Banking plays an important role in the development of the Indian economy and the country has both public sector as well as private sector banks providing banking services to its people. State Bank of India is a prominent public sector bank, which is regarded as the largest banking company in the country by assets. This government owned corporation is head quartered in Mumbai and has a total of 17000 branches, with 190 of them located overseas.
Here are some features of State Bank of India:
- State Bank of India was founded as the Imperial Bank of India on 27th January, 1921 and was later renamed as State Bank of India on 1st July, 1955. It was nationalized in 1956.
- Currently, the bank holds 20% of the deposits and loans in the Indian market.
- It has 14 regional hubs along with 57 Zonal Offices spread over all the major cities in the country. There is a total of 16000 branches of the bank in India, out of which 9851 are located in rural and suburban areas, making 66% of the total.
- SBI made a revenue of Rs 200,560 crores (US$36.9 billion) in the financial year 2012-13. 95.35% of revenue was contributed by domestic operations.
- There are a total of 190 foreign branches of the bank spread in 36 countries around the globe. The branches are located in major cities of the world, including New York, Moscow, Vancouver, Toronto, Sydney, Tokyo, London, Los Angeles, Frankfurt, Tehran, Dubai, Muscat, Cape Town, Singapore, Hong Kong, Johannesburg and Osaka.
- SBI has five associate banks namely State Bank of Patiala, State Bank of Jaipur and Bikaner, State Bank of Travancore, State Bank of Hyderabad and State Bank of Mysore.
- In addition to the associate banks, it also holds some non banking subsidiaries including SBI Life Insurance Company Limited, SBI General Insurance, SBI Capital Markets Limited, SBI Funds Management Private Limited, SBI DFHI Limited, SBI Factors & Commercial Services Pvt Ltd and SBI Cards and Payments Services Pvt. Ltd. (SBICPSL).
- The bank offers excellent services to its customers, with as many as 43515 ATMs of the bank in the country as of 31st March 2014. The bank, along with its associate banks, operates more than 53000 ATMs all over India.
- State Bank of India has a large number of employees working for it, with as many as 222033 employees as on 31st March 2014.
- In addition to its direct services to clients all over India and overseas too, the bank also furnishes net banking services for their comfort and convenience.
State Bank of India is one of the oldest and most reputed banks in the country and it has lived up to its reputation with excellence of services and commitment to provide the best for its clients. It covers all kinds of banking services such as deposits, loans, lockers, credit cards, ATMs, etc. The bank has been given a number of awards and honors for its outstanding services in the field of banking.