On July 1st, 2023, the State Bank of India (SBI) celebrated its 68th Bank Day. The bank, which was established by an Act of Parliament on July 1st, 1955, marked the occasion by organizing various programs across different centers throughout the country.
Over the years, SBI has emerged as a leader in the banking sector, particularly in the areas of financial inclusion and providing banking services to all. The bank has been at the forefront of ensuring that banking services are accessible and available to people from all walks of life, irrespective of their socioeconomic background.
About the State Bank of India
State Bank of India (SBI) is the largest commercial bank in India and one of the largest banks in the World.
- It was founded on 1st July 1806 as the Bank of Calcutta, and it was renamed the Imperial Bank of India in 1921.
- In 1955, the Imperial Bank of India was nationalized, and it was renamed the State Bank of India.
- SBI has a network of over 24,000 branches and 63,000 ATMs across India.
- It also has a presence in over 30 countries around the world.
- SBI is a major lender to the Indian economy, and it provides a wide range of banking services to individuals and businesses. It also offers a number of financial products, such as insurance, mutual funds, and investment banking services.
- SBI has been ranked as the best bank in India by a number of international organizations. It has also been ranked as one of the safest banks in the world.
Key Milestones Achieved
- 1806: The Bank of Calcutta is founded.
- 1921: The Bank of Calcutta is renamed as the Imperial Bank of India.
- 1955: The Imperial Bank of India is nationalized, and it is renamed the State Bank of India.
- 1959: The State Bank of India (Subsidiary Banks) Act is passed, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries.
- 1970: SBI opens its first overseas branch in London.
- 1980: SBI opens its first branch in the United States.
- 1994: The State Bank of India becomes a public limited company.
- 2000: SBI launches its first Internet banking service.
- 2010: SBI launches its first mobile banking service.
- 2017: The State Bank of India launches its first digital bank, YONO.
- 2020: SBI becomes the first bank in India to cross the 500 million customer mark.
Some Other Important Facts
- The Bank’s slogan is “Pure Banking, Nothing Else“.
- The corporate headquarters of the bank is located in Mumbai, Maharashtra.
- The current chairman is Dinesh Kumar Khara.
- Employees: 250,000+
- Total assets: ₹51.7 trillion (US$700 billion) (2022)
- Market capitalization: ₹4.1 trillion (US$55 billion) (2022)
- SBI offers a wide range of banking products and services, including savings accounts, current accounts, loans, investments, and insurance. It also provides a variety of online and mobile banking services.
- SBI is a government-owned bank. The Government of India owns 57.63% of the bank’s shares.
- SBI is a systemically important bank. This means that it is considered to be so important to the Indian financial system that its failure would have a significant impact on the economy.
- SBI is a well-managed bank with strong financial performance. It has been profitable for many years and has a good track record of meeting its financial targets.
- SBI is a responsible corporate citizen. It is committed to social and environmental sustainability. It has a number of initiatives in place to promote these goals.
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FAQs
When was SBI established?
SBI was established on July 1, 1806, as the Bank of Calcutta. It was renamed the Imperial Bank of India in 1921, and then the State Bank of India in 1955.
What are systemically important banks?
Systemically important banks (SIBs) are banks that are considered so important to the financial system that their failure would have a significant impact on the economy. SIBs are often large, complex, and interconnected banks that play a vital role in the financial system.
Which banks are recognized as systemically important banks in India?
The Reserve Bank of India (RBI) has designated three banks as Domestic Systemically Important Banks (D-SIBs) in India. These banks are the State Bank of India (SBI), ICICI Bank, and HDFC Bank.
