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State Bank of India (SBI): A Colossus of Indian Banking SBI, headquartered in Mumbai, stands as India's largest bank, commanding a significant 23% market share by assets and a substantial 25% share of the loan and deposit market. This multinational public sector behemoth employs nearly 250,000 people, making it one of India's ten largest employers, and boasts a customer base exceeding 50 crore as of 2024. Its systemic importance is underscored by the Reserve Bank of India's designation as a Domestic Systemically Important Bank (D-SIB), alongside HDFC Bank and ICICI Bank. Globally, SBI holds a prominent position, ranking 47th worldwide by total assets and securing a place in the Fortune Global 500 list, the only Indian bank to achieve this distinction in 2024. Forbes Global 2000 further recognized SBI's stature, placing it at 55th in 2024. Tracing its origins back to the Bank of Calcutta, established in 1806, SBI's history spans over two centuries. Formed through the amalgamation of over twenty banks, its journey evolved through the Imperial Bank of India before assuming its current name on July 1, 1955, following the Government of India's acquisition and the Reserve Bank of India's 60% stake. This legacy solidifies SBI's position as the oldest commercial bank in the Indian subcontinent, a testament to its enduring presence and influence in the nation's financial landscape.

Image Source : Wikipedia

Company type Public
Industry Banking, financial services
Founded 27 January 192115 April 1840
Headquarters State Bank Bhavan, M.C. Road, Nariman Point, Mumbai, Maharashtra, India
Area served India
Key people Challa Sreenivasulu Setty
Services Retail banking, Corporate banking, Investment banking, Mortgage loans, Private banking, Wealth management, Asset management, Investment management, Credit cards, Insurance
Revenue ₹4.39 lakh crore (US$50 billion) (2024)
Net income ₹69,543 crore (US$8.0 billion) (2024)
Number of employees 232,296 (31 March 2024)
Parent Government of India (57.54%)
Subsidiaries SBI Life Insurance Ltd, SBI Mutual Fund (63%), SBI Cards and Payment Services Ltd (68.63%), SBI General Insurance (69.11%)
Website www.sbi.co.in, bank.sbi, onlinesbi.sbi

Related Other Pages:

HDFC,

ICICI Bank and

Kotak Mahindra Bank

State Bank Of India history

Last Updated : 06/03/25, 03:30 PM

State Bank of India: A Legacy of Expansion The State Bank of India's (SBI) history traces back to the Bank of Calcutta, established in 1806. It evolved through the amalgamation of three Presidency banks—Bank of Bengal, Bombay, and Madras—in 1921, forming the Imperial Bank of India. The Reserve Bank of India (RBI) gained controlling interest in 1955, officially establishing SBI. The government later acquired the RBI's stake in 2008. SBI's expansion included integrating eight princely state banks in 1959, boosting rural outreach. Further acquisitions followed, notably the Bank of Bihar (1969), National Bank of Lahore (1970), Krishnaram Baldeo Bank (1975), and Bank of Cochin (1985). In 2001, SBI partnered with BNP Paribas to form SBI Life Insurance. The mid-2000s saw a strategic move to merge associate banks. State Bank of Saurashtra merged in 2008, followed by State Bank of Indore in 2010. In 2017, five remaining associate banks and Bharatiya Mahila Bank were integrated, significantly increasing SBI's asset base. The bank also played a key role in rescuing Yes Bank in 2020, acquiring a 48.2% stake, later reduced to 26.13%. SBI's commitment to innovation is evident in its 2022 launch of a dedicated start-up branch in Bengaluru. Arundhati Bhattacharya's 2013 appointment as chairperson marked a significant milestone. SBI's involvement in initiatives like the Pradhan Mantri Jan Dhan Yojana further underscores its role in India's financial landscape.