State Bank of India (SBI) is an Indian multinational, public sector banking and financial

services company. It is a government-owned corporation with its headquarters in Mumbai,

Maharashtra. As of 2014-15, it had assets of 20.480 trillion (US$300 billion) and more than 14,000
branches, including 191 foreign offices spread across 36 countries, making it the largest banking
and financial services company in India by assets.[3][4][5] The company is ranked 232nd on the Fortune
Global 500 list of the world's biggest corporations as of 2016.[6]
The bank traces its ancestry to British India, 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. Bank of Madras merged into the other two "presidency banks" in British India, Bank of
Calcutta and Bank of Bombay, to form the Imperial Bank of India, which in turn became the State
Bank of India in 1955.[7] Government of India owned the Imperial Bank of India in 1955, with Reserve
Bank of India (India's Central Bank) 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.
State Bank of India is a banking behemoth and has 20% market share in deposits and loans among
Indian commercial banks.

The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of
Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal
was one of three Presidency banks, the other two being 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 royal charters. These three banks
received the exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the
right was taken over by the Government of India. The Presidency banks amalgamated on 27
January 1921, and the re-organised banking entity took as its name Imperial Bank of India. The
Imperial Bank of India remained a joint stock company but without Government participation.
Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which
is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955,
the imperial Bank of India became the State Bank of India. In 2008, the Government of
India acquired the Reserve Bank of India's stake in SBI so as to remove any conflict of interest
because the RBI is the country's banking regulatory authority.
In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. This made SBI
subsidiaries of eight that had belonged to princely states prior to their nationalization and operatonal
takeover between September 1959 and October 1960, which made eight state banks associates of
SBI. This acquisition was in tune with the first Five Year Plan, which prioritised the development of
rural India. The government integrated these banks into the State Bank of India system to expand its
rural outreach. In 1963 SBI merged State Bank of Jaipur (est. 1943) and State Bank of Bikaner
(est.1944).

SBI has acquired local banks in rescues. The first was the Bank of Bihar (est. 1911), which SBI
acquired in 1969, together with its 28 branches. The next year SBI acquired National Bank of Lahore
(est. 1942), which had 24 branches. Five years later, in 1975, SBI acquired Krishnaram Baldeo
Bank, which had been established in 1916 in Gwalior State, under the patronage of Maharaja Madho
Rao Scindia. The bank had been the Dukan Pichadi, a small moneylender, owned by the Maharaja.
The new bank's first manager was Jall N. Broacha, a Parsi. In 1985, SBI acquired the Bank of
Cochin in Kerala, which had 120 branches. SBI was the acquirer as its affiliate, the State Bank of
Travancore, already had an extensive network in Kerala.
The new logo of the SBI was the aerial view of the Kankaria Lake in Ahmedabad, Gujarat on 1
October 1971 and was designed by Shekhar Kammat.
There has been a proposal to merge all the associate banks into SBI to create a "mega bank" and
streamline the group's operations.[9]
The first step towards unification occurred on 13 August 2008 when State Bank of
Saurashtra merged with SBI, reducing the number of associate state banks from seven to six. On 19
June 2009, the SBI board approved the absorption of State Bank of Indore. SBI holds 98.3% in State
Bank of Indore. (Individuals who held the shares prior to its takeover by the government hold the
balance of 1.7%.)[10]
The acquisition of State Bank of Indore added 470 branches to SBI's existing network of branches.
Also, following the acquisition, SBI's total assets will approach 10 trillion. The total assets of SBI
and the State Bank of Indore were 9,981,190 million as of March 2009. The process of merging of
State Bank of Indore was completed by April 2010, and the SBI Indore branches started functioning
as SBI branches on 26 August 2010.[11]
On 7 October 2014, Arundhati Bhattacharya became the first woman to be appointed Chairperson of
the bank.

SBI provides a range of banking products through its network of branches in India and overseas,
including products aimed at non-resident Indians (NRIs). SBI has 14 regional hubs and 57 Zonal
Offices that are located at important cities throughout India.

Domestic presence[edit]
SBI has 18,354 branches in India.[2] In the financial year 201213, its revenue was 2.005
trillion (US$30 billion), out of which domestic operations contributed to 95.35% of revenue. Similarly,
domestic operations contributed to 88.37% of total profits for the same financial year.[2]
Under the Pradhan Mantri Jan Dhan Yojana of financial inclusion launched by Government in August
2014, SBI held 11,300 camps and opened over 3 million accounts by September, which included 2.1
million accounts in rural areas and 0.88 million accounts in urban areas. [13]

International presence[edit]

The Israeli branch of the State Bank of India located in Ramat Gan.

As of 201415, the bank had 191 overseas offices spread over 36 countries having the largest
presence in foreign markets among Indian banks.[5] It has branches in Singapore,
Moscow, Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, Johannesburg, London, Los Angeles,
Male in the Maldives, Muscat, Dubai, New York, Osaka, Sydney, and Tokyo. It has offshore
banking units in the Bahamas and Bahrain, and representative offices in Myanmar, Bhutan
and Cape Town.
SBI has 7 retail banking branches in Singapore.
The Canadian subsidiary SBI Canada Bank (previously State Bank of India (Canada)) also dates to
1982. It has six branches, four in the Toronto area and two in the Vancouver area.
SBI operates several foreign subsidiaries or affiliates.
In 1990, it established an offshore bank: State Bank of India (Mauritius). SBI (Mauritius) has 15
branches in major cities/towns of the country including Rodrigues.

State Bank of India Branch at Jaffna, Sri Lanka

SBI Sri Lanka now has three branches located in Colombo, Kandy and Jaffna. The Jaffna branch
was opened on 9 September 2013. SBI Sri Lanka, the oldest bank in Sri Lanka, celebrated its 150th
year in Sri Lanka on 1 July 2014.

