State Bank of Indore (Indore Bank) was a government-owned Indian bank and the largest of

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...

's (SBI) six associate bank subsidiaries. In October 2009, the Government of India gave its in-principle approval to a merger between

and State Bank of Indore. On 15 July 2010 the Cabinet cleared the merger. On 26 August 2010 State Bank of Indore officially merged into State Bank of India. At the time of the merger the bank had over 470 branches in more than 300 cities and towns. In March 2009, the business turnover of State Bank of Indore exceeded Rs. 500 billion.

History

*1920 The Bank of Indore was incorporated under a special charter from Maharaja Tukoji Rao Holkar III, who was the ruler from 1903 to 1927 of the former

princely state A princely state (also called native state or Indian state) was a nominally sovereign entity of the British Raj, British Indian Empire that was not directly governed by the British, but rather by an Indian ruler under a form of indirect rule, ...

Indore Indore () is the largest and most populous Cities in India, city in the Indian state of Madhya Pradesh. It serves as the headquarters of both Indore District and Indore Division. It is also considered as an education hub of the state and is t ...

. Indore State awarded the Bank a monopoly for 10 years, granted it certain concessions and subscribed to the Bank's share capital. Indore Bank's main branch and headquarters was in the city of

, located on the

Malwa Plateau Malwa is a historical region, historical list of regions in India, region of west-central India occupying a plateau of volcanic origin. Geologically, the Malwa Plateau generally refers to the volcanic plateau, volcanic upland north of the Vind ...

, just north of the

Vindhya Range The Vindhya Range (also known as Vindhyachal) () is a complex, discontinuous chain of mountain ridges, hill ranges, highlands and plateau escarpments in west-central India. Technically, the Vindhyas do not form a single mountain range in the ...

. *1960 The Bank of Indore became a subsidiary of

w.e.f. 1 January 1960 under the name State Bank of Indore. Prior to the merger, SBI held a 98.05% stake in Indore Bank, *1962 State Bank of Indore acquired the Bank of Dewas, which had been established in 1936 and had been the first bank in Dewas district. *1965 State Bank of Indore acquired Dewas Senior Bank, which had been incorporated in 1941. *1971 State Bank of Indore was up-graded to class 'A' category bank. *2010 State Bank of Indore was merged into State Bank of India.

External links

Official website
{{SBI State Bank of India Banks established in 1920 Companies based in Indore Economy of Indore Defunct banks of India Indian companies established in 1920 2010 disestablishments in India Banks disestablished in 2010