SBI|State Bank of India
Headquartered in Mumbai, State Bank of India is the biggest financial services provider in India. In terms of every factor - profit, revenue, market capitalization and assets, SBI is a market leader.
State Bank of India was founded in 1806. It started its operations in Kolkata as Bank of Calcutta. It was the oldest commercial bank to be set up in the Indian subcontinent. In 1809, the name of the bank was changed to Bank of Bengal. It was the first of its kind and was also the first joint stock bank in British-ruled India which was backed by Government of Bengal. The Bank of Madras and the Bank of Bombay also followed the footsteps of the Bank of Bengal. The three banks merged as the Imperial Bank of India in 1921. The Government of India acquired the Imperial Bank of India in 1955 and changed the name to State Bank of India (SBI). The Reserve Bank of India had the majority stake which was taken over by the government in 2008.
In 1959, the State Bank of India (Subsidiary Banks) Act was passed, allowing SBI to take over 8 erstwhile State-affiliated banks as its subsidiaries (afterwards named Associates).
The current Chairman of SBI is Mr. O. P. Bhatt.
Affiliates of SBI
Given below are the names of the affiliates of SBI:
- State Bank of Hyderabad (SBH)
- State Bank of Bikaner and Jaipur (SBBJ)
- State Bank of Mysore (SBM)
- State Bank of Indore (SBIr)
- State Bank of Travancore (SBT)
- State Bank of Patiala (SBP)
SBI offers a variety of banking products with its huge network and overseas branches which includes products targeted at Non-resident Indians. The bank is a public sector banking behemoth with the biggest branch network in India. The major competitors of SBI are private banks like ICICI Bank, HDFC Bank and Axis Bank.
SBI has entered various new businesses such as General Insurance, Pension Funds, Private Equity, Custodial Services, Point of Sale Merchant Acquisition, Mobile Banking, Online banking, Advisory Services, structured products and is giving the private banks a run for their money. The bank has come to the fore with state-of-the-art technology and innovative financial solutions.
SBI currently has over 10,000 branches and more than 8,500 ATMs. The bank has also launched electronic channels like debit cards, Internet banking and mobile banking to enhance its reach among the customers. The associate banks of SBI have set up more than 5,100 branches. SBI is globally present with 82 overseas offices in 32 nations.
Non banking subsidiaries of State Bank of IndiaSBI also has a number of non banking subsidiaries and they are listed below:
- SBI Funds Management Pvt Ltd.
- SBI Capital Markets Ltd.
- SBI DFHI Ltd.
- SBI Factors & Commercial Services Pvt Ltd.
- SBI Life
- SBI Cards
Products and Services of State Bank of India
SBI has every product for every need. Listed below are some of its major products and services:
Personal Banking
- Personal finance
- Deposit schemes
- Services
NRI Services
- Deposit accounts
- Opening of NRI account
- NRI home loan
- Remittances to India
- NRI Car loan scheme
- Miscellaneous
Services
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International Banking
- Correspondent banking
- Trade finance
- Project export finance
- Merchant banking
- Treasury
- Exporter gold card
- USA Patriot Act Certification
- Offshore banking
Agriculture/Rural
- Micro credit
- Agricultural banking
- Agri Debt Waiver/Relief Scheme, 2008
- Regional rural banks
Corporate Banking
- Mid- corporate group
- Corporate Accounts Group (CAG)
- Products and services
- Project finance
- Gold banking
SME
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Government Business
- SBI e-Freight
- Centralised Pension Processing Center (CPPC)
- Government Accounts
- SBI e-TAX
- Senior Citizens Savings Scheme
- Public Provident Fund
State Bank of India Contact Details
Corporate Office
State Bank Bhavan, P. B. No. 12
Madame Cama Road, Mumbai 400 021
Tel No: 022-22022426 (EPBX)
Fax No: 022-22831647, 22040073, 22851391, 22852708
http://www.statebankofindia.com/
Last Updated On: 2011/05/04
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