One of the nationalized banks in India, State Bank of Indore was formerly named as Bank of Indore Ltd. It was established under a special charter of His Highness Maharaja Tukojirao Holker-III, the then ruler of Malwa region. The Bank is also known as Indore Bank in Malwa region. It became a subsidiary of State Bank of India on 1 January 1960, under the State Bank of India Subsidiary Banks Act, 1959. Bank of Indore Ltd. and came to be known as State Bank of Indore, after its association with SBI. In the following year (1962), State Bank of Indore took over the business of The Bank of Dewas Ltd.
In 1965, State Bank of Indore took over The Dewas Senior Bank Ltd. as well. State Bank of Indore was upgraded to class 'A' category bank in 1971. Over the years, the Bank has been making significant growth in terms of its business. The business turnover of the Bank crossed Rs.47000 Crore at the end of December 2008. It has emerged as the premier bank of Madhya Pradesh due to its steady progress. The Bank aims to be the premier financial institution of Indore and wants to secure its position as a prominent part of the State Bank group.
Apart from general banking operations, State Bank of Indore has undertaken multi-faceted banking activities too. It has also succeeded to great extent in reaching the rural sectors, especially agricultural segment in the country. In the process, the Bank has provided many useful services to its customers, such as credit and loans to the farmers. Schemes such as Kisan Gold Card Scheme and the Kisan Credit Card Scheme are part of the efforts taken by State Bank of Indore to reach its customers in the rural areas of the country.
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