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 de-regularization 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 group today has a vast nationwide network of more than 18000 branches , out of which more than 4700 are branches of its Associate Banks (visit the following websites for Associate Banks)