State Bank of India (SBI)
As of 2022, more than 80% of the Indian population has a bank account in comparison to 17% in 2009.
State Bank of India provides a range of products and services to individuals, commercial enterprises, large corporates, public bodies and institutional customers. It offers a range of segments like treasury, which includes the entire investment portfolio and trading in foreign exchange contracts and derivative contracts; corporate/wholesale banking, which comprises the lending activities of corporate accounts group, mid corporate accounts group and stressed assets management group; retail banking, which comprises branches in National Banking Group and primarily includes personal banking activities like lending activities to corporate customers having banking relations with branches in the National Banking Group; and other banking business, which includes operations of all non-banking subsidiaries/joint ventures other than SBI Life Insurance Co. Ltd. and SBI General Insurance Co. Ltd.
- 22,000 branches
- 62,617 ATMs
- Total net profit of Rs. 9,113.53 crore (US$ 1.10 billion) in the fourth quarter of FY23.
- A Fortune 500 company
State Bank of India - Soaring to New Heights
| Year | Milestone |
|---|---|
| 2023 |
In September 2023, SBI to allow UPI transactions for Digital Rupee, Central Bank Digital Currency (CBDC). In July 2023, The State Bank of India (SBI) has launched its enhanced digital banking application 'YONO for Every Indian' and the Interoperable Cardless Cash Withdrawal (ICCW) facility. In February 2023, SBI announced the completion of US$ 1 billion Syndicated Social Loan Facility. This is the largest ESG loan by a commercial bank in the Asia Pacific and the second-largest social loan globally. In January 2023, the State Bank of India has approved raising another US$ 1.21 billion (Rs 10,000 crore) through infrastructure bonds this quarter to fund credit growth. In January 2023, State Bank of India (SBI) has launched e-Bank Guarantee (e-BG) facility in association with National e-Governance Services Limited (NeSL). SBI inaugurated its third specialised branch for startups at Gurugram to provide all banking services required by them under one roof. RailTel a PSU under the Ministry of Railways, has received a Work order from State Bank of India for providing 4G LTE connectivity to 15,000 offsite ATM’s spread across India. |
| 2022 |
SBI to collaborate with Russian banks that are not subject to sanctions and to remain on the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network in order to create a special rupee vostro account (SRVA) for invoicing in Indian currency. |
| 2021 |
In September 2021, SBI raised Rs. 4,000 crore (US$ 533.8 million) via additional Tier 1 bonds at a coupon rate of 7.72%, the first such issuance in the domestic market after the Securities and Exchange Board of India issued new rules. |
| 2020 |
On December 17, 2020, State Bank of India (SBI) won the Data Security Council of India (DSCI) award for the ‘Best Security Practices in the Banking Sector” State Bank of India (SBI) raised US$ 100 million in green bonds through private placement |
| 2019 |
SBI entered into an agreement with National Investment and Infrastructure Fund (NIIF) to provide financing solutions to infrastructure sector |
| 2018 |
Jio and SBI entered into a partnership to increase SBI’s digital customer base multi-fold. |
| 2017 |
Acquired State Bank of Travancore, State Bank of Patiala, State Bank of Hyderabad, State Bank of Bikaner & Jaipur,State Bank of Mysore and Bhartiya Mahila Bank (BMB). |
| 2011 |
State Bank of India recorded debit card base of over 70 million. |
| 2009 |
State Bank of India, entered into an agreement with the Government of Gujarat to create a fund of Rs 5.00 billion (US$ 103.41 million) for investing in equity of infrastructure projects. |
| 2004 |
State Bank of India, Bangalore Circle, has announced its tie-up with New India Assurance Company Ltd (NIAC), for distribution of National Association of Insurance Commissioners (NIAC) general insurance products in Karnataka. |
| 2001 |
The Bank has incorporated a subsidiary SBI Life Insurance Company Ltd, for doing life insurance business. |
| 1998 |
The State Bank of India on Jan 27 took step into the payment cards business with a joint venture agreement with US-based financial services giant, General Electric Capital Corporation (GE Capital). |
| 1987 |
The bank had sponsored 30 Regional Rural Banks covering 66 backward and underbanked districts in the country. |
| 1955 |
On July 1 State Bank of India was constituted under the State Bank of India Act 1955. |
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