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Introduction

The State Bank of India or SBI is an Indian multinational, public sector banking and financial services statutory body, headquartered in Mumbai. SBI is ranked as 216th in the Fortune Global 500 list of the world's biggest corporations of 2018.

History

The roots of the State Bank of India lie in the first decade of the 19th century when the Bank of Calcutta later renamed the Bank of Bengal, was established on 2 June 1806. It was one of three Presidency banks, the other two being the Bank of Bombay and the Bank of Madras.

Amalgamation

The Presidency banks amalgamated on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government participation.

Take over by RBI and rename

Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India.

Operations

On 7 October 2013, Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bank, a position which she held until 6 October 2017.

Domestic

SBI has 16 regional hubs and 57 zonal offices that are located at important cities throughout India.

Revenue

SBI has over 24000 branches in India. In the financial year 2012–13, its revenue was approximately two trillion Indian rupees (US$29 billion), out of which domestic operations contributed to 95.35% of revenue.

PMJDY

Under the Pradhan Mantri Jan Dhan Yojana of financial inclusion launched by Government in August 2014, SBI held 11,300 camps and opened over 3 million accounts by September, which includes 2.1 million accounts in rural areas.

International

As of 2014–15, the bank had 191 overseas offices spread over 36 countries having the largest presence in foreign markets among Indian banks. It has branches in Sri Lanka, Nigeria, Nepal, the United States, Russia, Indonesia, Kenya, South Korea etc.

Former Associate Banks

SBI acquired the control of seven banks in 1960. These seven banks were State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Saurashtra and State Bank of Travancore.

Saurashtra and Indore merger

The plans for making SBI a single very large bank by merging the associate banks started in 2008, and in September the same year, SBS merged with SBI. The very next year, State Bank of Indore (SBN) also merged.

Final merger

On 15 February 2017, the Union Cabinet approved the merger of remaining five associate banks with SBI. The merger went into effect from 1 April 2017.

Non-banking subsidiaries

SBI's non-banking subsidiaries include SBI Capital Markets, SBI Cards & Payments Services, SBI Life Insurance Company Limited.

Other SBI service points

As of 31 March 2017, SBI group (including associate banks) has 59,291 ATMs.

Listings and shareholding

As on 31 March 2017, Government of India held around 61.23% equity shares in SBI. The Life Insurance Corporation of India, is the largest non-promoter shareholder in the company with 8.82% shareholding.

Stock exchange

The equity shares of SBI are listed on the Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index, and the National Stock Exchange of India, where it is a constituent of the CNX Nifty.

Employees

SBI is one of the largest employers in the country with 209,567 employees as on 31 March 2017, out of which there were 23% female employees and 3,179 (1.5%) employees with disabilities.