Full form of SBI is State Bank of India. SBI is a leading multinational corporation in the public sector. The government of India holds SBI and SBI’s biggest shareholder with 62% approximately. SBI consists of more than 24000 branch offices in India and more than 200 offices in 30 different countries. State Bank of India was incorporated in 1806 its headquarters in Mumbai. It was originally known as the Bank of Calcutta, founded in 1806. The Bank of Calcutta, Bank of Bombay, and Bank of Madras merged in 1955 to form the Imperial Bank of India.
History Related to State Bank of India (SBI)
- SBI was founded on 1st July 1955.
- It was re-designated after three years as the Bank of Bengal on 2nd January 1809 after it gets a charter.
- It became the first foreign bank in 2007 to establish a branch in the diamond exchange of Israel.
- It introduced two new home loan products that are SBI Advantage Home Loan and SBI Easy Home on 30th June.
- It became the first bank to establish an ATM in Jammu and Kashmir.
- SBI merged with 5 banks that are State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Travancore, and State Bank of Patiala.
Function of State Bank of India (SBI)
- SBI provides the facility of accepting, withdrawings, selling, and buying bills of exchange.
- SBI allows deposits from the public and deposits from institutions.
- SBI delivers banking products and services.
- It can only buy buildings for official purposes.
- It takes part of board members and state property administrators.
- It also buys and sells gold.
Services of State Bank of India (SBI)
Below are the services provided by SBI:
- Personal Banking
- International Banking
- NRI Services
- Agricultural / Rural Banking
- Corporate Banking and other services.
Non-Banking Subsidiaries of State Bank of India (SBI)
Below is the list of Non-Banking Subsidiaries of SBI.
- SBI DFHI Ltd.
- SBI General Insurance.
- SBI Funds Management Pvt. Ltd.
- SBI Life Insurance Company Limited
- SBI Capital Markets Ltd.
- SBI Cards and Payments Services Pvt. Ltd.
- SBI Factors and Commercial Services Pvt. Ltd.