forward Bank, the Kottayam Oriental Bank and the Bank of New India into the State Bank of Travancore.
1963: The State Bank of Travancore takes over the Vasudeva Vilasam Bank.
1964: The State Bank of Travancore adds scale by taking in Cochin Nair Bank, the Latin Christian Bank and the Chambakkulam Catholic Bank.
1965: More banks come into the State Bank of Travancore fold. The Bank of Alwaye and the Chaldean Syrian Bank are the latest banks to merge into the state bank.
1975: The State Bank of Travancore is recognized as an associate bank of the State Bank of India.
1985: The State Bank of Travancore issues 3 lakh equity shares to the State Bank of India.
1991: The State Bank of Travancore issues another 16 lakh equity shares to the State Bank of India.
1992: The State Bank of Travancore starts operation of an NRI division and NRI branches.
1996: As many as 15 lakh new equities offered to existing shareholders.
1997: The State Bank of Travancore gets autonomy along with the State Bank of Patiala and the State Bank of Bikaner and Jaipur. The SBT also launches a webpage.
1998: The State Bank of Travancore goes for an initial public offering of its shares. The shares with a face value of Rs 100 each are offered at a premium of Rs 500 each.
2000: The State Bank of Travancore launches net banking.
2001: The bank ventures into mobile banking.
2004: The bank starts the Real Time Gross Settlement (RTGS) service that enables quicker financial transactions; a toll-free information line is also started.
2015: The State Bank of Travancore sets a target of raising Rs 474.03 crore from the financial markets by selling shares at a premium of Rs 390 each.
2016: The State Bank of India kicks off the process to merge five associate banks including the State Bank of Travancore.
