State Bank of Hyderabad with its Head Office in Hyderabad(One of my favourite’s cities) has joined the NPCIs NACH Debit Platform
The origin of State Bank of Hyderabad can be traced back to 1941 when it was constituted as Hyderabad State Bank on 8.8.1941 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.
The present day Headquarters of the Bank is housed in a magnificent building at Gunfoundry, Hyderabad.
The Bank has 1800 physical touch points spread across India. It is also the largest Associate Bank of State Bank of India.
As part of the NACH Debit platform, SBH customers would be able to benefit from Safe eTransactions.
State Bank of Hyderabad in turn would be benefited by high float balances in Current and Saving Bank accounts.
In case, SBH desires to be a Sponsor Bank for billers, it can reap the benefits of high balances in the billers account. Based on the cash flows of the billers, it can also offer Overdraft facilities. This would be a win-win situation for both the Assets and Liabilities side of the Bank’s balance sheet.