SBI Bank

 

 

 The State Bank of India or SBI bank is India’s largest banking institution, with its headquarters in Mumbai. This is the only Indian bank that has won recognition and been listed among the top 100 world banks’ list based on the Fortune Global 500 rating.[br]

SBI Bank: Company Information

The SBI bank was established in 1806 as the Bank of Calcutta and later, renamed as the Bank of Bengal. It was constituted under the Royal Charter along with the other two presidency banks at Bombay (now Mumbai) and Madras (now Chennai). These three banks had the authority to print Indian currency notes till the Reserve Bank of India (RBI) entered the scene.

 

In 1921, all the three banks were amalgamated to form the Imperial Bank of India. After Independence, the RBI acquired the bank’s controlling authority and renamed it as the State Bank of India. In 1959, the government directed the SBI to take over eight of its state-associated banks as subsidiaries.

 

These subsidiaries are:

 

• 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 Saurashtra (it merged with the SBI bank in 2008)

 

With 16000 branches and over 8500 ATMs as per the 2009 data, the SBI has the largest network in the country. It uses the core banking system (CBS) to link all the branches across India. The SBI enjoys global presence in over 32 countries with 50 branches (including agencies and offices), as per the 2009 data.

 

As of 2008 data, the SBI has total assets of US$ 257.183 billion and grossed a net income of US$ 2.25 billion in the previous financial year.

 

SBI Bank: Products and Services

The SBI bank offers a range of products for the following categories:

 

Personal banking: This includes:

• Term deposits

• Savings

• Checking

• Retail loans

• Pension schemes

• Credit cards

• Recurring deposits[br]

 

NRI services: includes:

• Deposit accounts

• Online banking

• Remittance services

 

International banking: includes:

• Corporate lending

• Merchant banking

• Loan syndication

• Letter of Credit

 

 

Further, more than 7000 branches of the SBI perform government banking which includes paying dues, pension payments, tax submission and paying government challans. The SBI also offers rural banking and corporate banking services across the world.