When a bank leads the way

Earlier, the princely state of Mysore was lucky to have visionary rulers who ensured the all-round growth of the State – economically, culturally and socially. In the forefront of this movement was Nalvadi Krishnaraja Wadiyar. To make his dream come true, he had a team of experts including Sir M Visweswaraya and Sir Mirza Ismail among others. During the period of Nalvadi, the princely state of Mysore became a platform for development and was showcased to other regions of the country.

The visionary king has rightly been called as ‘Rajarshi’. It was during this period that the iron and steel factory at Bhadravati, sugar factory at Mandya and the Krishnaraja  Sagar dam came up. He also chose Bangalore to become the commercial capital of the state. Establishing technical institutes and encouraging entrepreneurs by initiating the Chamber of Commerce also became a reality.

Much of the State’s banking offices were located near Avenue Road in Bangalore. One such bank that was located here was the Bank of Mysore. Its main office was located on Kempegowda Road and its multi-storied building was considered to be the first of its kind in Bangalore.

Establishing the bank’s head office at  Kempegowda Road has influenced many other banks to open their own central office on this road and surrounding areas.

The Bank of Mysore began its operation on October 2, 1913 and the initial working capital was provided by the British government. After independence, in 1953, the bank came under the purview of the Reserve Bank of India and it was renamed as State Bank of Mysore Limited. Subsequently, in 1960, it became an associate bank of the State Bank group and it was renamed as State Bank of Mysore. Earlier this year, the bank merged with the State Bank of India.

Rajasabhabhushana Diwan Bahadur Sir K P Puttanna Chetty was the first Chairman of the bank and he continued in the post until 1938.

One of the major highlights of the bank’s activity is its uninterrupted profit since it was first established. The main aim of the bank was not only to boost the growth of commercial activity but also to see that general public utilise the benefits of the bank. By the time the bank celebrated its silver jubilee in 1938, it had expanded across the State with 19 branches. Even a branch in Madras (now Chennai) was established. The vision of the king was made possible by the Board of Directors chosen from different public forum. The optimistic vision of the ruler of Mysore to form a bank for the State has influenced many other states in the country to establish a bank of their own. These included banks like the State Bank of Hyderabad and State Bank of Travancore.

There were various features that made the State Bank of Mysore stand out. For instance, they were the first bank to conduct regular blood donation camps. In 1960-1950, the bank also became the first to offer crop loans. The bank also ran a school for girls called Rani Sarala Devi Educational Institution in Jayanagar, Bengaluru.

The bank also established a museum at its headquarters which showcased the bank’s various records and office equipment  that were in use for a long time, among others.

Known for being a leader in many fronts, the State Bank of Mysore was a much loved bank for many. It is of little wonder then that the bank is often remembered fondly for its unique ventures and offerings.