In which year was State Bank of Mysore merged with State Bank of India?
Show answer & explanation
Correct answer: D
Explanation
Correct Answer:
Option 4 (2017)
Explanation:
State Bank of Mysore officially merged with State Bank of India (SBI) on April 1, 2017. This historic merger saw SBI's five associate banks (State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore) and Bharatiya Mahila Bank merge into State Bank of India. The primary objective of this merger was to reduce operating costs and enhance the bank's global competitiveness.
Additional Facts:
Establishment: State Bank of Mysore was founded in 1913 by Maharaja Krishna Raja Wadiyar IV as 'Bank of Mysore Limited'.
Key Contributors: Renowned engineer and visionary Sir M. Visvesvaraya played a key role in its establishment.
Post-merger Impact: With this merger, SBI joined the list of the top 50 banks in the world.
Associate Banks Act: This merger was carried out under the State Bank of India (Associate Banks) Act, 1959.
Possible questions for upcoming exams:
In which year was the State Bank of India (SBI) established?
(Answer: July 1, 1955)
On what date did the merger of SBI's five associate banks become effective?
(Answer: April 1, 2017)
Which is India's largest public sector bank?
(Answer: State Bank of India)