By : Neha Dhyani
Updated : Jan 11, 2022, 10:30
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.
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.
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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The foundation day of SBI, also called State Bank Day, is observed on 1st July every year.
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.
State Bank of India was incorporated on 1st July 1955. This date is observed as SBI Foundation Day every year.
State Bank of India's headquarters is in Mumbai, Maharastra.