State Bank of India
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STATE BANK OF INDIA
Public (BSE, NSE:SBI) & (LSE: SBID)
Calcutta, 1806 (as Bank of Calcutta)
Headquarters Madam Cama Road,
Mumbai 400 021 India
Om Prakash Bhatt, Chairman
Capital Markets and allied industries
Loans, Credit Cards, Savings, Investment
vehicles, SBI Life (Insurance) etc.
▲ US$ 11.95 billion (2008)
▲ US$ 503 million (2008)
Total assets US$ 127 billion
State Bank of India (SBI) (LSE: SBID) is the largest bank in India. It is also, measured by the
number of branch offices and employees, the second largest bank in the world. The
bank traces its ancestry back through the Imperial Bank of India to the founding in 1806 of the
Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. The
Government of India nationalised the Imperial Bank of India in 1955, with the Reserve Bank of
India taking a 60% stake, and renamed it the State Bank of India. In 2008, the Government took
over the stake held by the Reserve Bank of India.
SBI provides a range of banking products through its vast network in India and overseas,
including products aimed at NRIs. With an asset base of $126 billion and its reach, it is a
regional banking behemoth. SBI has laid emphasis on reducing the huge manpower through
Golden handshake schemes and computerizing its operations.
The State Bank Group, with over 16000 branches , has the largest branch network in India. It has
a market share among Indian commercial banks of about 20% in deposits and advances, and SBI
accounts for almost one-fifth of the nation’s loans.
1 International presence
3 Associate banks
5 Group companies
7 See also
 International presence
Regional office of the State Bank of India (SBI), India's largest bank, in Mumbai. The
government of India is the largest shareholder in SBI.
The bank has 52 branches, agencies or offices in 32 countries. It has branches of the parent in
Colombo, Dhakka, Frankfurt, Hong Kong, Johannesburg, London and environs, Los Angeles,
Male in the Maldives, Muscat, New York, Osaka, Sydney, and Tokyo. It has offshore banking
units in the Bahamas, Bahrain, and Singapore, and representative offices in Bhutan and Cape
SBI operates several foreign subsidiaries or affiliates. In 1990 it established an offshore bank,
State Bank of India (Mauritius). It has two subsidiaries in North America, State Bank of India
(California), and State Bank of India (Canada). In 1982, the bank established its California
subsidiary, which now has seven branches. The Canadian subsidiary was also established in
1982 and also has seven branches, four in the greater Toronto area, and three in British
Columbia. In Nigeria, it operates as INMB Bank . This bank was established in 1981 as the Indo-
Nigerian Merchant Bank and received permission in 2002 to commence retail banking. It now
has five branches in Nigeria. In Nepal SBI owns 50% of Nepal SBI Bank, which has branches
throughout the country. In Moscow SBI owns 60% of Commercial Bank of India, with Canara
Bank owning the rest. In Indonesia it owns 76% of PT Bank Indo Monex.
State Bank of India already has a branch in Shanghai and plans to open one up in Tianjin.
The roots of the State Bank of India rest in the first decade of 19th century, when the Bank of
Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal
and two other Presidency banks, namely, the Bank of Bombay (incorporated on 15 April 1840)
and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks were
incorporated as joint stock companies, and were the result of the royal charters. These three
banks received the exclusive right to issue paper currency in 1861 with the Paper Currency Act,
a right they retained until the formation of the Reserve Bank of India. The Presidency banks
amalgamated on 27 January 1921, and the reorganized banking entity took as its name Imperial
Bank of India. The Imperial Bank of India continued to remain a joint stock company.
Pursuant to the provisions of the State Bank of India Act (1955), the Reserve Bank of India,
which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 30
April 1955 the Imperial Bank of India became the State Bank of India.
Offices of the Bank of Bengal
In 1959 the Government passed the State Bank of India (Subsidiary Banks) Act, enabling the
State Bank of India to take over eight former State-associated banks as its subsidiaries. On Sept
13, 2008, State Bank of Saurashtra, one of its Associate Banks, merged with State Bank of India.
 Associate banks
There are six associate banks that fall under SBI, and together these seven banks constitute the
State Bank Group. All use the same logo of a blue keyhole and all the associates use the quot;State
Bank ofquot; name followed by the regional headquarters' name. Originally, the then seven banks
that became the associate banks belonged to princely states until the government nationalized
them in 1959. In tune with the first Five Year Plan, emphasizing the development of rural India,
the government integrated these banks into State Bank of India to expand its rural outreach.
There has been a proposal to merge all the associate banks into SBI to create a quot;mega bankquot; and
streamline operations. The first step along these lines occurred in September 2008 when State
Bank of Saurashtra merged with State Bank of India.
State Bank of Indore
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
State Bank of India has often acted as guarantor to the Indian Government, most notably during
Chandra Shekhar's tenure as Prime Minister of India. With more than 11,111 branches and a
further 6500+ associate bank branches, the SBI has extensive coverage. State Bank of India has
electronically networked all of its branches under Core Banking System(CBS). The bank has one
of the largest ATM networks in the region. More than 8500 ATMs across India. The State Bank
of India has had steady growth over its history, though it was marred by the Harshad Mehta scam
in 1992. In recent years, the bank has sought to expand its overseas operations by buying foreign
banks. It is the only Indian bank to feature in the top 100 world banks in the Fortune Global 500
rating and various other rankings.
 Group companies
SBI Capital Markets Ltd
SBI Mutual Fund (A Trust)
SBI Factors and Commercial Services Ltd
SBI DFHI Ltd
SBI Cards and Payment Services Pvt Ltd
SBI Life Insurance Co. Ltd - Bancassurance (Life Insurance)
SBI Funds Management Pvt Ltd