State Bank of India – A Comprehensive Overview

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The State Bank of India stands as a significant figure in the Indian banking sector. With its wide network and a rich history that spans over two centuries, SBI has positioned itself as more than just a financial institution. To most Indians, it symbolises reliability and assurance. Established in the first decade of the 19th century, the bank has consistently played a key role in India’s financial landscape, guiding, adapting, and leading through various economic transitions. Recognised by its distinct blue logo, SBI represents a blend of enduring values and progressive services. This blog post explores the world of SBI, offering a balanced view of its detailed operations and widespread influence.

About State Bank of India

Industry TypeBanking and Financial Services
FoundedState Bank of India: 1 July 1955 (68 years ago)
EvolutionBank of Calcutta: 1806Bank of Bombay: 1840Bank of Madras: 1843Imperial Bank of India: 1921
HeadquartersMumbai, Maharashtra, India
Key PeopleDinesh Kumar Khara (Chairman)
Parent CompanyGovernment of India
Market Cap₹5.33 trillion
Total Employees2,35,858 (March 2023)
Services OfferedRetail Banking, Corporate Banking, Insurance, Investment Banking, Mortgage Loans, Private Banking, and more
Total number of Branches22,405
ATMs and ADWMs65,267
Total Customer Service Points76,089
Overseas Branches235
Countries of Presence29

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State Bank of India: An Overview

State Bank of India (SBI), the nation’s premier banking institution, has been serving India since the 19th century. As the largest bank in the country, it has played a crucial role in India’s economic growth, bridging urban-rural divides and introducing many firsts in the banking sector. With a vast network spread across India, it has made banking accessible to the masses, reaching even the remotest corners. Internationally, SBI’s footprint extends to 29 countries, catering to diverse needs. What distinguishes SBI is its ability to marry tradition with innovation. While it is rooted in a rich legacy, it continuously evolves, incorporating modern technology to serve its vast customer base better. Balancing its traditional values with a push for innovation ensures that SBI remains relevant and irreplaceable in India’s financial sector.

State Bank of India Historical Timeline and Major Events

1806: The roots were set with the establishment of the Bank of Calcutta

1921: A significant merger saw the Bank of Bengal, Bank of Bombay, and Bank of Madras coming together to form the Imperial Bank of India, further enhancing its strength.

1955: A monumental year when the Imperial Bank of India was nationalised to give birth to the State Bank of India, as we know it today.

1970s: A series of strategic moves led to the nationalisation of seven associate banks, thus enhancing the group’s outreach and influence.

1980s: SBI made its global intent clear, marking its presence in key markets such as the US and UK.

2000s: The era of digitisation saw SBI adopting technology, introducing online banking services, and pioneering many digital initiatives in the Indian banking space.

2017: A significant merger occurred with its five associate banks, positioning SBI in the league of the world’s top 50 banks.

2019: SBI becomes a pioneer in contactless mobile phone payments, and introduces its YONO digital banking app in the UK. 

2021: The Economic Times hails SBI as the Iconic Brand Of India for the year. 

2022: SBI raises a monumental Rs. 10,000 crore for infrastructure and affordable housing and partners with Germany’s KfW for a Rs 1,240-crore solar project loan.

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Major Subsidiaries of State Bank of India

