In addition to the educational and social reforms, Maharaja Sayajirao Gaekwad III, also played a pivotal role in the economic development of Baroda State. 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.
During the reign of Sayajirao III, all the economic systems were reorganized. The Bank of Baroda was founded by him in July 1908, under the Companies Act of 1887.
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 this, the Bank possesses about 495 urban and 561 semi-urban branches throughout the country and about 63 branches in foreign countries.
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. This has transcended down to the present ages and has become the motto of the bank.
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Over the years, the Bank has come to be known for its commitment, values and uncompromising standards of service. Even today it stands as one of the most reputed banks of the country and is the reflection of the insight of a ruler who once ruled the most prosperous Princely State of India.
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