SBI Foundation Day is celebrated on 1st July to commemorate the day of the establishment of India’s oldest commercial bank. After the State Bank of India Act of 1955, the Imperial Bank of India was officially made the State Bank of India on 1st July 1955. SBI Foundation Day is an important day for all the State Bank of India employees and stakeholders.
State Bank of India s the only Indian bank to have ranked on the Fortune Global 500 list of the world's biggest corporations in 2020. We have shared more information about the SBI Foundation Day, its history, and its significance below.
SBI Foundation Day
SBI Foundation Day celebrates the foundation of the oldest commercial bank in India, the State Bank of India, in the year 1955. It was originally founded during pre-independence as the Bank of Calcutta in 1806. State Bank of India is a public sector and the 43rd largest bank in the world. On 1st July 2021, the bank celebrated the 66th SBI Day.
SBI Day highlights the contribution of the bank in providing incredible banking services in the country and abroad. Here, we have shared an overview of the day:
SBI Foundation Day
1st July 1955
Formerly Known As
Imperial Bank of India
Significance of SBI Day
SBI Foundation Day commemorates the establishment of the State Bank of India after the passing of SBI Act 1955.
SBI Day: History
The history of SBI Foundation Day can be traced back to the first decade of the 19th century, when the Bank of Calcutta was founded on 2nd June 1806. This bank was later renamed the Bank of Bengal, and it was one of three Presidency banks in British India. The other two presidency banks included the Bank of Bombay and the Bank of Madras.
Here is more information about the history of SBI Day -
- The three Presidency banks were amalgamated to form the Imperial Bank of India in 1921.
- After India’s independence, the State Bank of India Act of 1955 was passed, based on which the Reserve Bank of India gained a controlling interest in the Imperial Bank of India.
- Finally, on 1st July 1955, the Imperial bank was officially named the State Bank of India.
- Since then, 1st July has been celebrated as State Bank Day or SBI Day every year.
SBI Foundation Day: About State Bank of India
From the first SBI Day celebrated on 1st July 1955, the State Bank of India has improved significantly in strength. As of 2021, the State Bank of India has reached 491 million customers across 22,500 global branches, 260,000 employees, 17 local head offices, and 208 foreign offices in 36 countries. Here are some more facts about the State Bank of India -
- State Bank of India is a public sector bank owned and operated by the Government of India.
- The bank provides a range of banking and financial services both in India and abroad.
- State Bank of India was the first Indian bank to open a branch in China.
- Arundhati Bhattacharya was the first woman chairperson of SBI and she was appointed to the post in 2013.
- In April 2017, the State Bank of India made the big move of merging with five of its associate banks, including the State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Hyderabad (SBH), State Bank of Patiala (SBP) and State Bank of Travancore (SBT).
- After the result of the merger, the State Bank of India officially became one of the largest banks in the world.
- The non-banking subsidiaries of the State Bank of India include SBI Cards and Payments Services Pvt. Ltd., SBI Capital Markets Ltd., SBI Mutual Fund, and SBI Life Insurance Company Ltd.
- SBI is an organization that employs the highest number of people in India. The exact figure of people employed in SBI is 2,45,652 people.
- According to Forbes, SBI became one of four Indian firms to rank amongst the top 100 companies to work for in 2021. The State Bank of India was placed at number 119 on the list.
FAQs on SBI Foundation Day
Q1. When is SBI Foundation Day celebrated?
The SBI Foundation Day is celebrated on 1st July each year. This day commemorates the establishment of the State Bank of India in 1955. Since then, 1st July has been observed as SBI Day in India to highlight the contribution of the bank.
Q2. Why is SBI Foundation Day celebrated?
SBI Foundation Day is celebrated to mark the day on which the State Bank of India was officially formed. Earlier known as the Imperial Bank of India, SBI was formed after the State Bank of India, 1955 was passed by the government on 1st July 1955. SBI Day highlights the contribution of the bank in providing a range of financial services domestically and internationally.
Q3. Which bank recently celebrated its 67th foundation day?
The 67th SBI Foundation Day was celebrated on 1st July 2022. This day marked the 67th year of the formation of the State Bank of India. SBI is among India’s largest public sector banks. It is also regarded as one of the top banks to work in, according to Forbes.
Q4. How is SBI Foundation Day celebrated?
SBI Foundation Day is a special day for all SBI employees and stakeholders. This day is celebrated on 1st July each year. Some of the ways in which people celebrate SBI Day is by organizing events, holding ceremonies in the office, etc.