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The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in 1806 in Calcutta. Three years later the bank received its charter and was re–designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint–stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.
Primarily Anglo–Indian creations, the three presidency banks came into existence either as a result of the compulsions of imperial finance or by the felt needs of local European commerce and were not imposed from outside in an arbitrary manner to modernise India's economy. Their evolution was, however, shaped by ideas culled from similar developments in Europe and England, and was influenced by changes occurring in the structure of both the local trading environment and those in the relations of the Indian economy to the economy of Europe and the global economic framework.
The State Bank of India, the country’s oldest bank and a premier in terms of balance sheet size, number of branches, market capitalization and profits is today going through a momentous phase of change and transformation – the two hundred year old public sector behemoth is today stirring out of its public sector legacy and moving with an agility to give the private and foreign banks a run for their money.
The bank is entering into many new businesses with strategic tie ups – Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc – each one of these initiatives having a huge potential for growth.
The bank is forging ahead with cutting edge technology and innovative new banking models, to expand its rural banking base, looking at the vast untapped potential in the hinterland and proposes to cover 100,000 villages in the next two years. At the end March, 2011, the total number of branches was 13,542 while the number of ATMs stood at 20,084 across the country.
It is also focusing at the top end of the market, on whole sale banking capabilities to provide India’s growing mid / large corporate with a complete array of products and services. It is consolidating its global treasury operations and entering into structured products and derivative instruments. Today, the bank is the largest provider of infrastructure debt and the largest arranger of external commercial borrowings in the country. It is the only Indian bank to feature in the Fortune 500 list.
The bank is actively involved since 1973 in non–profit activity called Community Services Banking. All branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Their business is more than banking because they touch the lives of people anywhere in many ways.State Bank of India (SBI) has received an approval from the Government of India (GOI) for acquisition of SBI Commercial and International Bank (SBICI Bank). The government had issued the 'Acquisition of SBICI Bank Order 2011' vide order dated July 29, 2011.
SBI entered the UK's home loan market, the bank started with mortgages for landlords, best known as buy–to–let mortgages, with amounts ranging from £50,000 to £1.5 million, and loan to value of ratios of up to 60 per cent.
In April 2014 State Bank of India launched three digital banking facilities for the convenience of SBI customers. Two at the customer’s door step using TAB banking – one for customers opening Savings Bank accounts and another for Housing Loan applicants. The third is e–KYC (Know your Customer).
Services offered by the company:
- NRI Services
- Personal Banking
- International Banking
- Agriculture / Rural
- Corporate Banking
- Government Business
- Domestic Treasury
- State Bank of Bikaner and Jaipur (SBBJ)
- State Bank of Hyderabad (SBH)
- State Bank of Mysore (SBM)
- State Bank of Patiala (SBP)
- State Bank of Travancore (SBT)
- SBI International (Mauritius) Ltd.
- State Bank of India (California)
- State Bank of India (Canada)
- INMB Bank Ltd, Lagos
- BANK SBI Indonesia (SBII)
Non banking Subsidiaries
- SBI Capital Markets Ltd
- SBI Funds Management Pvt Ltd
- SBI Factors & Commercial Services Pvt Ltd
- SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)
- SBI DFHI Ltd
- SBI General Insurance Company Limited
- SBI Life Insurance Company Ltd (SBI LIFE)
- SBI General Insurance Company Limited
- State Bank of India ranked 155 in Forbes list of Global 2000 firms in 2014
- Business Standard has awarded the Banker of the Year Award to Shri O.P.Bhatt.
Innovation in Customer Data Management (DWP)
Financial Inclusion (IT–RB), Electronic Payment (INB, MB &W, ATM, PSG) and CRM&BI (DWP)
Best IT adoption
BEST IT Team, CSR and Corporate Excellence
AWARD for change management for managing high scale IT projects.
Asia’s Best CSR Practices Award–2013– Singapore
Asian BFSI Awards–2013– Dubai
India’s Most Ethical Companies Award–2013
Asian Green Future Leadership Awards–2013
- June ’08 Awards & Recognitions CNN IBN Network 18 has selected Shri O.P.Bhatt as Indian of the Year – Business 2007.
- Asian Centre for Corporate Governance & Sustainability and Indian Merchants Chamber has awarded the Transformational Leader Award 2007.
- State Bank of India ranked as NO.1 in the 4Ps B & M & ICMR Survey on India's Best Marketed Banks in August–2009.
- Shri Om Prakash Bhatt declared as one of the '25 Most Valuable Indians' By The Week Magazine For 2009.
- State Bank of India has been adjuged The Best Bank 2009 By Business India in August–2009.
- It bagged ‘Most Preferred Bank’ and ‘Most Preferred Brand for Home Loan’ at CNBC Awaaz Consumer Awards.
- It became the only Indian bank to get listed in the Fortune Global 500 List.
- SBI was at the 70th slot in the top 1000 bank survey by Banker Magazine .
- It was awarded Golden award for being among the two most trusted banks in India by Readers Digest.
- SBI is ranked 6th in the Economic Times Market Cap List.
- SBI ranked as no.1 in the 4Ps B & M & ICMR Survey on India's Best Marketed Banks (August–2009)