SBI Foundation Day: Check History and Important Facts

By : Neha Dhyani

Updated : Feb 15, 2022, 20:32

State Bank of India (SBI) is the oldest commercial bank in the country and was founded pre-independence as the Bank of Calcutta in 1806. SBI Foundation Day celebrates the foundation of the bank in the year 1955. 

State Bank is a public sector bank and the 43rd largest bank in the world. In 2020, the bank was the only Indian bank ranked on the Fortune Global 500 list of the world's biggest corporations 2020. State Bank of India celebrated its 66th SBI Day on 1st July 2021.

History of SBI Foundation Day

The history of SBI dates back to the first decade of the 19th century when the Bank of Calcutta was established on 2nd June 1806. Bank of Calcutta, later renamed Bank of Bengal, was one of three Presidency banks, including Bank of Bombay and Bank of Madras. All these banks were formed through British royal charters.

In 1921, the three Presidency banks amalgamated to form the Imperial Bank of India. After independence, under the provisions of the State Bank of India Act of 1955, the Reserve Bank of India acquired a controlling interest in the Imperial Bank of India, and on 1st July 1955, the Imperial bank officially became the State Bank of India. Since then, 1st July has been celebrated as State Bank Day or SBI Day every year.

What Are Some Important Facts Related to the State Bank of India?

  • State Bank of India is a public sector bank owned by the Government of India.
  • It provides banking and financial services both in India and abroad.
  • State Bank of India is the first Indian bank to open a branch in China.
  • The first woman chairperson of SBI, Arundhati Bhattacharya, was appointed to the post in 2013.
  • The current chairperson of SBI is Mr. Dinesh Kumar Khara.
  • In April 2017, the State Bank of India merged with five of its associate banks, including the  State Bank of Mysore (SBM), State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Travancore (SBT), and State Bank of Patiala (SBP). The resultant merger made it one of the largest banks in the world.
  • Its non-banking subsidiaries include SBI  Capital  Markets  Ltd.,  SBI  Cards and Payments  Services  Pvt.  Ltd., SBI Mutual Fund, and SBI Life Insurance Company Ltd.
  • SBI employs the highest number of people in India, with the exact figure being 2,45,652 people.
  • In 2021, SBI was one of four Indian firms to rank amongst the top 100 companies to work for, according to Forbes. SBI was placed at number 119 on the list.

State Bank of India has grown from strength to strength from the first SBI Foundation Day on 1st July 1955. As of 2021, the bank has 491 million customers,  260,000 employees, 22,500 worldwide branches, 17 local head offices, and 208 foreign offices in 36 countries.

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FAQs about SBI Foundation Day

  • On what date is SBI Foundation Day celebrated?

The foundation day of SBI, also called State Bank Day, is observed on 1st July every year.

  • Who is the current chairman of SBI?

The current chairman of SBI is Dinesh Kumar Khara. He is the Chief Executive Officer of the bank and the Ex-Officio Chair of its Central Board of Directors.

  • When was SBI established?

State Bank of India was incorporated on 1st July 1955. This date is observed as SBI Foundation Day every year.

  • Where is the headquarters of SBI?

State Bank of India's headquarters is in Mumbai, Maharastra.