When it’s about backing in India, SBI is the most trusted and preferred name. SBI is one of the largest employers in India and has 14 regional hubs and 57 zonal offices.
However, this is something we all know. For some interesting facts about SBI, let’s begin explore its history, present, and future position in the world of banking through the following 20 points.
The first presidency of SBI was established in Kolkata in 1806 during the British Raj and was named as Bank of Bengal.
SBI instituted two new branches in Mumbai known as the ‘State Bank of Bombay’in 1840, and,‘State Bank of Madras’ in 1843. However, these three branches had private shareholding and funded the share capital for East India Company.
During SBI’s initial years, their mainstream capital was dependent on private shareholders with a majority of Europeans. However, in 1823, the bank was provided with control of Govt. Banking.
Till 1861, the paper currency act was implemented and these three SBI branches had exclusive rights for the production of paper currency.
In 1921, these three SBI branches were made to merge to form ‘Imperial Bank of India.
After independence, Reserve Bank of India acquired the Imperial Bank of India under the parliamentary Act, State Bank of India Act 1955. And so the Imperial bank of India was renamed as State Bank of India on 30th April 1955.
In 1959, SBI passed the Subsidiary Banks Act and grew bigger with eight subordinate banks. These banks were termed as Associate Banks of SBI including State Bank of Bikaner, State Bank of Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Patiala, State Bank of Mysore, State Bank of Saurashtra andState Bank of Travancore.
Among these 8 associates, State Bank of Bikaner and State Bank of Jaipur merged as State Bank of Bikaner and Jaipur in 1963. However, State Bank ofSaurashtra and State Bank of Indore merged with parent SBI in the year 2008 and 2010 respectively.
Presently SBI is operational with five associate banks in India and has 137 foreign offices in 32 countries worldwide.
In India, SBI has 15,869 branches with 51, 491 ATMs – including associate banks. (All records up till 31st March 2014)
The 15,000th branch was inducted on 17th August 2013 by Ex-Finance Minister P. Chidambaram at Sooranam Village in Tamil Nadu.
The 25,000th SBI ATM was inaugurated on 31st March, 2011 by the then Chairman of State Bank of India Shri O.P. Bhatt as it was the day of his retirement.
Until 7th October 2013, SBI never had a woman chairperson, but Arundhati Bhattacharya now serves the State Bank of India and was listed the 36th most powerful woman in the world by Forbes.
Even after facing strong competition from several multinational banks, SBI is the leading Indian banker. Besides, the bank has the largest yearly total assets and turnover.
In past decade, SBI has shown an impressive record as a domestic service provider of Forex services and was presented with BEST Bank award by Asiamoney FX Poll of Polls 2014.
Even the Banker Magazine, ranked SBI as number one in India for the year 2014 and Best Public sector bank in 2013. It has also grabbed the position of the 29th most reputed company in world by Forbes in 2009.
In 2012, SBI was ranked 298th on Fortune Global ranking for World’s Largest Corporations and won the prestigious national award for PGEGP scheme in the same financial year.
SBI has also won 3 Excellence Awards from IDTBT for best use of technology for Financial Inclusions, Customer Management and Business Intelligence and Electronic Payment Systems.
SBI is the only bank name that made it to top 10 brand of India list in a survey conducted by economic times for the year 2010.
According to CNBC, SBI is the most preferred bank and home loan provider in India. Besides, in a survey, SBI was the most trusted bank in 2009 and the best bank in India.