State Bank of Bikaner & Jaipur

State Bank of Bikaner & Jaipur (SBBJ) was a major Indian bank. It was a subsidiary of State Bank of India, with which it was merged on 31 March 2017. As of 2015, SBBJ had 1,360 branches, mostly located in the state of Rajasthan, India. Its branch network out of Rajasthan covered all the major business centers of India. In 1997, the bank entered the capital market with an initial public offering of 1,360,000 shares at a premium of Rs. 440 per share. For the year 2015-16 the net profit of the company was Rs. 8.5 billion.[2][3][4][5]

STATE BANK OF BIKANER AND JAIPUR
TypePublic
IndustryBanking
Insurance
Capital Markets and allied industries
Fatemerged with State Bank of India on 31 March 2017
FoundedJaipur, 1963
Defunct31 March 2017
HeadquartersHead Office,
Tilak Marg,
Jaipur 302 005 India
Key people
Arundhati Bhattacharya(Chairman), Dibakar Mohanty(Managing Director)
ProductsLoans, Savings, Investment vehicles, etc.
₹ 850.60 Crore (March 2016)[1]
Number of employees
12,831
ParentState Bank of India
Websitesbi.co.in www.onlinesbi.com

History

State Bank of Bikaner & Jaipur came into existence on 1963 when two banks, namely, State Bank of Bikaner (established in 1944) and State Bank of Jaipur (established in 1943), were merged. Both these banks were subsidiaries of the State Bank of India under the State Bank of India (Subsidiary Bank) Act, 1959.

On 25 April 1966 SBBJ took over Govind Bank (Private) Ltd., Mathura,[6] established on 8 February 1963.

In 1984 SBBJ sponsored and established Ganganagar Kshetriya Gramin Bank as a Regional Rural Bank. Thereafter, in 1985 SBBJ opened the Bikaner Kshetriya Gramin Bank, the second Regional Rural Bank sponsored by it. The third Regional Rural Bank, sponsored by SBBJ was Marwar Gramin Bank, which covered the districts of Pali, Jalore and Sirohi. On 12 June 2006, SBBJ merged all three regional rural banks that it sponsored under the name MGB Gramin Bank, with headquarters in Jodhpur.

The plans to make SBI one of the top 50 banks in India affected SBBJ very much. In 2016, the plan to merge SBBJ with its five co-subsidiaries was made, and it was ratified by the Government of India on 15 February 2017. It finally merged with SBI on 31 March 2017.

References
  1. http://www.moneycontrol.com/india/financials/statebankbikanerjaipur/profit-loss/SBB02?classic=true. Missing or empty |title= (help)
  2. http://info.shine.com/Company/State-Bank-of-Bikaner-and-Jaipur/373.aspx Company Overview: State Bank of Bikaner and Jaipur
  3. http://sbbjbank.com/About-Us/history.htm SBBJ History
  4. "State Bank of Bikaner & Jaipur capitalises on robust earnings". Capital Market Publishers India. 24 April 2009.
  5. "State Bank of Bikaner and Jaipur 2009 profit up at Rs 403.45 crore". Equity Bulls. 4 April 2009.
  6. "FINANCIAL INSTITUTIONS: State Bank of Bikaner and Jaipur". Rupee Times. Retrieved 12 December 2013.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.