State Bank of Indore, popularly known as Indore Bank and originally known as Bank of Indore Ltd. was incorporated under a special charter of His Highness Maharaja Tukojirao Holker-III, the then ruler of this region. In terms of State Bank of India (Subsidiary Banks) Act, 1959 the Bank of Indore Ltd. became a subsidiary of State Bank of India with effect 1st January, 1960 and was renamed as State Bank of Indore.
The Bank acquired The Bank of Dewas Ltd. in 1962 and The Dewas Senior Bank Ltd. in 1965 and was up-graded to class ‘A’ category bank in 1971.
Sri O.P Bhatt, who is the chairman of SBI is the current chairman of State Bank of Indore also.
The bank offers Home Loans, Car Loans, Personal Loans and Loan against Mortgage of Immovable Property etc. It also offers medical loans, festival loans, education loans and loan against pledge of gold.
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