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.
Products And Services
• Personal Loans
• Deposit Schemes
• NRI Schemes
• Debit and Credit Cards
• Life Insurance
• Mutual Funds
• Deposit Schemes for Senior Citizens
• Government Business
State Bank of Saurashtra... [continues]
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