SBoP to miss centennial celebrations next year


The historic State Bank of Patiala, which was gearing up for its centennial celebrations next year, now stands to lose its identity as it becomes a part of the SBI following a resolution passed by the State Bank of India to merge five of its associate banks to create a larger bank.It was on May 17 that the SBI proposed the merger of its five associate banks — State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore and State Bank of Hyderabad — and the three-year-old Bharatiya Mahila Bank (BMB). The decision was announced by Union Finance Minister Arun Jaitley in his Budget speech.This bank was set up by the then ruler of the Princely State of Patiala Maharaja Bhupinder Singh on November 17, 1917 and was known as Bank of Patiala.Following Independence, the bank was brought under the control of the Reserve Bank of India in 1948 and was renamed Bank of Patiala. On April 1, 1960, Bank of Patiala became a subsidiary of the State Bank of India and was renamed State Bank of Patiala.


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