State Bank of Hyderabad
The State bank of Hyderabad is located in the City of Hyderabad as its name suggests and is an associate of the State Bank of India and one of the nationalized banks of India.
It was founded by the last Nizam (administrator) of Hyderabad, which was then the capital and most populous city of the princely state of Andhra Pradesh, in 1941 as a central bank of that state.
Then, it managed the currency of Hyderabad State, the Osmania sikka, which had been left unchanged even after the British had established colonial rule.
The State Bank of Hyderabad became a subsidiary of the State Bank of India on 1st October, 1959 following the legislation of the Subsidiary Banks Act in 1959 along other former state banks though it was the first to do so. It accordingly changed its name from Hyderabad State Bank to its present name.
It retains its headquarters in the Gun Foundry area of Hyderabad also known as the City of Pearls and it has developed substantially in terms of assets and services since its inception such that it has won several banking awards in the services sector.
The State Bank of Hyderabad’s website offers information on the banks progress since 1970 and a look at the annual figures since then suggests tremendous growth in all the aspects of its banking services. Its investments for example have grown from Rs 17.88 Crores in 1970 to an impressive Rs 16027.15 Crores in the financial year 2007/2008. One Crore is equivalent to ten million rupees. Over the same period it has also seen the number of its offices expand from 230 to 1096 offices today.
The State Bank of Hyderabad has successfully been able to implement a number of well admired policies including the Grievance Redressal Policy which was first suggested by the Committee on Procedures and Performance Audit on Public Services (CPPAPS) in India. CPPAPS plays a supervisory and regulatory role in the banking industry of India.
The banks management structure is headed by Shri O. P. Bhatt who is the chairman of the bank and Smt Ranu Challu as its managing director. Under India’s Subsidiary Banks Act, the chairman of the bank should be an ex-officio member of the board of directors.
The bank also offers a whole range of product services like personal banking, NRI services, international banking, corporate banking, agricultural products, services to Small and Medium Enterprises (SME’s), Internet banking and government business.
At the moment it is the biggest Subsidiary of the State Bank of India.