State Bank of Hyderabad - 34th Member of Interbank Mobile Payment Service (IMPS)

On 18/01/2012, IMPS welcomed it's new member, State Bank of Hyderabad. State Bank of Hyderabad is the 34^th addition to the IMPS network.

It is still a soft launch, hence the infomration link on the bank's website is not yet up.

With over 1000+branches and a strong presence in Andhra Pradesh, the IMPS facility to it's customers will add volumes to IMPS.

State Bank of Hyderabad started its life in August 1941, as Hyderabad State Bank under Hyderabad State Bank Act, 1941.

The Bank started with the unique distinction of being the central bank of the erstwhile State of Hyderabad, covering present-day Telangana region of Andhra Pradesh, Hyderabad-Karnataka of Karnataka and Marathwada of Maharashtra, to manage its currency – Osmania Sikka and public debt apart from the functions of commercial banking. The first branch of the Bank was opened at Gunfoundry, Hyderabad on 5th April, 1942.

In 1953, the Bank took over the assets and liabilities of the Hyderabad Mercantile Bank Ltd. In the same year, the Bank started conducting Government and Treasury business as agent of Reserve Bank of India.

In 1956, the Bank was taken over by Reserve Bank of India as its first subsidiary and its name was changed from Hyderabad State Bank to State Bank of Hyderabad. The Bank became a subsidiary of the State Bank of India on the 1st October 1959 and is now the largest Associate Bank of State Bank of India.