State Bank India | State Bank of India - Foreign Offices

State Bank of India is having presence in 32 countries with 84 offices serving the international needs of the bank's foreign customers, in addition to conducting retail operations. The focus of these offices is India-related business.

Foreign Branches

SBI have branches in these countries :

• Australia
• Bahrain
• Bangladesh
• Belgium
• Dubai
• France
• Germany
• Hong Kong
• Israel
• Japan
• People's Republic of China
• Republic of Maldives
• Singapore
• South Africa
• Sri Lanka
• Sultanate of Oman
• The Bahamas
• U.K.
• U.S.A

Subsidiaries and Joint Ventures

In addition to the foreign branches above, SBI have these wholly owned subsidiaries and joint ventures:

• Nepal State Bank Limited
• SBI Mauritius
• Indian Ocean International Bank (Mauritius)
• SBI Canada
• SBI California

Source: wikipedia.org

State Bank India | State Bank of India - Associate Banks

There are seven other associate banks that fall under SBI. They all use the "State Bank of" name followed by the regional headquarters' name. These were originally banks belonging to princely states before the government nationalized them in 1959. In tune with the first Five Year Plan, emphasizing the development of rural India, the government integrated these banks with the State Bank of India to expand its rural outreach. The State Bank group refers to the seven associates and the parent bank. All the banks use the same logo of a blue keyhole. There has been a proposal which is now under active implementation, to merge all the associate banks into SBI to create a "mega bank", streamline operations and unlock value.

State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Saurashtra
State Bank of Travancore

Source: wikipedia.org

State Bank India | State Bank of India - Roots

The State Bank of India traces its roots to the first decade of 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The government amalgamatted Bank of Bengal and two other Presidency banks, namely, the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras on 27 January 1921, and named the reorganized banking entity the Imperial Bank of India. All these Presidency banks were incorporated as joint stock companies, and were the result of the royal charters. The Imperial Bank of India continued to remain a joint stock company. Until the establishment of a central bank in India the Imperial Bank and its early predecessors served as the nation's central bank printing currency.

The State Bank of India Act 1955, enacted by the Parliament of India, authorized the Reserve Bank of India, which is the central banking organization of India, to acquire a controlling interest in the Imperial Bank of India, which was renamed the State Bank of India on 30 April 1955.

Timeline

• June 2, 1806: The Bank of Calcutta established.
• January 2, 1809: This became the Bank of Bengal.
• April 15, 1840: Bank of Bombay established.
• July 1, 1843: Bank of Madras established.
• 1861: Paper Currency Act passed.
• January 27, 1921: all three banks amalgamated to form Imperial Bank of India.
• July 1, 1955: State Bank of India formed; becomes the first Indian bank to be nationalised.
• 1959: State Bank of India (Subsidiary Banks) Act passed, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries.
• 1980s When Bank of Cochin in Kerala faced a financial crisis, the government merged it with State Bank of India.
• June 29, 2007: The Government of India today acquired the entire Reserve Bank of India (RBI) shareholding in State Bank of India (SBI), consisting of over 314 million equity shares at a total amount of over 355 billion rupees.

Source: wikipedia.org

State Bank India | About State Bank of India

State Bank of India (SBI) (LSE: SBID) is the largest bank in India. If one measures by the number of branch offices and employees, SBI is the largest bank in the world. Established in 1806 as Bank of Bengal, it is the oldest commercial bank in the Indian Subcontinent. SBI provides various domestic, international and NRI products and services, through its vast network in India and overseas. With an asset base of $126 billion and its reach, it is a regional banking behemoth. The government nationalized the bank in 1955, with the Reserve Bank of India taking a 60% ownership stake. In recent years the bank has focused on two priorities, 1), reducing its huge staff through Golden handshake schemes known as the Voluntary Retirement Scheme, which saw many of its best and brightest defect to the private sector, and 2), computerizing its operations.

Source: wikipedia.org