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Last Updated Wednesday October 24 2018 01:08 AM IST

The royal bank that grew with the people: A recap of SBT's journey

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SBT (Representative graphic) 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.

Read: At 72, State Bank of Travancore bids adieu today

As SBT becomes history, its oldest surviving employee takes a trip down memory lane

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.

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