History of State Bank of Travancore
YEAR EVENTS 1945 - The Bank was Incorporated at Travancore. The Bank transacts general banking business of every description including foreign exchange business. The Bank also undertakes Government treasury work.
1960 - The Bank became a subsidiary of State Bank of India under the State Bank of India [Subsidiary Bankss] Act, 1959.
1961 - Three banking companies, namely The Travancore Forward Bank Ltd. The Kottayam Orient Bank Ltd., & the Bank of New India Ltd., which were under moratorium from 18th December, 1960, were amalgamated with the Bank under schemes of amalgamation prepared by Reserve Bank of India.
- The Cochin Nayar Bank Ltd., & the Latin Christian Bank Ltd., which were under moratorium from 13th October, 1963 & 23rd February 1964 respectively were amalgamated with the Bank with effect from 8th February & 17th August, 1964 respectively.
1965 - The Bank commenced conducting government cash business. The Bank assists in the development of small scale units & co-operative institutions. The Bank also extends credit facilities to the users of warehouses set up by Central & State Warehousing Corporations in its area of operation.
1985 - 3,00,000 No. of equity shares issued at par to State Bank of India.
1991 - 16,00,000 No. of equity shares issued to State Bank of India.
1992 - To extend more personalized & effective services to the NRIs, the bank created the NRI division/cells in 24 branches and proposed to open four specialised branches for NRI business in the state.
- A Branch Health Card was also introduced during the year in order to assess, monitor & take corrective action of various aspects of branch functioning as well as supervision by Controllers.
1995 - 15,00,000 No. of equity shares issued on Rights basis at a prem. of Rs 450 per share.
1996 - The Bank Rights Issue of Equity shares of Rs.100 each at a premium of Rs.450 per share aggregating to Rs.82.50 crores opened for subscription on the 7th February 1996 & closed on the 7th March.
- The Bonds issue opened for subscription on the 15th January & closed on the 27th March. As against the issue size of Rs.100 crores.
1997 - The Bank launched `Liquid Gold' a new loan product against security of gold to meet the needs of customers in the personal as well as trading segments & to impart liquidity to their savings locked up in the form of gold.
- Another new concept, loan scheme viz. `Homestead Farming' was launched for farmers taking into Acc. the small & medium holding pattern in Kerala.
- The Bank also launched `Nava Swarna Vaisha', a modified version of bank insurance linked deposit scheme `Saptha Varsha' that enables depositor to avail exception from capital gain tax. A few other deposit/loan schemes were also to be introduced during 1998-99.
- Six new branches were opened taking the total branch network to 660. As at the end of March 1998, the bank had 12 pending licences/authorisation for opening of new branches/offices. The Bank hompage on internet was launched.
- 15,00,000 No. of equity shares issued through a prospectus at a prem. of 500 per share. Of these 3,46,000 shares were issued and allotted to SBI. Balance 11,54,000 shares issued to the public.
- State Bank of Travancore has entered into a second arrangement with City Exchange LIC in Dubai for special drawing facilities to improve the coverage of large Gulf NRI clientele from Kerala.
- The Bangalore-based Sonata Software Ltd has developed two Internet commerce modules, Web Alert & Web Trader for State Bank of Travancore [SBTs] on their SBT accounting systems.
- The bank had earlier become the first Kerala-based bank to undertake the management of an exchange Comp. in West Asia, when it started the City Exchange Company, LLC in Dubai earlier this year. Bank sources said the incremental credit-deposit ratio for SBT in Kerala stood at over 60 per cent.
- The Rs 130-crore Asianet Communications Limited, the only Malaysian television channel, is all set to make a major foray into value-added services to meet the challenges posed by the proposed direct-to-home [DTHs] services & other developments in communications technology.
- In the first phase, Asianet is tying up with the State Bank of Travancore [SBTs] for providing interconnectivity to all its branches through its cable network.
- State Bank of Travancore [SBTs] is the second SBI associate bank to hit the primary market with a Rs. 90-crore issue a week after the closing of State Bank of Bikaner & Jaipur [SBBJs] Rs.65.94-crore issue.
- The bank is a member of SWIFT which enables satellite connectivity of its zonal offices & main branches.
