All about State Bank of India:
- State Bank of India is the largest Indian banking and financial services company by yearly turnover and total assets.
- The headquarters of SBI is in Mumbai, India.
- SBI is a State owned Bank.
Presidency Banks during British Raj:
- Bank of Bengal was established in 1806 in Kolkata. It was the first presidency bank of India.
- Two other presidency bank was established, Bank of Bombay in 1840 and Bank of Madras in 1843.
- These three banks were private shareholders’ bank.
- East India Company also contributed to the share capital of each of them.
- The bulk of the share capital had come from private shareholders mostly Europeans.
- These banks were given monopoly of Govt. Banking- After 1823
- These three banks received the exclusive right to issue paper currency in 1861 with the Paper Currency Act
- Presidency Banks were amalgamated into the Imperial Bank of India (IBI) which was established in 27 January 1921
After Independence:
- According to the parliamentary Act, State Bank of India Act (1955), Imperial Bank of India (IBI) was acquired by the Reserve Bank of India.
- On 30 April 1955 RBI renamed Imperial Bank of India (IBI) as State Bank of India.
- State Bank of India (Subsidiary Banks) Act passed in 1959.
- In 1959, eight banks were converted as associate banks of SBI
- State Bank of Bikaner
- State Bank of Jaipur
- State Bank of Hyderbad
- State Bank of Indore
- State Bank of Mysore
- State Bank of Saurashtra
- State Bank of Patoila
- State Bank of Travancore
- In 1963, State Bank of Bikaner and State Bank of Jaipur were merged to form State Bank of Bikaner and Jaipur (SBBJ).
- In 2008, State Bank of Saurashtra was merged with the Parent Bank- SBI
- In 2010, State Bank of Indore was merged with – SBI
- The total number of Associate Banks of SBI currently working in India- Five (5)
- State Bank of India has 137 foreign offices in 32 countries across the globe.
- SBI has about 25,000 ATMs
- SBI group(including associate banks) has about 45,000 ATMs.
- SBI has 26,500 branches, including branches that belong to its associate banks.
- 25,000th ATM of SBI was inaugurated by the then Chairman of State Bank Shri O.P.Bhatt on 31 March 2011, the day of his retirement.
- Slogans of SBI:
- With you all the way
- Pure banking nothing else
- The Banker to every Indian
- The Nation banks on us