State Bank of India: Key Points | SBI PO Prelims & Mains Preparation - Bank Exams PDF Download

Introduction

• State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company, owned by Government of India. 
• As of 31 March 2016,SBI has 49,577 ATMs & SBI group has 58,541 ATMs. 
• In 2016, Google search trends indicated that SBI jobs is one of the most searched keyword as compared to other banks. 
• Let us see in detail about the Icon of our Indian Banking Sector.

History

• The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of Calcutta, was established on 2 June 1806. 
• The Bank of Calcutta, was the oldest commercial bank in India, later renamed as Bank of Bengal. 
• The Bank of Bengal was one of three Presidency banks, the other two were the Bank of Bombay and the Bank of Madras. 
• These three banks received the exclusive right to issue paper currency till 1861. 
• With the Paper Currency Act, the right was taken over by the Government of India. 
• On 27 January 1921, the three presidency banks got merged as a single bank called the Imperial Bank of India. 
• On 1 July 1955, the imperial Bank of India became the State Bank of India. 
• On 2 June 1956, State Bank of India got nationalized. 
• In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. 
• This act resulted in the birth of eight Associates of SBI. 
• In 1963 SBI merged State Bank of Jaipur and State Bank of Bikaner. 
• On 13 August 2008 State Bank of Saurashtra merged with SBI 
• On 19 June 2009, State Bank of Indore merged with SBI. 
• On 7 October 2014, Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bank. 
• In 2008, the Government of India acquired the Reserve Bank of India's stake in SBI. 

Acquisition

• Bank of Bihar in 1969 
• National Bank of Lahore in 1970. 
• Krishnaram Baldeo Bank in 1975. 
• Bank of Cochin in 1985.

Merging of Associate banks

• State Bank of Bikaner & Jaipur (founded 1963) 
• State Bank of Hyderabad (founded 1941) 
• State Bank of Mysore (founded 1913) 
• State Bank of Patiala (founded 1917) 
• State Bank of Travancore (founded 1945) 
• Bharatiya Mahila Bank(founded 2013)

Note:

• The merger of these six Associates was approved by Union Cabinet on 15 June 2016 
• On 15 February 2017, the Union Cabinet approved the merger of 5 associate banks with SBI, Except Bharatiya Mahila Bank. 
• Bharatiya Mahila Bank will be merged in the next fiscal year.

Logo of Imperial Bank of India

 Logo of State Bank of India

• Designed by: Shekhar Kammat
• Designed on: 1st October, 1971
  Note: The logo was the aerial view of the Kankaria Lake in Ahmedabad, Gujarat.
• Tagline: With you all the way
• Pure banking nothing else
• The nation's bank on us
• Headquarter: Mumbai, Maharashtra, India
• Founded on: 2 June 1806, Bank of Calcutta
• 27 January 1921, Imperial Bank of India
• 1 July 1955, State Bank of India
• Chairperson: Arundhati Bhattacharya

Non -Banking Subsidiaries

• SBI Capital Markets Ltd 
• SBI Funds Management Pvt Ltd 
• SBI Factors & Commercial Services Pvt Ltd 
• SBI Cards & Payments Services Pvt. Ltd. 
• SBI DFHI Ltd (SBI Discount and Finance House of India) 
• SBI Life Insurance Company Limited (joint venture with BNP Paribas) 
• SBI General Insurance

Associates Banks

• State Bank of Patiala (founded 1917) 
• State Bank of Mysore (founded 1913) 
• State Bank of Bikaner & Jaipur (founded 1963) 
• State Bank of Hyderabad (founded 1941) 
• State Bank of Travancore (founded 1945) 
• Bharatiya Mahila Bank(founded 2013) 

Awards Received

• SBI was ranked 232nd in the Fortune Global 500 rankings of the world's biggest corporations (2016). 
• SBI was ranked as the top bank in India based on tier 1 capital by The Banker magazine in a 2014 ranking. 
• SBI was 50th Most Trusted brand in India as per the Brand Trust Report 2013 
• SBI was 19th Most Trusted Brand in India, as per the Brand Trust Report 2014 
• SBI was named the 29th most reputed company in the world according to Forbes 2009 rankings

SBI sponsors the following regional rural banks (RRB)

• Vananchal Gramin Bank (Jharkhand) 
• Utkal Grameen Bank (Odissa) 
• Ellaquai Dehati Bank(JK) 
• Purvanchal Bank (UP) 
• Langpi Dehangi Rural Bank (Assam) 
• Malwa Gramin Bank (Punjab) 
• Kaveri Grameena Bank (Karnataka)

Apps Launched Recently

• e-Forex 
• e-Kyc
• Boutique financing scheme 
• Tab banking facility 
• Twitter handle account 
• Youth for India 
• IMT (instant money transfer ) App 
• SBI launches ‘State Bank of India no queue’ mobile app 
• SBI mingle