  • SBI Cards & Payment Services Ltd: This subsidiary holds a distinct position in India’s credit card sector. Since its inception, SBI Cards has been known for creating credit solutions that are customised for diverse customer segments, from the regular salaried individual to the corporate executive. They’ve partnered with various industries to provide co-branded cards and exclusive benefits that cater to different lifestyles and needs. The ability to offer competitive interest rates, flexible credit limits, and an extensive rewards programme puts SBI Cards at the forefront of India’s credit card space.
  • SBI Capital Markets Ltd: The investment banking branch of SBI is not just about transacting; it’s about building lasting relationships. SBI Caps has played a significant role in managing key financial transactions in India, be it equity, debt, or other structured financial products. With a dedicated team of financial experts, they’ve consulted on major mergers, acquisitions, and public offerings, highlighting their expertise in capital markets.
  • SBI Life Insurance: In a country where insurance penetration remains low, SBI Life has consistently worked to emphasise the importance of life insurance. From term plans to unit-linked plans, from individual to group policies, SBI Life’s range of products is comprehensive. Their reach, with the help of SBI’s vast banking network, makes insurance accessible even to those in the remote corners of India.
  • SBI Mutual Fund: Upholding the principle ‘A Partner for Life’, SBI MF has always ensured to make investment accessible to all. Their range of mutual funds, from equity to debt to hybrid, caters to both the new and the seasoned investors. Their investment education initiatives have helped many Indians understand the merits of systematic investment, ensuring that wealth creation isn’t limited to a select few.
  • SBI Foundation: Beyond balance sheets and profit statements, SBI deeply cares about helping society. SBI Foundation focuses on projects that bring about real change. From healthcare projects in rural India to education initiatives for the underprivileged, the foundation has always been working to make a better India.


Major Acquisitions by State Bank of India

  • State Bank of Bikaner & Jaipur: Founded in 1963, this bank was a major player in Rajasthan. Its merger with SBI not only enhanced the parent bank’s presence in the state but also streamlined operations, bringing about operational efficiency and improved customer services.
  • State Bank of Hyderabad: Established in 1941, this bank was initially set up as the central bank for Nizam’s state. Over the years, it became a significant banking entity in South India. Its merger with SBI brought about uniformity in operations and provided customers with a broader range of products.
  • State Bank of Mysore: This bank, rooted in the rich heritage of Karnataka since 1913, played a key role in the state’s banking sector. By merging with SBI, the bank’s customers got access to advanced banking technologies and a broader array of services.
  • State Bank of Patiala: Founded in 1917, this bank had a profound presence in Punjab, Haryana, and parts of Himachal Pradesh. Its merger brought strength to SBI’s operations in North India, providing customers with a seamless banking experience.
  • State Bank of Travancore: Established in 1945, this bank played a vital role in promoting financial accessibility in Kerala. Its merger meant that customers could benefit from SBI’s innovative banking solutions while still preserving the local values.

Products/Brands under the State Bank of India

  • SBI YONO: YONO isn’t just another banking app; it’s a lifestyle platform. Imagine having a personal finance manager, shopping companion, and investment advisor all rolled into one. With features like pre-approved personal loans and a marketplace for retail products, YONO has redefined digital banking in India.
  • SBI Quick: In today’s fast-paced world, simplicity and speed are key. SBI Quick allows customers to access crucial banking services with just a missed call or an SMS. Be it checking account balance or receiving mini statements; it’s all available at your fingertips.
  • SBI Buddy: In an age where cashless transactions are the norm, SBI Buddy acts as a reliable digital wallet. Whether you’re dining out, shopping online, or paying bills, this wallet ensures that transactions are swift and secure.
  • SBI Anywhere Personal: Imagine having the power of an entire bank branch in your pocket. This mobile banking application provides comprehensive banking services, from fund transfers to term deposit management, making sure you’re never too far from your bank.
  • SBI Home Loans: Buying a home is a dream for many. SBI Home Loans ensures that finance isn’t a barrier. With competitive interest rates, minimal processing fees, and a customer-centric approach, SBI Home Loans have become the go-to choice for many aspiring homeowners.


The comprehensive overview of the State Bank of India highlights its significant role, not only as a banking entity but as a vital component in India’s economic structure. SBI’s wide range of services, from retail banking to investments, highlights its commitment to cater to the several needs of its customers. While it honours traditions, the bank simultaneously welcomes modern innovations to serve a rapidly evolving customer base. It’s clear that SBI doesn’t just function as a bank but acts as a reflection of India’s financial growth and potential. With every service it offers and every milestone it achieves, SBI reaffirms its pledge to its vast customer base, truly living up to its ethos – “The banker to every Indian.”

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