What does SBI Stand for?
The State Bank of India is headquartered in Mumbai and has the glorious title of being the 43rd largest bank in the world. The State Bank of India has many accreditations and accolades, but the most popular accolade should be its mention in the Fortune Global 500 list of the World’s Biggest Corporations of 2020.
The State Bank of India is a Public Sector Bank and is the single largest bank in the Indian subcontinent dominating the market with a 23% share by assets. The State Bank of India is single-handedly responsible for over a quarter of the total loans disbursed in India.
Apart from learning the full form of SBI, here are some key, relevant facts for your benefit.
SBI Quick Facts
- Full form of SBI - State Bank of India
- The State Bank of India is the oldest commercial bank in the Indian subcontinent.
- The State Bank of India was founded in 1806 and is descended from the erstwhile Bank of Calcutta.
- Over time, the Bank of Calcutta, the Bank of Bombay, the Bank of Madras, and two other presidency banks in British India merged to form the Imperial Bank of India.
- In 1955, the Imperial Bank of India has renamed the State Bank of India.
- In 1955, the Government of India took control of the State Bank of India, with the RBI (Reserve Bank of India) taking a majority 60% share.
- The State Bank of India has over 22,219 branches, 62,617 ATMs, and an additional 229 branches across 31 countries apart from India.
- The State Bank of India is a leader in the fields of Retail Banking, Corporate Banking, Investment Banking, Mortgage Loans, Private Banking, Wealth Management, Credit Cards, and Finance and Insurance.
- During the first Five Year Plan, in 1959, the Government of India passed the State Bank of India (Subsidiary Banks) Act, which meant that eight other banks that were situated in the Princely States of India were to merge with the SBI.
- Internationally, the SBI has branches in over 31 countries, including Australia, Bangladesh, Bahrain, Botswana, Canada, China, Mauritius, Sri Lanka, South Korea, South Africa, the United Kingdom, and the United States of America among others.
- The State Bank of India also has four non-banking subsidiaries - SBI Capital Markets, SBI Cards & Payments Services Ltd, SBI Life Insurance Company Limited, and SBI Mutual Fund.
- During the Yes Bank scandal earlier in 2020, the State Bank of India came to Yes Bank’s rescue by acquiring over 48.2% of Yes Bank’s shares.
- SBI is one of the largest employers in the world, with almost 2,50,000 employees as of 31st March 2021. Interestingly, each employee has contributed a net profit of INR 8,28,350 during FY 2020-21.
We hope this information was useful to you. Like the full form of SBI, you can learn from others our articles. This would be extremely beneficial for a banking exam.
- IVB Full Form
- APGVB Full Form
- IIFL Full Form
- KVB Full Form
- CIBIL Full Form
- HSBC Full Form
- LIC Full Form
- CUB Full Form
Commentswrite a comment