State Bank of Patiala is one of those banks which has been merged with the State Bank of India. However, this bank is quite old and was established even before the India’s independence. State Bank of Patiala was founded in the year 1917 and was a part of the State Bank group. Post its merger with State Bank of India, the State Bank of Patiala had more than 14000 services networking. This also includes 1300 branches in different cities of India. However, most of its branches were located in the India State of Punjab, Himachal Pradesh, Jammu and Kashmir and Haryana. The merger of the bank with SBI took place on the 1st of April in year 2017.
Listing and Revenue
|Operating Income||₹11,358.06 crore|
|Net Income||₹116,709.10 crore|
|Total Assets||₹203,417.50 crore|
Products and Services
Although State Bank of Patiala is one of the oldest banks present in India but it certainly ha managed to use all the latest digital modes to offer customers with better products and services. The bank has managed to offer the customers with right blend of traditional values with technology solution. This way customers have found using the bank’s services a lot more convenient.
The bank offered banking services and has more than 1300 branches all over the country. It also offers nearly 52000 group of CDM and ATM. Besides, the bank offers commercial, consumer and mortgage loan services. Other services that you get from State Bank of Patiala are deposit products, bill payment, and trust services, Investment vehicles, and saving solution.
As said, State Bank of Patiala is one of the oldest banks that India has been got. It was founded by then His Highness Bhupinder Singh. He was the Maharaja which is said to be the king of Patiala state during those days. He founded the bank in the year 1917 during month of November. The aim to start such bank was to offer the financial support for the growth of trade, agriculture and industry. The bank well blended the function of the commercial banking with that of the central bank for the Patiala state.
In the year 1948, the formation of the Patiala and East Punjab States resulted for the reorganization of the bank. That is when, it was bought under the control of Reserve Bank of India. It is also renamed later as the Bank of Patiala.
In the year 1960, the Patiala bank then became the subsidiary of State Bank of India and again its name was renamed to the State Bank of Patiala.
Talking more about the acquisition, the bank managed to merge with the State bank of India which resulted in much use of digitalization while changes in the OFSC codes.
Awards and Recognition
In the year 2016, State Bank of Patiala won special award for excellence in MSME lending to the MSME sector
There is no such subsidiary of the bank since, the state bank of Patiala itself became a subsidiary of the State bank of India.