Nepal SBI Bank
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 | |
| Company type | Public |
|---|---|
| NEPSE: SBI | |
| Industry | Banking |
| Founded | April 28, 1993 |
| Headquarters | Hattisar Kathmandu, Nepal |
Area served | Nepal |
Key people | Mr. A.K. Sharma (MD & CEO) Mr. V.K.Tyagi (COO & Dy.CEO) |
| Products | Loans, Debit Cards, Savings, Investment, Internet Banking, Locker |
| Website | www.nepalsbi.com.np |
Nepal SBI Bank Ltd. (NSBL) is the first Indo-Nepal joint venture in the financial sector sponsored by three institutional promoters, namely State Bank of India (SBI), Employees Provident Fund and Agricultural Development Bank of Nepal through a Memorandum of Understanding signed on 17 July 1992.
NSBL was incorporated as Public Limited Company at the Office of the Company Registrar on 28 April 1993 under Regn. No. 17-049/50 with an Authorized Capital of Rs.12 Crores and was licensed by Nepal Rastra Bank on 6 July 1993 under license No. NRB/l.Pa./7/2049/50. NSBL commenced operation with effect from 7 July 1993 with one full-fledged office at Durbar Marg, Kathmandu with 18 staff members. The staff strength has since increased to more than 500. Under the Banks & Financial Institutions Act, 2063, Nepal Rastra Bank granted fresh license to NSBL classifying it as an "A" class licensed institution on 26 April 2006 under license No. NRB/I.Pra.Ka.7/062/63.[1] The Authorized capital is Rs.300 crore and Paid up Capital is Rs.235 Crores. The management team consists of Managing Director and CEO, Chief Operating Officer and Dy.CEO and Chief financial officer from SBI. They are deputed by SBI for management support as per the Technical Services Agreement.
55 percent of the total share capital of the Bank is held by the State Bank of India, fifteen percent is held by the Employees Provident Fund and the balance is held by the general public.
In terms of the Technical Services Agreement between SBI and the NSBL, the former provides management support to the bank through its expatriate officers including Managing Director who is also the CEO of the Bank. Central Management Committee (CENMAC) consisting of the Managing Director, Chief Operating Officer & Dy.CEO, Chief Financial Officer and Chief Credit Officer oversee the overall banking operations in the Bank. The Bank was established in July 1993 & is now having 598 Nepalese employees working in 56 branches, 6 extension counters, 3 Regional Offices & the Corporate Office.
State Bank of India (SBl), 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 61.58% ownership. SBl is ranked 60th in the list of Top 1000 Banks in the world by “The Banker” in July 2012. [2]
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, consists of SBl and five associate banks. The group has an extensive network, with over 20000 plus branches in India and another 187 offices in 34 countries across the world. As of 31 March 2012, the group had assets worth USD 359 billion, deposits of USD 278 billion and capital & reserves in excess of USD 20.88 billion. The group commands over 22% share of the domestic Indian banking market.
SBl'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 SBl Group a truly large financial supermarket and India's financial icon. SBI has arrangements with over 1500 various international / local banks to exchange financial messages through SWIFT in all business centers of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled teams of professionals.