State Bank of India (SBI), with a 200 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 59.73% ownership. Ranked 64th in the list of the Top 1000 Banks in the world and 11th in Asia by "The Banker" in July 2009, SBI is easily the most visible face of Indian banking.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an act of Parliament to succeed the Imperial Bank of India.
The SBI group, consisting of SBI, six associate banks and more than 50 subsidiaries and joint ventures worldwide., is engaged in the business of commercial banking globally. The group has an extensive network, with over 17,000 branches and 141 foreign offices in over 30 countries across the world. As of 31st March 2009, the Group had assets worth USD 257 billion, deposits of USD 199 billion and capital & reserves in excess of USD 14 billion. The group commands nearly 25% share of the domestic Indian banking market with a customer base of over 146 million. Over 70% of large Indian corporations and 50% of mid-sized corporations bank with SBI.
SBI’s non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership, making the SBI Group a truly large financial supermarket and India’s financial icon.
Awards
1.
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“Best Executive” Award to the Chairman by Asia Money.
State Bank of India also improved its ranking in “Fortune” 500 Global List,
“Forbes” list of 2000 largest companies in the world, “Banker” list of top
1000 world banks, Brand Finance – Global 500 Financial Brand recognition,
to name a few.
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“Most Admired Infrastructure Financier” Award by KPMG,
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“Top Public Sector Bank under SME Financing” by Dun and
Bradstreet
2.
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The Bank was voted, for the third year in a row, as the “Most Preferred
Housing Loan” and “Most Preferred Bank” in the CNBC AWAAZ Consumer
Awards in a survey conducted by CNBC TV18 in association with AG Nielsen &
Company.
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The Bank was also awarded the “Best Home Loan Provider” as well as “The Best Bank” – by Outlook Money Awards, 2008.
3.
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SBI has been rated as the Best Public Sector Bank for Rural Reach by
Dun & Bradstreet.
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The Bank has won awards for topping SHG-Bank Credit linkage in Orissa,
Jharkhand, Maharashtra, Uttarakhand, Tamil Nadu and Uttar Pradesh.
4.
The Bank was awarded Reader’s Digest “Pegasus Corporate Social
Responsibility Award 2007” in recognition of its contribution towards Rural
Community Development.
5.
The Bank was conferred the following National awards by the Government of
India (GOI), Ministry of Micro Small and Medium Enterprises for the
FY 2007-
08:
•
First under "National Awards for excellence in lending to
Micro Enterprises".
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Second under "National Awards for Excellence in MSE Lending".
•
The Bank was also presented an award for outstanding
performance in the area of finance to SMEs by Dun & Bradstreet.
6.
State Bank of India Voted THE BEST BANK in Cash Management Services
in local currency by AsiaMoney.
7.
State Bank of India wins 2 awards for Best Rural Banking Initiative and Best
IT Architecture
