State Bank of Indore – Curtains Down.
State Bank of Indore is no more. It’s branches have been merged into State Bank of India, w.e.f from 26/08/2010
This has been informed by Reserve Bank of India, vide Press Release dt.24/08/2010
The complete Press Release can be accessed @
It would be nice, if State Bank of Indore, continues to maintain the Website of State Bank of Indore, and includes a link to the same in its own website.
The websites are great archive records and will aid the new generation, to connect to the erstwhile history of State Bank of Indore.
Cost wise also, it would not be much, as only the Archived Website has to be maintained.
Brief History of State Bank of Indore: –
— State Bank of Indore is popularly known as Indore Bank in Malwa Region.
— It was originally known as Bank of Indore Ltd., and was incorporated under a special charter of His Highness Maharaja Tukojirao Holker-III, the then ruler of this region.
— Maharaja Tukoji Rao Holkar III was the ruler from 1903 to 1927 of the former princely State of Indore.
— Indore State awarded the new Bank a monopoly for 10 years, granted it certain concessions and subscribed to the Bank’s share capital.
— State Bank of Indore acquired the Bank of Dewas, in 1962, which had been established in 1936 and had been the first bank in Dewas district.
— State Bank of Indore acquired Dewas Senior Bank in 19565, which had been incorporated in 1941.
— In terms of State Bank of India (Subsidiary Banks) Act, 1959 the Bank of Indore Ltd. became a subsidiary of State Bank of India w.e.f. 1st January 1960 and was renamed as State Bank of Indore
— State Bank of Indore was up-graded to class ‘A’ category bank in 1971.
— State Bank of Indore (Indore Bank) was a government-owned Indian bank and a subsidiary of State Bank of India (SBI), whose logo it shared
— State Bank of Indore had over 470 branches in more than 300 cities and towns.
In October 2009, the Government of India gave its in-principle approval to a merger between State Bank of India and State Bank of Indore.
— On 15 July 2010 the Cabinet cleared the merger.
— On 26/08/2010, it will be curtains down for State Bank of Indore.