State Bank of India(SBI) was founded in 1806. It is the largest bank in India with a 23% market share in assets. It also has one-fourth share of the total loan and deposits market. It was formerly known as the Imperial Bank of India. The government bought 60% per cent stake in the bank in 1955 and named in State Bank of India.
Listing and Revenue
SBI is listed on both BSE and NSE.
Products and Services
SBI offers a large range of banking products and services through its wide network of banking branches in India and overseas. It also offers products and services tailor made for non-resident Indians (NRIs). SBI runs its network through 16 regional hubs and 57 zonal offices located at strategic cities throughout India.
Reserve Bank of India acquired a controlling interest in the Imperial Bank of India. As a result, on 1 July 1955, the Imperial Bank of India became the State Bank of India. In 2008, the Government of India acquired the Reserve Bank of India's stake in SBI to remove any conflict of interest. It was done because the RBI is the country's banking regulatory authority.
On 7 October 2013, Arundhati Bhattacharya was appointed as the first woman Chairperson of SBI. Mrs. Bhattacharya later received an extension of two years of service to merge SBI with the five remaining associate banks.
SBI has acquired several local banks as a part of government backed rescues. The first was the Bank of Bihar that SBI acquired in 1969. In 1970, SBI acquired National Bank of Lahore and in 1975, SBI took over Krishnaram Baldeo Bank.
In 1985, SBI bought majority stake in the Bank of Cochin in Kerala.
Awards and Recognitions
YONO, SBI's digital initiative, won the “Mobile Banking Initiative of the Year -
India” at the Asian Banking and Finance Retail Banking Awards, Singapore and
ET BFSI Innovation Awards.
At Asian Banker Financial Technology Innovation Awards 2018 SBI secured awards in multiple categories including The Risk Data and Analytics and Technology Implementation of the Year for OFSAA.
In 1959, the government of India passed the State Bank of India (Subsidiary Banks) Act. This led to the establishment of eight banks that had belonged to princely states into the subsidiaries of SBI.