State Bank of India (SBI) - Important Points

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
    1. State Bank of Bikaner
    2. State Bank of Jaipur
    3. State Bank of Hyderbad
    4. State Bank of Indore
    5. State Bank of Mysore
    6. State Bank of Saurashtra
    7. State Bank of Patoila
    8. 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:
    1. With you all the way
    2. Pure banking nothing else
    3. The Banker to every Indian
    4. The Nation banks on us