SBI (State Bank Of India)
Introduction
- The State Bank of India (SBI) is an Indian multinational public area financial institution that also owns an economic offerings corporation situated in Mumbai, Maharashtra. SBI is the forty-third biggest financial institution within the global economic horizons and ranked 221st at the 2020 Fortune Global 500 listing of the world’s biggest companies, the handiest Indian financial institution at the listing.[6] It is a public area financial institution and the biggest financial institution in India with a 23% marketplace percentage in phrases of belongings and a 25% percentage of the full lending and deposits marketplace. It is likewise the fifth-biggest agency in India with nearly 250,000 employees. The financial institution descends from the Bank of Calcutta, which turned into based through the Imperial Bank of India in 1806, making it the oldest business financial institution with inside the Indian subcontinent. The Bank of Madras merged with the alternative presidential banks of British India, the Bank of Calcutta and the Bank of Bombay, to shape the Imperial Bank of India, which in flip have become the State Bank of India in 1955 via the merger and acquisition of almost twenty banks in its 200-yr history. The Indian authorities took manipulated the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake and renaming it the State Bank of India.
History
- These 3 banks acquired the one-of-a-type right to hassle paper foreign exchange until 1861 while, with the forex Act, the proper has gone back to be taken via way of approach of the govt. of Asian countries. Regular to the provisions of the financial institution |bank |banking problem |banking company of India Act of 1955, the Federal Reserve Bank of India, it’ miles India’ vital economic institution, acquired a dominant interest with within the Imperial Bank of India. The method of merging of banking issue of Indore has emerged as completed via manner of approach of April 2010, and additionally, the SB Indore branches began our functioning as SBI branches on twenty-six August 2010.
Evolution Of SBI
India’s initial bank was the Bank of urban center (1806) which came into existence thanks to British business equally the 2 banks Bank of the metropolis (1840) and the bank of Madras (1843) were the presiding banks of Bharat.
the govt. of India took management of the imperial bank of India in 1955, with the Federal Reserve Bank of India (India’s central bank) taking a 60% stake, renaming it the depository financial institution OF Bharat.
it absolutely was suggested by A.D. GOREWALA’s committee, AIRCSCS (All Bharat Rural Credit Survey Committee). IN 1959, the government passed the depository financial institution OF INDIA (subsidiary Banks) act.
This created eight banks that had belonged to princely states into subsidiaries of SBI. In 1921, these 3 banks were incorporated to create the Imperial bank of Bharat and an SBI act was passed in 1955, establishing the depository financial institution OF Bharat on the first Gregorian calendar month of 1955.
Difference Between Them
IMPERIAL BANK STATE BANK OF INDIA
Commercial Bank | National Bank |
Profit orientated | Government help for development by providing development and finance |
Our first Prime Minister Dr. Jawaharlal Nehru appointed the ex-Finance Minister, Dr. John Mathai as a chairman. On 1st October 1959, its first subsidiary was established as the State bank of Hyderabad followed by the State bank of Indore, the State bank of Saurashtra, and so on
In the 1960s India encountered the Industrial revolution, SBI played an important role in it, as it provided financial support to different industries, like the iron and steel industry.
Similarly in the 1970s, India was marked by a green revolution, where SBI provided loans and training to farmers this revolution was a success.
Employees
- SBI is certainly considered one of the most important employers in the international with 245,652 personnel as on 31 March 2021. Out of the entire workforce, the illustration of ladies personnel is sort of 26%. The percent of Officers, Associates, and Subordinate staff = 44.28%, 41.03%, and 14.69% respectively at the equal date. Each worker contributed an internet income of ₹828,350 (US$11,000) throughout FY 2020–21.
Shares
- As on 31 March, 2017 Government of India held around 61.23% of capital stocks in SBI. The Life Insurance Corporation of India, itself state-owned, is the biggest non-promoter shareholder within the corporation with 8.82% shareholding.
Goals Of SBI
- Committed to providing simple, responsive, and innovative financial solutions.
Vision Of SBI
- Be a bank of choice for a transforming India, as per www.sbi.co.in, SBI claims to “create products and services that help customers achieve their goals. We will go beyond the call of duty to make our customers feel valued. We will be of service even in the remotest part of our country. We will offer excellence in services to those abroad as much as we do to those in India”.
Values
SBI was based on certain core values like providing good services, transparency, good work ethics, politeness, and sustainability.
As per SBI’s official site, the State Bank of India (SBI) is a Fortune 500 Company is an Indian Multinational, Public Sector Banking, and financial offerings statutory frame based in Mumbai. The wealthy history and legacy of over 2 hundred years, accredits SBI because the maximum depended on Bank via way of means of Indians through generations. SBI, the biggest Indian Bank with 1/4th marketplace share, serves over forty-five crore clients through its huge community of over 22,000 branches, 62617 ATMs/Adams, 71,968 BC outlets, with undeterred attention on innovation, and client centricity, which stems from the center values of the Bank – Service, Transparency, Ethics, Politeness, and Sustainability. The Bank has efficiently varied groups through its diverse subsidiaries i.e. SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has unfolded its presence globally and operates throughout time zones through 229 places of work in 31 overseas countries. Growing with the times, SBI maintains to redefine banking in India, because it targets to provide accountable and sustainable banking solutions.
Objectives Of SBI
- To have a strong commercial bank under the control and supervision of the government.
- Rural development and banking development
- Mobilise the savings among rural and provide credit to them
- Strengthen co-operative societies
- Assist RBI in implementing policies
- Financial assistance
- Communication objectives;
- Increasing awareness
- Grab the attention of consumers
- Enhance purchase action
- Increase in market share and sales
Functions Of SBI
1. Central banking functions:-
Act as an RBI agent (if RBI does not have any branch).
