State Bank of India facts for kids
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State Bank Bhavan, Nariman Point, Mumbai
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| Public | |
| Traded as | |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=INE062A01020 INE062A01020] |
| Industry | Banking, financial services |
| Predecessor |
Imperial Bank of India
(1921 – 1955)
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| Founded | 1 July 1955 State Bank of India
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| Headquarters | State Bank Bhawan, M.C. Road, Nariman Point, Mumbai, Maharashtra, India |
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Number of locations
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India: 22,219 Branches 62,617 ATMs International: 229 Branches in 31 countries |
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Area served
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Worldwide |
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Key people
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| Products |
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| Revenue |  ₹5.75 lakh crore (US$98 billion) (2023) |
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Operating income
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₹93,582.84 crore (US$16 billion) (2023) |
| ₹75,648.20 crore (US$13 billion) (2023) |
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| Total assets | ₹63.17 lakh crore (US$1.1 trillion) (2024) |
| Total equity | ₹3.72 lakh crore (US$63 billion) (2023) |
| Members | 50 crores+ |
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Number of employees
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240,198 (31 December 2022)
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| Parent | Ministry of Finance (Government of India (57.5%) |
| Subsidiaries |
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| Capital ratio | Tier 1 11.03% (2022) |
| Rating |
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The State Bank of India (SBI) is a very large bank from India. It is a global company that offers financial services. Its main office is in Mumbai, Maharashtra. SBI is one of the biggest banks in the world. It was ranked 221st among the world's largest companies in 2020. It was the only Indian bank on that list.
SBI is a public sector bank. This means the government owns most of it. It is the largest bank in India. It handles about 23% of all bank assets in the country. It also manages 25% of all loans and deposits. SBI is also one of the top ten employers in India. It has almost 250,000 employees.
In 2022, SBI became one of the few Indian companies to be worth over 5 lakh crore rupees. By February 2024, its value went past 6 lakh crore rupees. The Reserve Bank of India (RBI) sees SBI as a "Domestic Systemically Important Bank" (D-SIB). These banks are sometimes called "too big to fail" because they are so important to the country's economy.
The bank started from the Bank of Calcutta, which was founded in 1806. This makes it one of the oldest commercial banks in the Indian subcontinent. Over time, several banks merged to form the Imperial Bank of India. This bank then became the State Bank of India in 1955. The Government of India took control of the Imperial Bank in 1955. The Reserve Bank of India (India's central bank) took a 60% share.
In 2022, SBI opened its first special branch for start-ups in Bengaluru. This was done to help new businesses in India.
Contents
How SBI Started and Grew
The story of State Bank of India began a long time ago. It started with the Bank of Calcutta in 1806. This bank was later called the Bank of Bengal. It was one of three "Presidency banks." The other two were the Bank of Bombay (started in 1840) and the Bank of Madras (started in 1843).
These three banks were companies that could issue their own paper money. But in 1861, the Government of India took over this right. In 1921, these three Presidency banks joined together. They formed a new bank called the Imperial Bank of India.
In 1955, the Reserve Bank of India (India's central bank) took control of the Imperial Bank of India. On July 1, 1955, the Imperial Bank of India officially became the State Bank of India. Later, in 2008, the Government of India bought the Reserve Bank of India's share in SBI. This was done to avoid any conflict of interest. The RBI is supposed to regulate banks, not own them.
In 1959, the government passed a law to make eight banks into subsidiaries of SBI. These banks used to belong to princely states. This was part of a plan to help develop rural India. SBI merged these banks to reach more people in villages. For example, in 1963, SBI merged with State Bank of Jaipur and State Bank of Bikaner.
SBI has also helped other smaller banks by taking them over. For instance, it acquired the Bank of Bihar in 1969. It also took over the National Bank of Lahore in 1970. In 1975, it acquired Krishnaram Baldeo Bank. In 1985, SBI acquired the Bank of Cochin in Kerala.
The famous SBI logo was designed in 1971. It was created by the National Institute of Design, Ahmedabad.
Over the years, there was a plan to merge all the smaller banks linked to SBI into one big bank. This would make operations simpler. The first step happened in 2008 when State Bank of Saurashtra merged with SBI. Then, in 2009, State Bank of Indore also joined SBI. These mergers added many branches and increased SBI's total assets.
