State Bank of Hyderabad holds its regional bank in Hyderabad. It has the headquarter located at Gunfoundry, Abids, Hyderabad, Telangana. The bank was founded by the 7th Nizam of Hyderabad- Mir Osman Ali Khan. State Bank of Hyderabad is currently one of the five banks that is associated to State Bank of Inia.
It was a nationalised bank in India. This bank was founded in the year 1941 which was named as the Hyderabad State Bank. From the span of 1956 to 2017, the bank is linked with the state Bank of India. State Bank of Hyderabad has more than 2,000 branches with more than 18,000 employees.
Products and Services
State Bank of Hyderabad is quite versed with the quality customer services. It also offeres valuable products and solutions that includes Personal Banking Schemes, Corporate Banking, SME Banking Schemes, FOREX, Mobile Banking, Internet Banking, Credit Cards, Insurance. It also offered Online banking services and debit cards facility before it was merged with the State Bank of India.
State Bank of Hyderabad even if it has now merged with the State bank of India but its existence is quite old. It was made in the year 1955 under the name Hyderabad State Bank. The bank was the central bank of the erstwhile Nizam state. In the year 1941, under the Hyderabad State Bank Act the banks establishment was done.
Osmania Sicca was then the currency of Hyderabad state which the bank use to manage. In those times, there were few districts called as Hyderabad-Karnataka of Karnataka that was also the part of the bank. The commercial banking was also carried by the bank.
At Gunfoudnry in the year 1942, the bank’s first branch was started. Later the officers and clerical staff at the initial stage was offered in branch,
Muhammad Saleh Akbar Hydari was the first secretary of Hyderabad State Bank. Mohammad Fayazuddin designed gunfoundry building who was an alumnus of Architectural Association School
Post partition, in the year 1948 the Indian Army conducted Operation Polo due to which annexation of Hyderabad to India occurred. Due to this by the year 1950, The bank had 50 branches which also included some of the parts in the Hyderabad State.
In the year 1953, the bank had merged with the Mercantile Bank of Hyderabad which was founded by Raja Pannalal Pitti. During that year, Bank also started with government and Treasury business.
By the year 1956, the Reserve Bank of India took the bank to be its primary subsidiary. It was then renamed as the State Bank of Hyderabad.
In the year 1959, the Subsidiaries bank act was passed. Since then from 1 October 1959, along with few other banks, State Bank of Hyderabad became subsidiaries of SBI.
Awards and Recognition
Before the bank got its merge with SBI in the year 2017, State Bank of Hyderabad bagged ‘Best Bank Award’ for innovative use of technology in the year 2014. It also received Technology Excellence Awards for the year 2015-16 which the Institute for Development and Research in Banking Technology presented. From 2012 to 2016, the bank also received all the years SKOCH awards for its technology initiatives.
The State Bank of Hyderabad became a subsidiary rather than having its own subsidiaries. In the year 2017, the bank was merged with SBI along with its co-associates State Bank of Mysore, Travancore, Bikaner, Patiala, and Jaipur and thus became part of the huge chain of State bank of India.