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July 01, 2019

SBI is celebrating 64th Bank Day today : Important Highlights

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India's largest lender State Bank of India (SBI) is observing 64th Bank Day today. On this day (1st July) in the year 1955, the Imperial Bank of India, the oldest and largest commercial bank of the Indian subcontinent, was transformed into the State Bank of India (SBI). This transformation marked begin of a new era of banking in India. Now let's see the brief history behind SBI and how it became India's largest bank. These details will help you in the Banking Awareness section for upcoming SBI PO, Clerks, IBPS and other banking exams. Happy Reading :)

Brief History of State Bank of India (SBI)

  • The Imperial Bank of India was created on 27th January 1921 by amalgamation of 3 presidency banks. Those are
    • Bank of Bengal (estd on 2nd June 1806)
    • Bank of Bombay (estd on 15th April 1840)
    • Bank of Madras (estd on 1st July 1843)
  • As per royal charter, the Imperial Bank was acted as the central bank of British India till 1935 (The year when the Reserve Bank of India (RBI) was established).
Later in the year 1955, the Indian Government took control of the Imperial Bank and renamed it as State Bank of India (SBI) with RBI taking 60% stake.

Subsidiaries of SBI

SBI had 8 subsidiaries. These were formed in 1959 with the State Bank of India (Subsidiary Banks) Act. This act made eight banks that had belonged to princely states into subsidiaries of SBI. 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 Jaipur
  • State Baml of Bikaner
Subsequently all these banks along with Bharatiya Mahila Bank (BMB) merged with SBI.

Non-banking subsidiaries of SBI

SBI's has following non-banking subsidiaries.
  • SBI Capital Markets Ltd
  • SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)
  • SBI Life Insurance Company Limited
  • SBI Life Insurance company Ltd (joint venture with BNP Paribas)

Important Details you should know about State Bank of India (SBI)

  • SBI is now India’s largest bank and a Fortune 500 company.
  • SBI's headquarters located at State Bank Bhavan, Nariman Point, Mumbai.
  • On 7 October 2013, Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bank.
  • Present Chairman of SBI is Rajnish Kumar.
  • SBI was ranked 232nd in the Fortune Global 500 rankings of the world's biggest corporations for the year 2016.
  • SBI has 16 regional hubs and 57 zonal offices that are located at important cities throughout India.
  • Since November 2017, SBI also offers an integrated digital banking platform named YONO.
  • SBI has over 24000 branches in India.
  • SBI has 191 overseas offices spread over 36 countries having the largest presence in foreign markets among Indian banks.
  • Total revenue of SBI (as in 2018) is ₹265,100 crore.
  • Total assets of SBI are ₹3,312,461 crore.
  • As of now, the State Bank of India (SBI) has 2,64,041 employees, among them 1,07,077 are officers. A recruitment process for 2000 Probationary Officers and 8593 Clerical posts is underway.
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