State Bank of India (SBI)

In this post, we shall discuss about the India's oldest, largest and most successful commercial bank State Bank of India (SBI). This post is very useful for those people who are preparing for Bank Exams (IBPS and SBI). Imperial Bank of India was created in Jan 1921, by amalgamation of three presidency banks, those are 1. Bank of Bengal 2. Bank of Bombay 3. Bank of Madras After natilnalization in 1955, the imperial Bank of India was named as State Bank of India (SBI). SBI has 7 subsidiaries, They are

State Bank of Hyderabad State Bank of Mysore State Bank of Indore State Bank of Patiala State Bank of Saurastra State Bank of Travancore State Bank of Bikaner & Jaipur All These were formed in 1959 o State Bank of Saurashtra and State Bank of Indore were merged with SBI. State Bank of Indore merged on 26th August 2010 with SBI. SO the total no. of associate banks of SBI currently working in the country is 5. SBI is the largest commercial bank in India. SBI launched a new scheme "Parivarthan" to attract more customers by rendering better services. Govt of India's holding in SBI is reduced From 55% to 51%. SBI is to acquire Rupali Bank of Bangladesh and Giro Comercial Bank of Kenya. SBI launched a "Crore Pathi Only" branch in Hyderabad. The criterion to open an account is the minimum opening balance of as one Crore. SBI and Bharathi Airtel entered into MOU on 13th Jan 2011 to from joint venture to make available banking services to the uncovered population of the country with Rs. 100 Cr.

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investment. This joint venture will become business correspondent of SBI, In this , SBI has 51% state. SBI has 137 foreign offices in 32 countries across the globe. SBI has about 27,000 ATMs as on March 2011. SBI group including associate banks has about 45,000 ATMs. SBI has 21,500 branches including associate banks. SBI has 99,345 offices in India. SBI is the first Bank to open its branch in China. Green Banking Channel is started by SBI. SBI is the first bank to work as Registrar for the "Unique Identification Authority of India". SBI is the 2nd largest commercial Bank in the world in number of Branches (First is ICBC of China). Headquarters of SBI : Mumbai Stock Exchanges of SBI : Mumbai, Kolkata, Chennai, Ahmedabad, Delhi, New York, London. Chairman : Pratip Chaudhuri Revenue : US$ 32.44 billion Profit : US $ 2.34 billion Total equity : US $ 18.71 billion. Total Employees : 222,933 (by 2011)