- State Bank of Travancore [SBTs], a subsidiary of State Bank of India, has been granted autonomy by Union Government. Two other subsidiaries of SBI -- State Bank of Patiala & State Bank of Bikaner & Jaipur -- have also been accorded autonomy status.
- Asianet has entered into a strategic tie-up with the Dubai-based World of Stars Advertising [WoSAs].
1998 - State Bank of Travancore & State Bank of Bikaner & Jaipur shares' dematerialisation is facing a roadblock as a State Bank of India [Subsidiaries Bankss] Act, 1959, clause says that no person can acquire shares in excess of 200 units in any of the bank subsidiaries.
- The Bank launched new products tailored to meet the differing needs of various customers.
- 'Liquid Gold', a new loan product [against the security of golds], was launched to meet the needs of customers in the Personal as well as Trading segments & impart liquidity to their savings locked up in the form of gold.
- 'Homestead Farming', a new composite loan scheme for farmers taking into Acc. the small land holding pattern in Kerala, was also launched.
- 'Nava Swarna Varsha', a modified version of our insurance linked deposit scheme.
- 'Saptha Varsha', which enables the depositor to avail exemption from Capital Gains Tax were also introduced in the market during 1997-98.
- The Bank maiden Public Issue of 11,54,000 equity shares of Rs. 100 each at a premium of Rs. 500 per share.
1999 - The State Bank of Travancore [SBTs] has launched a `kissan credit card' scheme aimed at catering to the short-term credit requirements of farmers.
- State Bank of Travancore [SBTs] in coming out with a welfare scheme for non-resident Indians from Kerala in association with United India Insurance Co. limited The scheme provides personal accident cover for NRIs as well as health cover for their family members. Parents can all also be covered under the same policy.
- State Bank of Travancore [SBTs] has slapped a legal notice on the beleaguered Essar Steel for non-payment of dues to the tune of Rs 2.88 crore even as the new generation steel major hoping for a last-minute bailout by financial institutions on its $250 million floating rate notes [FRNs] due for redemption on July 20.
- STATE Bank of Travancore [SBTs] has introduced an education loan scheme, Gyan Jyothi, for students pursuing higher education in recognised institutions in India & abroad.
- STATE Bank of Travancore which entered into a tie-up with Al Fardan Exchange in Abu Dhabi, to offer speedy remittances in both rupees & dollars, plans to attract more deposits by widening correspondent arrangements with exchange houses & banks in the Gulf.
- State Bank of Travancore [SBTs] has opened its millennium branch at Kumaranaloor in Kottayam district.
- The Bank launched SUPER SURPLUS - A recurring deposit scheme that offers flexibility to depositors to vary their amount of monthly instalments in accordance with monthly surplus available.
- THE 786 SCHEME - A new Deposit Scheme for those discerning customers who do not wish to earn interest on their deposits.
- SAHAYA VARSHA - Clean demand loan facility for meeting the short term personal requirements of customers repayable within 36 months.
- MITRA VARSHA - An overdraft scheme available to individuals to avail a single advance against a basket of securities like gold, NSCs, KVPs, IVPs, Units of US 64 of UTI, LIC Policies etc.
- KISAN CARD - A running Agricultural Cash Credit facility to meet the short term requirements of farmers with provision for meeting their family contingent needs to a limited extent.
- NRI FAMILY WELFARE SCHEME - A unique & innovative insurance scheme for personal accident cover for NRIs & medical expenses cover for their families upto 6 persons including parents.
- CITY FLASH - A Telex/Fax Fund transfer arrangement with City Exchange LLC., Dubai, guaranteeing credit to the customers' Acc. within 24/48 hrs., in 60 selected branches.
- The Bank has also joined the RBI VSAT network, 'INFINET' by subscribing to two VSATs initially.
- The Bank has been honoured with 'Sevaratna' Award instituted by the Indo Arab Confederation Council & NRI Welfare Committee, for providing excellent customer service.
2000 - State Bank of Travancore launched Net Banking.
- Mr. P.N. Venkatachalam, deputy managing director of State Bank of India, has taken over as managing director of State Bank of Travancore from Mr. Vepa Kamesan, former managing director of the bank.