In 2013, Arundhati Bhattacharya became the first woman to be the chairperson of SBI. She helped merge the remaining five associate banks into SBI. In February 2024, SBI started working with Flywire Corporation. This helps make student payments and money transfers easier and clearer.
Where SBI Works
SBI offers many banking products. It has a large network of branches in India and around the world. It also has services for Indians living abroad (NRIs).
In India
SBI has over 22,400 branches across India. Most of its business and profits come from its operations within India.
SBI also helped with the Pradhan Mantri Jan Dhan Yojana. This was a government plan to help more people get bank accounts. SBI opened millions of new accounts for this plan.
Around the World
As of 2015, SBI had 191 offices in 36 countries. It has the largest international presence among Indian banks.
- SBI Australia
- SBI Bangladesh
- SBI Bahrain
- SBI Botswana (closed its operations in Botswana)
- SBI Canada Bank This bank started in 1982 as a part of State Bank of India.
- SBI China
- SBI (Mauritius) Ltd SBI started an offshore bank in Mauritius in 1989. It later merged with another bank. Today, it has 14 branches in Mauritius.
- Nepal SBI Bank Limited In Nepal, SBI owns 55% of this bank. It has branches all over the country.
- SBI Sri Lanka This bank has three branches in Sri Lanka. It is the oldest bank in Sri Lanka, founded in 1864.
In Nigeria, SBI operates as INMB Bank. In Moscow, SBI owns 60% of Commercial Bank of India. In Indonesia, it owns 76% of PT Bank Indo Monex. In Kenya, State Bank of India owns 76% of Giro Commercial Bank.
SBI South Korea In 2016, SBI opened its first branch in Seoul, South Korea. SBI South Africa SBI UK Ltd
SBI USA In 1982, SBI started a branch in the USA. It now has ten branches, mostly in California.
Former Partner Banks
In 1960, SBI took control of seven banks. These were regional banks from former Indian princely states. They were renamed with 'State Bank of' in front of their names. Examples include State Bank of Bikaner and Jaipur (SBBJ) and State Bank of Hyderabad (SBH). All these banks used the same blue "Keyhole" logo as SBI. This logo is said to be inspired by Ahmedabad's Kankaria Lake.
The plan to merge these partner banks into one big SBI started in 2008. The State Bank of Saurashtra merged with SBI in 2008. The State Bank of Indore merged in 2009.
On April 1, 2017, the remaining five partner banks merged with SBI. These were State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore. The Bharatiya Mahila Bank also merged with SBI at the same time. This made SBI even bigger and stronger.
Other SBI Services
SBI has other companies that offer different services. These are called non-banking subsidiaries. They include:
- SBI Capital Markets Ltd (helps companies raise money)
- SBI Cards & Payments Services Pvt. Ltd. (offers credit cards)
- SBI Life Insurance Company Limited (offers life insurance)
- SBI Mutual Fund (helps people invest money)
SBI also has many ATMs. As of July 2023, the SBI group had over 65,000 ATMs. Since 2017, SBI also offers a digital banking platform called YONO. This app helps people do banking on their phones.
Helping Yes Bank
In March 2020, SBI helped another bank called Yes Bank. SBI bought a large part of Yes Bank's shares. This was part of a rescue plan guided by the Reserve Bank of India. It helped Yes Bank stay strong.
Who Owns SBI?
As of December 2023, the Government of India owns about 57.49% of SBI. This means the government is the main owner. The Life Insurance Corporation of India, which is also owned by the government, is the largest non-government shareholder. It owns about 9.02% of SBI.
SBI's shares are traded on major stock exchanges in India, like the Bombay Stock Exchange and the National Stock Exchange of India. This means people can buy and sell parts of the bank.
SBI Employees
SBI is one of the largest employers in the world. As of March 2021, it had over 245,000 employees. About 26% of these employees are women.
SBI's Good Deeds
State Bank of India has a special group called SBI Foundation. This group helps with development projects in India. It also works on projects that fit under the government's rules for Corporate Social Responsibility. This means SBI tries to give back to the community.
Images for kids
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SBI FL Gomes Road Branch, Vasco da Gama, Goa
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SBI Siddipet Branch Siddipet, Telangana
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SBI Rura Branch, Rura, Uttar Pradesh
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SBI Hudkeshwar Branch, Nagpur, Maharastra
See also
In Spanish: State Bank of India para niños
- List of banks in India
- List of largest banks
- List of companies of India
- List of Chairmen of the State Bank of India
