- State Bank of India
company_name = STATE BANK OF INDIA
company_type = Public (BSE, NSE:SBI) & (lse|SBID)
company_slogan = The nation banks on us
Calcutta, 1806 (as Bank of Calcutta)
location = Corporate Centre, Madam Cama Road,
Mumbai400 021 India
key_people = Chairman ["Om Prakash Bhatt"] industry =
Banking Insurance Capital Marketsand allied industries
products = Loans,
Credit Cards, Savings, Investment vehicles, SBI Life (Insurance) etc.
revenue = 13.775 billion (2005)
homepage = [http://www.statebankofindia.com/ www.statebankofindia.com]
State Bank of India (SBI) (lse|SBID) is the largest
bankin India. It is also, measured by the number of branch offices and employees, the second largest bank in the world. Established in 1806 as Bank of Bengal, it remains the oldest commercial bank in the Indian Subcontinent. It provides a range of banking products through its vast network in India and overseas, including products aimed at NRIs. With an asset base of $126 billion and its reach, it is a regional banking behemoth. The Government of India nationalised SBI in 1955 with the Reserve Bank of Indiahaving a 60% stake. SBI has laid emphasis on reducing the huge manpower through Golden handshakeschemes and computerizing its operations. The Bank has also been trying to change the attitude of its largely rude staff through a programme called 'Parivartan' or 'Change'. The programme has not succeeded.
After a 20 year hiatus the Bank will be recruiting 20000 clerks and 3500 officers. The pick of the universities will be competing for these jobs. More than 2.4 million have applied. Those selected can aspire to rise to the level of Vice President
The roots of the State Bank of India rest 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 and two other Presidency banks, namely, 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 in 1861 with the Paper Currency Act, a right they retained until the formation of the Reserve Bank of India. The Presidency banks amalgamated on 27 January 1921, and the reorganized banking entity took as its name Imperial Bank of India. The Imperial Bank of India continued to remain a joint stock company.
Pursuant to the provisions of the State Bank of India Act (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 1955the Imperial Bank of India became the State Bank of India.
In 1959 the Government passed the State Bank of India (Subsidiary Banks) Act, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries. On
Sept 13, 2008, State Bank of Saurashtra, one of its Associate Banks, merged with State Bank of India. Employees were not in favour of the merger and had to be given generous sops by the Management. The manner in which the merger was done throws light on the weakness of the management vis a vis employee unions.
There are six associate banks that fall under SBI, and together these seven banks constitute the State Bank Group. All use the same logo of a blue keyhole and all the associates use the "State Bank of" name followed by the regional headquarters' name. Originally, the then seven banks that became the associate banks belonged to princely states until the government nationalized them in 1959. In tune with the first Five Year Plan, emphasizing the development of rural India, the government integrated these banks into State Bank of India 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 operations. The first step along these lines occurred in September 2008 when State Bank of Saurastra merged with State Bank of India. Employees were not in favour of the merger and had to be given generous sops by the Management. The manner in which the merger was done throws light on the weakness of the management vis a vis employee unions.
State Bank of Indore
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
State Bank of India has often acted as guarantor to the Indian Government, most notably during
Chandra Shekhar's tenure as Prime Minister of India. With more than 11500 branches and a further 6500+ associate bank branches, the SBI has extensive coverage. State Bank of India has electronically networked most of its metropolitan, urban and semi-urban branches under Core Banking System(CBS). The bank has one of the largest ATM networks in the region. More than 8500 ATMs across India. The State Bank of India has had steady growth over its history, though it was marred by the Harshad Mehtascam in 1992. In recent years, the bank has sought to expand its overseas operations by buying foreign banks. It is the only Indian bank to feature in the top 100 world banks in the Fortune Global 500rating and various other rankings. According to the Forbes 2000listing it tops all Indian companies.
SBI Capital Markets Ltd
SBI Mutual Fund(A Trust)
SBI Factors and Commercial Services Ltd
SBI DFHI Ltd
SBI Cards and Payment Services Pvt Ltd
SBI Life Insurance Co. Ltd- Bancassurance(Life Insurance)
SBI Funds Management Pvt Ltd
* [http://www.sbi.co.in/ Main SBI Site]
* [http://www.sbicanada.com SBI, Canada Operations]
* [http://www.statebank.com/ SBI, United States Operations]
* [http://www.onlinesbi.com/ Online SBI]
* [http://www.onlinesbi.com/glsus/ Express Remit From US to India]
* [http://onlinesbiglobal.com/ Online SBI (Global)]
* [http://www.indiacode.nic.in/rspaging.asp?tfnm=195523 SBI Act 1955]
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Look at other dictionaries:
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State Bank of India Officers' Association (Chandigarh Circle) — Infobox Union| name= SBIOA country= India affiliation= members= full name= State Bank of India Officers Association (Chandigarh Circle) native name= founded= current= head= dissolved date= dissolved state= merged into= office= Chandigarh, India… … Wikipedia
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State Bank of Bikaner & Jaipur — (SBBJ) is an associate bank of State Bank of India. It came into existence on 25th April 1966. It comprised what earlier were two banks, State Bank of Bikaner and State Bank of Jaipur. Currently, SBBJ has over 812 branches, mostly located in the… … Wikipedia
State Bank of Hyderabad — is an associate bank of State Bank of India and one of the scheduled banks in India. It was originally a bank started by the Nizam of Hyderabad. After India s Independence these and other banks of the princely states were renamed after the… … Wikipedia
State Bank of Saurashtra — was a government owned bank in India. It was one of the seven Associate Banks of the State Bank of India, with which it merged on 13 August 2008.Prior to 1948, the region of Saurashtra, which at present forms a part of Gujarat State, comprised… … Wikipedia
State Bank of Patiala — is an associate bank of State Bank of India. State Bank of Patiala (SBP), originally named Patiala State Bank , and currently an associate bank of the State Bank of India, was founded on 17 November 1917. SBP was founded by Bhupinder Singh,… … Wikipedia