State Bank of India (S.B.I.) Branch at Tsim Sha Tsui, Hong Kong

In 1982, the bank established a subsidiary, State Bank of India, which now has ten branchesnine
branches in the state of California and one in Washington, D.C. The 10th branch was opened in

Fremont, California on 28 March 2011. The other eight branches in California are located in Los
Angeles, Artesia, San Jose, Canoga Park, Fresno, San Diego, Tustin and Bakersfield.
In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the IndoNigerian Merchant
Bank and received permission in 2002 to commence retail banking. It now has five branches in
Nigeria.
In Nepal, SBI owns 49% of SBI Nepal (State Bank in Nepal) share with Nepal Government owing
the rest and SBI NEPAL has branches throughout the country in each and every city as banking has
become the major part of daily life for Nepalese people.
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.
The State Bank of India already has a branch in Shanghai and plans to open one in Tianjin.[14]
In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which it acquired for US$8
million in October 2005.[15]
In January 2016, SBI opened its first branch in Seoul, South Korea following the continuous and
significant increase in trade due to the Comprehensive Economic Partnership Agreement signed
between New Delhi and Seoul in 2009.

Associate banks[edit]

Main Branch of SBI in Mumbai.

SBI now has one associate bank, down from the eight that it originally acquired in 1959. All use the
State Bank of India logo, which is a blue circle, and all use the "State Bank of" name, followed by the
regional headquarters' name:

State Bank of Patiala (founded 1917)

State Bank of Mysore (founded 1913)

State Bank of Bikaner & Jaipur (founded 1963)

State Bank of Hyderabad (founded 1941)

State Bank of Travancore (founded 1945)

Bharatiya Mahila Bank(founded 2013)

The banks which are merged are:

State Bank of Saurashtra (merged 2008)

State Bank of Indore (merged 2010)

The negotiations for merging of 5 associate banks State Bank of Bikaner and Jaipur, State Bank of
Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of
Travancore and Bharatiya Mahila Bank by acquire their businesses including assets and liabilities
with "SBI Online". started in 2016.[16][17] The merger of these six subsidiaries was approved by Union
Cabinet on 15 June 2016.[18] The State Bank of India and all its associate banks are identified by the
same blue keyhole logo. The State Bank of India wordmark usually has one standard typeface, but
also utilises other typefaces.

State Bank of India Mumbai LHO.

Non-banking subsidiaries[edit]
Apart from its five associate banks, SBI also has the following non-banking subsidiaries:

SBI Capital Markets Ltd

SBI Funds Management Pvt Ltd

SBI Factors & Commercial Services Pvt Ltd

SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)

SBI DFHI Ltd

SBI Life Insurance Company Limited

SBI General Insurance

In March 2001, SBI (with 74% of the total capital), joined with BNP Paribas (with 26% of the
remaining capital), to form a joint venture life insurance company named SBI Life Insurance
company Ltd. In 2004, SBI DFHI (Discount and Finance House of India) was founded with its
headquarters in Mumbai.

Other SBI service points[edit]

As of 31 March 2016,SBI has 49,577 ATMs & SBI group (including associate banks) has 58,541
ATMs.

As on 31 March 2014, Government of India held around 58.59% equity shares in SBI. Life Insurance
Corporation of India is the largest non-promoter shareholder in the company with 14.99%
shareholding.
Shareholders

Shareholding[19]

Promoters: Government of India

58.60%

Banks & Insurance Companies

16.79%

FIIs/GDRs/OCBs/NRIs

12.04%

Mutual Funds & UTI

03.78%

Private Corporate Bodies

02.87%

Others

5.92%

Total

100.0%

The equity shares of SBI are listed on the Bombay Stock Exchange,[20] where it is a constituent of
the BSE SENSEX index,[21] and the National Stock Exchange of India,[22] where it is a constituent of
the CNX Nifty.[23]
Its Global Depository Receipts (GDRs) are listed on the London Stock Exchange.
SBI is one of the largest employers in the country having 222,033 employees as on 31 March 2014,
out of which there were 45,132 female employees (20%) and 2,610 (1%) employees with disabilities.
On the same date, SBI had 42,744 Schedule Caste (19%) and 17,243 Schedule Tribe (8%)
employees. The percentage of Officers, Assistants and Sub-staff was 36%, 46% and 18%
respectively on the same date Hiring drive: 1,776 Assistants and 1,394 Officers joined the Bank in
FY 2013-14, for expansion of the branch network and to mitigate staff shortage, particularly at rural
and semi-urban branches. Staff productivity: As per its Annual Report for FY 2013-14, each
employee contributed net profit of INR 485,000.

BI was ranked as the top bank in India based on tier 1 capital by The Banker magazine in a
2014 ranking.[25]

SBI was ranked 232nd in the Fortune Global 500 rankings of the world's biggest corporations
for the year 2016.[2]

SBI was named the 29th most reputed company in the world according to Forbes 2009
rankings[26]

SBI was 50th Most Trusted brand in India as per the Brand Trust Report 2013,[27] an annual
study conducted by Trust Research Advisory, a brand analytics company and subsequently, in
the Brand Trust Report 2014, SBI finished as India's 19th Most Trusted Brand in India. [28][29]

Some of the major competitors for SBI in the banking sector are large private sector banks ICICI
Bank, HDFC Bank, Axis Bank, IndusInd Bank, small regional banks and other public sector
banks Canara Bank, Bank of India and Bank of Maharashtra. However, in terms of average market
share, SBI is by far the largest player in the market.