In addition to the educational reforms by H. H. Maharaja Sayajirao Gaekwad III, he also played a pivotal role in the development of Baroda’s textile industry and social reforms such as , a ban on child marriage, legislation of divorce, removal of untouchability, development of Sanskrit, ideological studies and religious education as well as the encouragement of the fine arts.
His economic enterprises that stand out amongst many others is the establishment of a railroad and the founding in 1908 of the Bank of Baroda, which still exists and is one of India’s leading banks.
The Bank of Baroda was founded by the Maharaja of Baroda, H. H. Sir Sayajirao Gaekwad III on 20 July 1908 in the Princely State of Baroda, in Gujarat, under the Companies Act of 1887. The Maharaja, with his visionary insight, conceptualized the beginning of a reputed journey which over the years, came to be known as the Bank of Baroda.
The bank has been growing and expanding its branches successfully, ever since its inception. After a century now, the bank has its presence in 25 countries across the world. Besides, the Bank of Baroda possess about 495 urban and 561 semi-urban branches throughout the country and about 63 branches in the foreign countries. Bank of Baroda has 11 zonal offices and 43 regional offices in India. The main branch of the bank is located at Sayaji Ganj in Baroda; while, the corporate center is located at Bandra Kurla Complex in Mumbai. The Bank of Baroda is known for its commitment, values and the uncompromising standards of service to its customers, stakeholders, employees and the like.
It is interesting to note that during the period of 1913 to 1917; almost 87 banks in India succumbed to a financial crisis. However, the Bank of Baroda survived the economic depression by dint of its financial integrity, business prudence and concern uncompromising concern about its customers and clients. This has transcended down to the present ages and has become the motto of the bank.