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22nd November 2017, 01:09 PM
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Join Date: Aug 2012
Re: History of State Bank of India In English

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra

History :

The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of np later renamed the Bank of Bengal, was established on 2 June 1806.

The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks were incorporated as joint stock companies and were the result of royal charters.

Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is Indias central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the imperial Bank of India became the State Bank of India

In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. This made SBI subsidiaries of eight that had belonged to princely states prior to their nationalization and operatonal takeover between September 1959 and October 1960, which made eight state banks associates of SBI.

Present Scenario

In 1st April, 2017, State Bank of India, which is Indias largest Bank merged with five of its Associate Banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank with itself.

This is the first ever large scale consolidation in the Indian Banking Industry. With the merger, State Bank of India will enter the league of top 50 global banks with a balance sheet size of ₹33 trillion, 278,000 employees, 420 million customers, and more than 24,000 branches and 59,000 ATMs.


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