State Bank of Indore popularly known as Indore Bank in Malwa Region, 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 w.e.f. 1st January 1960 and was renamed as State Bank of Indore

The Bank acquired business of 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. Ever since the Bank has been making steady progress and during the year 2006-2007 the business turnover has crossed Rs.35000 crore

Vision Statement
To continue to play our role as an important Financial Institution for the development of the economy with national perspective by exacting standards of professionalism, efficiency and values, creating a highly challenging and techno-savvy work environment for enhancing customer satisfaction and maximizing 'stake-holders' value through quality assets and sustained profitability.

Corporate Objectives
State Bank of Indore has been able to make its mark in all facets of banking operations, be it traditional, developmental or innovative. In the medium term, the Bank's corporate objectives are

To continue to be the premier Bank of Madhya Pradesh with a national perspective, ensuring progressive corporate excellence using state of the art technology.

To create and maintain assets of quality so as to emerge as a healthier and stronger Bank as per parameters of international standards, while maintaining the social orientation and national objectives.

To emerge as an important component and strong representative of State Bank Group in its 'core area' of operation and carve out a well defined position within the group.

Corporate Governance

FAIR LENDING PRACTICES CODE (FLPC)
Fair Lending Practices Code, a voluntary code, adopted by State Bank of Indore, detailed below, has been adopted in compliance with Reserve Bank of India guidelines and is subject to amendments in future. Any amendments made to Fair Lending Practices Code, will appear in the webpage of the Bank and may be construed as due notice to the public thereof.

Fair Practice Code
The Fair practices Code adopted by State Bank of Indore is a voluntary code which sets standards of fair banking practices while dealing with individual customers and provides valuable guidance to you for your day to day banking operations. It is subject to amendments in future. Amendments made in future will appear in the web page of the Bank and may be construed as due notice to the public thereof.

EXCHANGE OF NOTES AND COINS

1. Objective of the Citizens' Charter
This Citizen's Charter provides information on various facilities provided by the Reserve Bank of India in the matter of exchange of notes and coins and the common standards of the services provided at RBI Issue Offices and commercial bank branches.

2. Services Available at our Currency Chest Branches :
Exchange of notes including soiled and mutilated notes and coins including uncurrent or worn out coins. The Bank is committed to provide exchange facility free of cost at its counters during business hours by currency chest branches.

3. Exchange of notes into coins with the help of coin dispensers
Members of the general public can also get their notes exchanged into coins using the coin dispensers installed in Bhopal and Indore.

4. Exchange of soiled and mutilated notes and coins at the counters
Members of the general public can avail themselves of the following facilities at our branches.

(a) Exchange soiled notes. A note which has become limp or which has developed minor cuts due to wear and tear or which is disfigured by oil; color, ink, etc. will be treated as soiled note. To facilitate easy exchange, notes which have been divided vertically through or near the centre with numbers intact are also treated as soiled notes. Notes on which political or religious slogans are written are not exchangeable under any circumstances.

(b) Exchange mutilated notes. A mutilated note is a note of which a portion is missing or a note which is composed of pieces, provided that the note presented is not less than half of the area of the note and that, if the note is composed of a note joined together, each piece is, in the opinion of the 'Prescribed Officer' [as defined in the RBI (Note Refund) Rules] identifiable as part of the same note.

(c) Exchange of coins including uncurrent coins into notes or coins.