State Bank of India
|Traded as||NSE: SBIN
BSE SENSEX Constituent
|Industry||Banking, financial services|
|Founded||1 July 1955|
|Headquarters||Mumbai, Maharashtra, India|
|Key people||Pratip Chaudhuri
|Products||Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management|
|Revenue||US$ 36.950 billion (2012)|
|Profit||US$ 3.202 billion (2012)|
|Total assets||US$ 359.237 billion (2012)|
|Total equity||US$ 20.854 billion (2012)|
|Owner(s)||Government of India|
State Bank of India (SBI) (हिंदी - भारतीय स्टेट बैंक) is a multinational banking and financial services company based in India. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. As of December 2012, it had assets of US$501 billion and 15,003 branches, including 157 foreign offices, making it the largest banking and financial services company in India by assets.
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—Bank of Calcutta and Bank of Bombay—to form the Imperial Bank of India, which in turn became the State Bank of India. The Government of India nationalised the Imperial Bank of India in 1955, with the Reserve Bank of India 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. SBI was ranked 285th in the Fortune Global 500 rankings of the world's biggest corporations for the year 2012.
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 the country.
SBI is a regional banking behemoth and has 20% market share in deposits and loans among Indian commercial banks.
The State Bank of India was named the 29th most reputed company in the world according to Forbes 2009 rankings and was the only bank featured in the "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010.
The roots of the State Bank of India lie in the first decade of 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 the 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-organized 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 30 April 1955, the Imperial Bank of India became the State Bank of India. The government of India recently 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, which made eight state banks associates of SBI. A process of consolidation began on 13 September 2008, when the State Bank of Saurashtra merged with SBI.
SBI has acquired local banks in rescues. The first was the Bank of Behar (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 banks 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 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.
Current Board of Directors 
As on 14 January 2013, there are fifteen members in the SBI board of directors:- 
- Pratip Chaudhuri (Chairman)
- Hemant G. Contractor (Managing Director)
- Diwakar Gupta (Managing Director)
- A. Krishna Kumar (Managing Director)
- S. Visvanathan (Managing Director)
- S. Venkatachalam (Director)
- D. Sundaram (Director)
- Parthasarathy Iyengar (Director)
- Thomas Mathew (Director)
- S.K. Mukherjee (Officer Employee Director)
- Rajiv Kumar (Director)
- Jyoti Bhushan Mohapatra (Workmen Employee Director)
- Deepak Amin (Director)
- Harichandra Bahadur Singh (Director)
- D. K. Mittal (Director)
International presence 
As of 31 March 2012, the bank had 173 overseas offices spread over 34 countries. It has branches of the parent in 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, Bahrain, and Singapore, and representative offices in Bhutan and Cape Town. It also has an ADB in Boston, USA.
SBI operates several foreign subsidiaries or affiliates. In 1990, it established an offshore bank: State Bank of India (Mauritius).
In 1982, the bank established a subsidiary, State Bank of India (California), which now has ten branches – nine 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 Indo-Nigerian Merchant Bank and received permission in 2002 to commence retail banking. It now has five branches in Nigeria.
In Nepal, SBI owns 55% of Nepal SBI Bank, which has branches throughout the country. 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.
Associate banks 
SBI has five associate banks; 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 Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
Earlier SBI had seven associate banks, all of which had belonged to princely states until the government nationalised them between October 1959 and May 1960. In tune with the first Five Year Plan, which prioritised the development of rural India, the government integrated these banks into State Bank of India system to expand its rural outreach. There has been a proposal to merge all the associate banks into SBI to create a "mega bank" and streamline the group's operations.
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. Then 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 1.77%.)
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 inch very close to the 10 trillion mark (10 billion long scale). The total assets of SBI and the State Bank of Indore stood at 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.
Non-banking subsidiaries 
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 
SBI has 27,000+ ATMs (25,000th ATM was inaugurated by the then Chairman of State Bank Shri O.P. Bhatt on 31 March 2011, the day of his retirement); and SBI group (including associate banks) has about 45,000 ATMs. SBI has become the first bank to install an ATM at Drass in the Jammu & Kashmir Kargil region. This was the Bank's 27,032nd ATM on 27 July 2012.
Logo and slogan 
- The logo of the State Bank of India is a blue circle with a small cut in the bottom that depicts perfection and the small man the common man - being the center of the bank's business.
- Slogans: "PURE BANKING, NOTHING ELSE", "WITH YOU - ALL THE WAY", "A BANK OF THE COMMON MAN", "THE BANKER TO EVERY INDIAN", "THE NATION BANKS ON US".
Recent awards and recognitions 
- Best Online Banking Award, Best Customer Initiative Award & Best Risk Management Award (Runner Up) by IBA Banking Technology Awards 2010
- The Bank of the year 2009, India (won the second year in a row) by The Banker Magazine
- Best Bank – Large and Most Socially Responsible Bank by the Business Bank Awards 2009
- Best Bank 2009 by Business India
- The Most Trusted Brand 2009 by The Economic Times
- Most Preferred Bank & Most preferred Home loan provider by CNBC
- Visionaries of Financial Inclusion By FINO
- Technology Bank of the Year by IBA Banking Technology Awards
- SKOCH Award 2010 for Virtual corporation Category for its e-payment solution
- The Brand Trust Report: 11th most trusted brand in Hindustan.
Major competitor 
Some of the major competitors for SBI in the banking sector are ICICI Bank, HDFC Bank, Axis Bank, Punjab National Bank and Bank of Baroda. However in terms of average market share, SBI is by far the largest player in the market.
See also 
- Find IFSC & MICR Code of SBI branches in India
- List of companies of India
- List of banks in India
- Fortune India 500
- Fortune Global 500
- Payment system
- Real-time gross settlement
- "2010 SBI Form 10-K". CNN. Retrieved 7 October 2011.
- History of the Evolution of SBI volumes 1, 2 and 3 and Banking Beyond Boundaries (Penguin, 2011)
- "SBI accounts for one-fifth of country's loans". Livemint.com. 25 January 2009. Retrieved 20 August 2010.
- Kneale, Klaus (6 May 2009). "World's Most Reputable Companies: The Rankings". Forbes. Retrieved 20 August 2010.
- "India's top 10 brands". business.rediff.com. Retrieved 26 Oct 2010.
- :: STATE BANK OF INDIA :: Safe Banking With SBI ::
- "State Bank of India to set up branch in China's Tianjin". Forbes. 21 November 2007. Retrieved 16 July 2010.[dead link]
- "State Bank of India Acquired 76% Shareholding in Giro Commercial Bank In 2005". Accessmylibrary.com. 8 October 2005. Retrieved 21 December 2010.
- "Indian Banks' Association". Iba.org.in. 23 April 2005. Retrieved 21 December 2010.
- Business Standard (21 June 2010). "Approvals for State Bank of Indore merger by July: SBI".
- Economic Times (26 August 2010). "State Bank of Indore branches to become SBI units from Aug 26 : SBI". The Times Of India.
- – Indiatoday "Brand Mahatma lags behind Sachin, Aamir: Study". indiatoday.intoday.in. 28 January 2011.[dead link]
- "Competitors of SBI in India - Equitymaster".
|Wikimedia Commons has media related to: State Bank of India|