What is the full form of SBI
SBI: State Bank of India
SBI stands for State Bank of India. It is a leading public sector bank in India in terms of assets, deposits, profits, branches, employees, customers etc. Its origin dates back to the first decade of the 19th century. It was formally established on July 1, 1955 by an act of Parliament. It is headquartered in Mumbai, India. As of January 2018, Shri Rajnish Kumar is the Chairman of SBI. Today, it is ranked among top 50 global banks.
SBI is owned by Govt. of India which is the largest shareholder of SBI with around 62% ownership or equity shares in SBI. It has more than 24000 branches in India and around 200 offices in more than 30 countries across the world. As of 31st March 2017, its assets valued more than USD 500 billion and has more than 20% market share of the Indian banking sector.
- The journey of SBI started in the first decade of the nineteenth century with the establishment of Bank of Calcutta on 2 June 1806.
- After three years, it was re-designated as the Bank of Bengal on 2 January 1809 after receiving a charter.
- On 15 April 1840, Bank of Bombay was established and Bank of Madras was established on 1 July 1843.
- On 27 January 1921 Imperial Bank of India came into existence after the amalgamation of the three banks: Bank of Bengal, Bank of Bombay and Bank of Madras.
- In 1955, the controlling interests of Imperial Bank of India were acquired by Reserve Bank of India and on 1st July 1955, the Imperial Bank of India became the State Bank of India (SBI) by an act of Parliament.
- In 1965, State Bank of India, Frankfurt was established as a representative office of SBI in Germany. It became a full-fledged branch in 1974.
- In 1993, SBI went public by issuing 1.24 crore shares priced at Rs. 100 each.
- In 2007, it became the first foreign bank to establish a branch in the diamond exchange of Israel.
- In 2008, it signed an agreement with Insurance Australia Group to establish a Joint Venture Company to enter in the General Insurance business in India.
- On 30 June 2009, SBI introduced two new home loan products: SBI Easy Home and SBI Advantage Home Loan.
- On 26 March 2010, SBI introduced chip and PIN-based Platinum Debit Card. In the same year, it established an exclusive branch in Hyderabad for its ultra high networth individuals (HNIs).
- On 27 July 2012, it became the first bank to install an ATM at Drass in the Jammu & Kashmir region.
- On 1st April 2017, SBI was merged with five of its associate banks: State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.
SBI provides various services under the following categories:
- Personal Banking
- Agricultural/ Rural
- NRI Services
- International Banking
- Corporate Banking
- Other Services
Non Banking Subsidiaries of SBI:
- SBI Capital Markets Ltd.
- SBI Funds Management Pvt. Ltd.
- SBI Factors & Commercial Services Pvt. Ltd.
- SBI Cards & Payments Services Pvt. Ltd.
- SBI DFHI Ltd.
- SBI Life Insurance Company Limited
- SBI General Insurance.
SBI won various awards for its outstanding performance in the banking and allied sectors some of which include:
- SBI received "Bank of the Year 2008 - India" award from The Banker Magazine, London.
- It was awarded the "Best Home loan Provider" as well as "The Best Bank" award by Outlook Money Awards, 2008.
- It received the Reader's Digest "Pegasus Corporate Social Responsibility Award 2007 for its contribution towards Rural Community Development.
- Asia Money voted the SBI "The Best Bank" in Cash Management Services in local currency.
- State Bank of India won two awards for Best Rural Banking Initiative and Best IT Architecture.
- In July 2012, SBI was ranked 60th in the list of top 1000 banks in the world by "The Banker".