The State Bank of India is
the largest commercial bank in India. The bank in its present
form was incorporated in terms of the provisions of State
Bank of India Act, 1955. It took over the banking operations
of the erstwhile Imperial Bank of India which was established,
by the amalgamation of the three Presidency Banks: Bank of
Calcutta (1806), Bank of Bombay (1840) and Bank of Madras
(1843) into a single Bank called Imperial Bank of India in
1921. Thus State Bank of India has an impeccable banking heritage
that dates back to the early 19th century, i.e. over 200 years.
From being a conservative Bank confined to discounting
of Bills of exchange and support the government in implementation
of its policies, the Bank has grown leaps and bounds to
remain as the country’s largest Bank in terms of assets
and network.
Committed to the development of the nation, State Bank
of India laid focus on rural development and public sector
industries in 1950s. The Bank concentrated on entrepreneurial
development and instrumental in supporting the green revolution
during 1960s and 70s through agricultural financing. With
focus on global trade the bank expanded its domestic and
international network in 1980s. The deregularisation and
liberalization paved the way for the Bank to face the competition
in the market in 1990s and tapping the international market
for forex reserves. The Bank has raised capital from the
markets and also enlarged its focus on Private sector investment
with thrust on infrastructure. In the current scenario the
bank is consolidating itself and transformed itself into
a 100 % computerized Bank with implementation of Core Banking
solutions.
Not many financial institutions in the world today can
claim the antiquity and majesty of the State Bank of India.
Adaptation to a changing world and the needs of the hour
has been one the strengths of the Bank. Yet seldom did the
Bank contravene its rules or depart from sound banking principles
to retain or expand its business.
An impeccable financial status, consistent maintenance
of the lofty traditions of banking and observance of a high
standard of integrity in its operations had helped the Bank
gain a pre-eminent status in India. No wonder the admiration
for the Bank was universal as key functionaries of the Indian
Offices and Government of India, successive finance ministers
of Independent India, Reserve Bank governors and representative
of the Chambers of Commerce showered encomiums on it.
The traditions of the past continue to be upheld even to
this day as the State Bank gears itself to meet the emerging
challenges of the new millennium. Visit to www. statebankofindia. com)
State Bank of India today has:
Vast
nationwide network of branches (13813)
• 9120 of SBI
• 4693 of its Associates (Visit the following websites
for Associate Bank)