- The Bank has entered into a remittance arrangement with Al Rajhi Banking & Investment Corporation of Saudi Arabia.
2001 - State Bank of Travancore is likely to accept all the voluntary retirement scheme applications it received.
- The Bank proposes to introduce high-tech mobile banking facility for bank's on-line customers.
2002-Amitabha Guha appointed as Managing Director of State Bank of Travancore.
2003
-SBT slashes deposit rates on FCNR deposits on US dollar, pound sterling & Euro.
-P V Shivasankara Pillai is the new officer Employee Director on the Board of company.
2004
-State Bank of Travancore [SBTs] has launched a new personal loan scheme for employees of institutions & companies. Under the scheme, namely Akshaya, rated institutions & companies such as universities, Maruti Udyog Ltd, Kochi Refineries, Kerala Minerals & Metals Ltd, Travancore Titanium Products & Cochin Shipyard can get into an agreement with SBT to enable their employees avail themselves of loans from the bank.
-The State Bank of Travancore & Cochin University of Science & Technology has entered into an agreement to implement the new SBT Akshaya Overdraft Scheme for benefit of CUSAT employees. As per the scheme, employees can avail themselves of loans ranging from Rs 50,000 to Rs 2 lakh depending upon their eligibility.
- Maithri, the house journal from State Bank of Travancore [SBTs] has been adjudged the 'best journal devoted to women' by Public Relations Society of India [PRSIs]
-SBT SSI [Small Scale Industry sectors] branches at Thiruvananthapuram, Thrissur & Alappuzha, & the non-resident Indian branch at Attingal have received the ISO 9001:2000 recognition.
2004
- State Bank of Travancore has launched a special loan scheme for purchase of tractors. Called the `tractor special loan scheme', the initiative is targeted at farmers, non-governmental organisations, agro-business centres & so on.
-State Bank of Travancore [SBTs] has unveiled a loan scheme for benefit of nurses seeking employment abroad. Under the 'SBT nurses suvidha scheme', loans are available to meet the expenses for migration abroad, registration, test & interview, agency commission, visa charges & airfare.
-The State Bank of Travancore has opened its cross-selling department at SBT Bhavan in Kochi
- Mr K.K. Chattopadhyay new General Manager of Commercial, Institutional & International Banking wing.
-State Bank of Travancore has launched a housing loan scheme for employees of Kerala State Electricity Board [KSEBs]
-State Bank of Travancore [SBTs] has launched a new 'Bhavanasree' rural housing loan scheme for those below the poverty line
-G Damodaran has joined State Bank of Travancore [SBTs] as the General Manager in charge of Vigilance and Inspection Wing
-BAL ties up with State Bank of Travancore
-SBT launches RTGS services to customers
-SBT wins national award for lending to SSI sector
-SBT introduces new gold card scheme for exporters
-SBT unveils new scheme for senior citizens
2005
-SBT inks pact with Punjab Tractors on Jan 18, 2005
-SBT ties up with UAE Exchange Centre
-State Bank of Travancore unveils Malayalam website
-SBT launches new loan scheme for road transport operators on April 26, 2005
-SBT join hands with Almoayyed for exchange house in Bahrain
-State Bank of Travancore has bagged national award instituted by Ministry of Small Scale Industries for excellence in lending to the small-scale industries sector
-State Bank of Travancore [SBTs] launches an all-India toll-free infoline [1600 425 5566s] here on Nov 11. To be `live' 8 a.m. through 8 p.m. seven days a week
2006
-SBT appoints Sitaramam as new MD
2008
-Thiruvananthapuram: State Bank of Travancore [SBTs] has inked a memorandum of understanding with Crisil for rating of small & medium enterprises. As per the MoU, Crisil will give rating services to the clients of SBT at a concessional fee.
- State Bank of Travancore has set up an extension counter with core banking facilities at Malikappuram Buildings in Sabarimala.
- The Comp. has splits its face value from Rs100/- to Rs10/-.
2009
- State Bank of Travancore [SBTs] has announced the opening of its branch at Kukatpally, whixh is the seventh of SBT in Andhra Pradesh.
