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Sbi History

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  • November 2010
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State Bank of Saurashtra (SBS) is one of the Associate Banks of State Bank of India. The history of the establishment of SBS can be traced back to pre-independence period. Prior to 1948, the region of Saurashtra (a part of the present day Gujarat), consisted many small, medium and large princely states. The larger states of Saurashtra included Bhavnagar, Rajkot and Porbandar, while Palitana and Vadia were its smaller states. These states established their own Darbar (palace). Out of the Darbars, the oldest one was Bhavnagar Darbar Bank, founded in 1902.

The Darbar banks were established to cater to the needs of the governments of their respective princely states. Local savings were deposited in the banks. The banks of the princely states were amalgamated, when the state of Saurashtra was established in 1948. The Bhavnagar Darbar Bank came to be known as the State Bank of Saurashtra in 1950, under Saurashtra State Bank (Amalgamation) Ordinance, 1950. On 1 July 1950, the other four Darbar Banks, including Rajkot State Bank, Porbandar State Bank, Palitana Darbar Bank and Vadia State Bank, became the branches of State Bank of Saurashtra.

After the formation of a separate state of Gujarat in 1960, SBS started its main area of operation from Saurashtra, which then became a part of Gujarat. It was in the same year, when State Bank of India took over State Bank of Saurashtra, under the State Bank of India (Subsidiary Banks) Act, 1959. By this time, SBS had 24 branches. SBS became one of the seven Associate Banks of SBI, with which it was merged with it on 13 August 2008. At the time of the merger, SBS had a network of 423 branches spread over 15 states and the Union Territory of Daman and Diu.

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