7th Nizam Started the Hyderabad State Bank in 1941; Now known as the State Bank of India

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1955 picture of the Bank. Picture Credit: 
https://en.wikipedia.org/wiki/State_Bank_of_Hyderabad#/media/File:SBH_1955_Gunfoundry.jpg

"In 1941, the 7th Nizam started his bank, the Hyderabad State Bank. 

It was established on 8 August 1941 under the Hyderabad State Bank Act. The bank managed the Osmania Sicca (Hyderabadi rupee), the currency of the state of Hyderabad. 

It was the only state in India that had its currency, and the only state in British India where the ruler was allowed to issue currency. 

It was later renamed State Bank of Hyderabad and merged with the State Bank of India as the state's central bank in 2017."

The bank managed the Osmania Sicca, the currency of Hyderabad state, which covered the present-day Telangana, some districts later known as Hyderabad-Karnataka of Karnataka and Marathwada of Maharashtra. 

The bank also carried out commercial banking. The bank opened its first branch at Gunfoundry, Hyderabad on 5 April 1942. 

The Imperial Bank of India, which had established a branch in Hyderabad in 1868 and another in Secunderabad in 1906, provided officers and clerical staff in the initial stages, and later provided training for new recruits. 

The first secretary of Hyderabad State Bank was Muhammad Saleh Akbar Hydari, son of Sir Akbar Hydari. The first branch of the bank was setup at Gunfoundry on 5 April 1942.[5] 

The building housing the branch was designed by Mohammed Fayazuddin, an alumnus of Architectural Association School of Architecture, London.[6]

Excerpted from:

https://en.wikipedia.org/wiki/Mir_Osman_Ali_Khan#Contributions_to_society

Wikipedia, in-article references:

  1.  "The State Bank Of Hyderabad Act, 1956". ikanoon. 22 December 1956. Retrieved 18 March 2024.
  2. ^ "SBH slips into history". Hans India. 4 January 2017. Retrieved 18 March 2024.
  3. ^ Nanisetti, Serish (2 April 2018). "A house for Maharaja Kishen Pershad in Hyderabad". The Hindu.

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References:

https://en.wikipedia.org/wiki/Mir_Osman_Ali_Khan#Contributions_to_society

https://en.wikipedia.org/wiki/State_Bank_of_Hyderabad#/media/File:SBH_1955_Gunfoundry.jpg

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