State Bank of India (SBI) is one of the biggest state-owned financial institutions in India. Headquartered in Mumbai, the bank provides a wide range of products and services to its customers, which includes commercial enterprises, large corporate, public bodies and institutional customers. SBI is also one of the largest banks in India in terms of market capitalisation.
The bank descends from the Imperial Bank of India, which was formed by merging Bank of Calcutta, Bank of Madras and the Bank of Bombay in 1806. The Imperial Bank of India became the State Bank of India in 1955 after Government of India took control of it with Reserve Bank of India (RBI) taking a 60 per cent stake in it. In 2008, the government took over the stake held by the RBI. Representing the legacy of over 200 years, SBI has shown consistent growth compared to other public sector lenders in India.
Some of the services offered by the bank to its customers include domestic treasury, brokering services, revised service charges, ATM services, internet banking, E-pay, E-rail, safe deposit locker, MICR codes, foreign inward remittances, doorstep banking services, among others. A Fortune 500 company, SBI is also among the top league of 50 global banks with a balance sheet size of over Rs 30 lakh crore. The bank comprises 24,000 plus branches along with 59,000 plus ATMs serving 42 crore plus customers. SBI has an overseas presence through over 195 foreign offices spread across 36 plus countries.
In April 2017, associates banks of SBI, including State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and Bharatiya Mahila Bank, merged with State Bank of India, making it the largest consolidation exercise in the banking history of India.
As per the bank, "SBI has been the most trusted brand on the banking horizon in India. The bank believes that it owes a solemn duty to the less fortunate and underprivileged members of the society to make sustainable social change in their lives." Bank's customised savings products are designed for people from all age groups - from children to young adults to the elderly.
SBI's loan products, including home, personal loans, car loans, debit and credit cards and travel cards, cater to all kinds of customers, claims the bank. The bank also deals in education loans, health insurance options, vehicle and home insurance, demat accounts, wealth management, precious metals and private banking.
On the technology front, SBI says it has expanded the digital base of the bank manifold in recent years. The bank also claims to play a vital role in making the Government of India's Digital India Initiative a reality.