History of State Bank of India
- The origin of the State Bank of India goes back to the establishment of the Bank of Calcutta in Calcutta on 2 June 1806.
- Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809).
- It was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal.
- These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.
- When India attained freedom, the Imperial Bank had a capital base (including reserves) of INR 11.85 crores, deposits and advances of INR 275.14 crores and INR 72.94 crores respectively, and a network of 172 branches and more than 200 sub-offices extending all over the country.
- The All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank by taking over the Imperial Bank of India. Thus, an act was passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955.
- Later, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries (later named Associates).
SBI Board of Directors
SBI has one chairman who is the head of the Board of Directors and 4 Managing Directors.
|Board of Directors|
Dinesh Kumar Khara
Ashwini Kumar Tewari
Location and Number
Local Head Offices
208 in 36 countries
Subsidiaries of State Bank of India
Subsidiaries and Joint Ventures
SBI Capital Markets Ltd.
SBI General Insurance Co. Ltd.
SBI Cards & Payment Services Ltd.
SBI Global Factors Ltd.
SBI Funds Management (P) Ltd.
SBI DFHI Ltd.
SBI Life Insurance Co. Ltd.
Logo of State Bank of India
This was the first logo of the State Bank of India when it was founded on July 1st, 1955. The Banyan Tree in the logo says that the bank has strong roots and is capable of propagating and growing in all directions.
At present, the logo of the State Bank of India is a blue circle with a small cut at the bottom. It was designed by Shekhar Kamat, an alumnus of the National Institute of Design, Ahmedabad. The logo was unveiled on October 1, 1971, on the day of the inauguration of the SBI Central Office building at Backbay Reclamation, Bombay.
This logo is open to several interpretations one of them is that The small circle and the vertical line with the blue background suggest a keyhole — the symbol of safety, security, and strength. It is also said the inspiration for this design came from Ahmedabad city's Kankaria Lake.
Current Interest Rates
Current interest rates concerning 31st May 2020:
Type of Loan
6.70% up to 0.4% of the loan amount
Saving Bank Account
· Up to 1 lakh - 2.70%
· Above 1 Lakh - 2.70%
Interesting Facts About State Bank of India
- John Mathai was the first chairman of SBI.
- State Bank of India is the country's largest public sector bank in India.
- SBI is the only bank to have its payment aggregation solution – SBIePay which provides the following benefits.
- Quick & Easy payment facility to customers on Merchant site.
- Diversified and cost-effective payment options to Merchants.
- Various value-added services such as detailed MIS, user-controlled merchant panel.
- SBI has been rated as the “Best Transaction Bank in India” & “Best Payment Bank in India” by The Asian Banker under their Business Achievement Awards 2019.
- In 2017, the State Bank of India has launched a unified integrated app called YONO (You Need Only One) that offers financial and lifestyle products.
- SBI has over 22,000 branches, 58,500 ATMs and 66,000 BC outlets.
Recent News about SBI
- SBI is the 43rd largest bank in the world and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list.
- SBI has approved an investment of INR 7250 Cr. in Yes Bank on March 12, 2020. The investment has been made by purchasing 725 crore equity shares of Yes Bank for INR 10 per share.
- To allow SBI to take a 49% stake in YES Bank, RBI has relaxed its own rules which prohibit banks from holding more than 10% in another bank.
- In March, SBI cards launched its IPO. The issue price of SBI Cards shares was fixed at INR 755 per share.
- In March, SBI has disclosed Shishu e-Mudra app-based lending for instant action of working capital loan up to INR 50000 to existing small businesses.
- In March, the State Bank of India (SBI) has removed its requirement of keeping a minimum balance in the saving bank account (SB).
- In March, Sanjeev Nautiyal has been re-appointed as the MD and CEO of SBI Life Insurance Company.
- In April, the State Bank of India has listed its green bonds worth $100 million on India International Exchange Limited’s (INX) Global Securities Market Green Platform (GSM).
- In April, BSNL and SBI have jointly launched Bharat InstaPay, a UPI-based payment platform, to allow all partners of BSNL to buy services for sale.
- In May, Fitch Ratings downgraded the viability ratings (VR) of State Bank of India (SBI), ICICI Bank, and Axis Bank to BB and Bank of Baroda’s to BB-, citing the impact of covid-19 on the operating environment.
- In May, the State Bank of India's Eco wrap report projects India’s GDP growth rate for FY20 at 4.2% and (-) 6.8% for FY21.
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