Special Cover Released on State Bank of Travancore

special cover state bank of travancorIndia Post has released a special cover on State Bank of Travancore (SBT) on 31st March 2017. SBT was a major Indian bank was a major associate of State Bank of India  .It was the premier bank of Kerala. Overall, as of 31 March 2015 SBT had a network of 1,157 branches and 1,602 ATMs, covering 18 states and three union territories.On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with SBI. It finally merged with its parent bank on 31 March 2017.

SBT was established in 1945 as the Travancore Bank Ltd., at the initiative of  the than Diwan C.P. Ramaswami. Following popular resentment against his dictatorial rule, the bank never credited his role. the bank undertook government treasury work and foreign exchange business, apart from its general banking business. Its head office was at Thiruvananthapuram   In 1960, it became a subsidiary of  SBI under the SBI Subsidiary Banks Act, 1959, enacted by the Parliament of India   and thus achieved the name ‘State Bank of Travancore’. On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with  SBI It will be merged with its parent bank on April 22, 2017.

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