State Bank of India

In this article we will discuss State Bank of India (Important Facts)

In this article, we will discuss State Bank of India (Important Facts). So, let’s get started.

Important Facts

  • The largest Indian banking & financial service company in India is State Bank of India. It is also shortly known as SBI.
  • Headquarter of SBI is located at Mumbai.
  • It is state owned bank.
  • Bank of Bengal was established in Kolkata in 1806. It was first presidency bank of India.
  • Bank of Bombay was established in 1840.
  • Bank of Madras was established in 1843.
  • These three banks were private shareholder’s bank during British period.
  • According to the Paper Currency Act, 1861, these presidency banks were received rights to issue paper currency.
  • In 27 January 1921, these banks were combined together and renamed as the Imperial Bank of India (IBI).
  • In 1955, Imperial Bank of India was acquired by the Reserve Bank of India.
  • RBI renamed Imperial Bank of India as State Bank of India on 30 April 1955.
  • There were eight associate banks of SBI in 1959. They are: State Bank of Bikaner, State Bank of Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Mysore, State Bank of Saurashtra, State Bank of Patoila, and State Bank of Travancore.
  • State Bank of Bikaner & State Bank of Jaipur were merged to form State Bank of Bikaner and Jaipur (SBBJ) in 1963.
  • In 2008, State Bank of Saurashtra was merged with SBI.
  • In 2010, State Bank of Indore was merged with SBI. After that the total number of Associate Banks of SBI is five.
  • SBI has 190 Foreign office in 36 countries and also more than 15,000 branches in all over India.
  • As of 31st March 2016, SBI has 58,541 ATMs.
  • The first woman to be appointed as the Chairperson of SBI is Arundhati Bhattachrya.
  • It is the first bank to open branch in China.
  • It is the first bank to open ATM at Drass in the Jammu & Kashmir Kargil region.

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