Indian Banks: The Story of State Bank of Saurashtra

The history of the State Bank of Saurashtra can be traced to 1st April 1902 when the Bhavnagar Darbar Savings Bank was established in Bhavnagar, one of the princely states in the Saurashtra region. The bank was established by the Maharaja, Sir Bhavsinghji Takhtsinhji Gohil and Sir Prabhashankar Pattani, the later Diwan. The bank was created to encourage the habits of thrift amongst the darbari servants and to provide a safe place for their, and others’ investments.

Subsequently, in the year 1950 the Bhavnagar Darbar saving bank was formed into a statutory corporation called State Bank of Saurashtra, under the Saurashtra state Bank (SBS) (Amalgamation) Ordinance, 1950 with four other Darbar banks owned by erstwhile princely states viz. Rajkot State Bank, Porbandar State Bank, Palitana Darbar Bank and Vadia state bank getting merged with it, with effect from July 1, 1950.

Sir Bhavsinhji Takhtsinhji Bhowsingji, K.C.S.I., Maharaja of Bhavnagar, co-founder,  State Bank of Saurashtra
Sir Bhavsinhji Takhtsinhji Bhowsingji, K.C.S.I., Maharaja of Bhavnagar, co-founder, State Bank of Saurashtra
Sir Prabashankar Pattani, co-founder, Bank of Saurashtra
Sir Prabashankar Pattani, co-founder, Bank of Saurashtra

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The bank became an associate bank of State Bank of India on 1st January 1960, and was merged with SBI in 2008.