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