CARE has reaffirmed ‘AAA’ rating to State Bank of Mysore’s Upper Tier II Bonds worth Rs 640 crore and Perpetual Bonds worth Rs 260 crore.
The ratings factor in the strong parentage in State Bank of India (SBI, rated ‘AAA’) with whom the bank enjoys operational and managerial synergies. The ratings also take into account theadequate capitalization levels, and comfortable share of low-cost CASA deposits.
State Bank of Mysore is the first Karnataka-based bank with fully networked branches. The bank embarked upon the latest Banking Technology platform by implementing the Core Banking Solutions (CBS) across all its branches, with an objective of providing banking convenience to the customers.
