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 more than 50% ownership.
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.
SBI has an extensive network with over 22000 plus branches in India and over 200 offices in 34 other countries across the world. As of 31st March 2019, the group had assets worth over USD 500 billion and capital & reserves in excess of USD 32 billion. The SBI has over 1/5th market share of the Indian banking sector.
SBI's non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc making the SBI Group a truly large financial supermarket and India's financial icon. SBI has arrangements with over 1,600 various international / local banks to exchange financial messages through SWIFT in all business centres of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled teams of professionals.
State Bank of India has been playing a major role in fulfilling the global aspirations of Indian corporations through its 208 foreign offices in 34 other countries across the world. Our Singapore operations were set up in 1977 with an offshore banking license, equipping us with over three decades of experience in commercial and wholesale banking.
SBI Singapore achieved another milestone during the year 2008 with the grant of Full Bank status with QFB privileges. SBI has 5 retail branches, 25 SBI ATMs and over 200 ATMs via the shared islandwide ATM5 network. SBI has a suite of retail banking products which complement its existing corporate banking products thus enabling us to service both individual and corporate customers.
We have a wide range of Corporate and Retail Products and our instant transfer facility for INR remittances is highly popular. This facility enables money transfers to more than 20,000 Branches of the State Bank group in India. We also connect to offer remittance facility to more than 80,000 RTGS enabled branches of other banks in India.
In the Retail area, we have Savings Accounts, Current Accounts, Term Deposits, Recurring Deposits and unique deposit products called Multi-Option Deposit (MOD) and MultiSweep Account. On the retail loans front, we offer mortgage loans comprising SIBOR linked and Fixed rate products. These products come to you with attractive interest rates and personalized service.
In Commercial and wholesale banking, our areas of operation include ASEAN, South East Asia and South Asia. A centralized syndication and participation team is active in coordinating and marketing syndication deals. Singapore, being the hub of the syndication activities of the Bank, covers the Asia Pacific region. The loan syndication desk has an extensive focus on transactions originating in the region. As mandated lead arrangers and participants, we have been forging relationships with most major banks in the area.