Bank of government meaning all accounts are under its supervision.
Buys and sells securities on behalf of the government.
Banker to banks, in the absence of RBI, SBI undertakes the banking services.
It acts as a clearing house where RBI has no branch.
Banker to government: The SBI functions as the banker to the central and state governments. It receives and pays money on behalf of the government. Especially it renders the following functions as directed by the RBI in this regard.
Banker’s bank: Commercial banks have accounts with SBI. When the banks face a financial shortage, the SBI aids them as it is considered a big brother in the banking industry. Due to the functions on the line, the SBI is considered in a limited sense as the banker’s bank.
Provides advice to the government regarding economic conditions, etc.
Collection of charges on behalf of the government e.g. collection of tax and other payments.
2. Commercial Banking Functions:-
- Accepts deposits
- Loans and advances
- Bills of exchange
- Invests and borrows
- Purchase gold and silver
- Foreign currency exchanges
- Housing schemes
- Finance foreign trade
Organisational Structure
- Assistant Managers
- Deputy Managers
- Mangers
- Chief Managers
- Assistant General Managers
- Deputy General Managers
- General Managers
- Chief General Managers
- Deputy Managing Directors
- Managing Directors
- Chairman
List Of Chairmen
No. | CHAIRMEN | FROM | TO |
1 | John Matthai | 1 July 1955 | 30 September 1956 |
2 | H. V. R. Iengar | 1 October 1956 | 28 February 1957 |
3 | P. C. Bhattacharya | 1 March 1957 | 28 February 1961 |
4 | Borra Venktappaiah | 1 March 1962 | 28 February 1965 |
5 | V. T. Dehejia | 1 March 1965 | 28 February 1969 |
6 | Raj Kumar Talwar | 1 March 1969 | 3 August 1976 |
7 | T. R. Varadachary | 4 August 1976 | 30 April 1977 |
8 | P. C. D. Nambiar | 23 May 1977 | 13 December 1982 |
9 | V. S. Natarajan | 20 December 1982 | 30 January 1983 |
10 | R. P. Goyal | 31 January 1983 | 30 November 1983 |
11 | Vishwanath N. Nadkarni | 1 December 1983 | 27 July 1984 |
12 | D. N. Ghosh | 13 May 1985 | 12 May 1989 |
13 | Atal V. | 15 January 1990 | 17 February 1990 |
14 | M. N. Goiporia | 19 February 1990 | 31 July 1992 |
15 | Dipankar Basu | 25 February 1993 | 31 August 1995 |
16 | P. G. Kakodkar | 1 October 1995 | 31 March 1997 |
17 | M. S. Verma | 1 April 1997 | 30 September 1998 |
18 | M. P. Radhakrishnan | 1 December 1998 | 31 January 1999 |
19 | G. G. Vaidya | 1 February 1999 | 31 October 2000 |
20 | Janki Vallabh | 1 November 2000 | 31 October 2002 |
21 | Arun Kumar Purwar | 13 November 2002 | 31 May 2006 |
22 | O. P. Bhatt | 1 July 2006 | 6 April 2011 |
23 | Pratip Chaudhuri | 7 April 2011 | 30 September 2013 |
24 | Arundhati Bhattacharya | 1 October 2013 | 6 October 2017 |
25 | Rajnish Kumar | 7 October 2017 | 6 October 2020 |
26 | Dinesh Kumar Khara | 7 October 2020 | To date |
Associates And Subsidiaries
- Associates are those institutions where the mother company holds less than 50% of shares meaning it is not the owner, on the other hand, subsidiaries are those institutions where the mother company is the owner hence owning more than 50% shares in the institution.
1. Associates of SBI:-
- State Bank of Bikaner and Jaipur (SBBJ)
- State Bank of Hyderabad (SBH)
- State Bank of Indore (SBN)
- State Bank of Mysore (SBM)
- State Bank of Patiala (SBP)
- State Bank of Saurashtra (SBS)
- State Bank of Travancore (SBT)
2. Subsidiaries of SBI:-
- State Bank of India California, which is a 100 percent subsidiary
- SBI Canada (100 percent)
- SBI UK (100 percent)
- Commercial Indo Bank LLC (100 percent)
- SBI Mauritius Ltd (96.6 percent)
- Bank SBI Indonesia (99 percent)
- Bank SBI Botswana (100 percent)
- Nepal SBI Bank (55 percent)
3. Non–Banking Subsidiaries:-
- SBI Capital Markets Ltd
- SBI Cards And Payments Services Pvt. Ltd. (SBICPSL)
- SBI Life Insurance Company Limited
- SBI General Insurance Ltd.
SBI Exams
Some of the exams SBI takes are:
State Bank Of India (SBI) PO- The “PO” stands for Probationary officer, it is conducted for management cadre selection in the bank. This exam is conducted in three phases i.e., Preliminary, Mains, and Interview.
State Bank Of India “(SBI) CLERK- This exam is conducted to fill up the vacant JUNIOR ASSOCIATES’ seats in the clerical cadre of the bank. This exam is conducted in three phases, Preliminary, Mains, and Interview.
State Bank Of India (SBI) SO- This exam is conducted to recruit candidates with experience and specialization; they must fulfill a certain level of requirements to be eligible to appear for the examination.
Syllabus
- Quantitative Aptitude
- Reasoning Ability
- English Language
- General Awareness
- Professional Banking Knowledge
Various Taglines Before The Merger
- “Pure Banking, Nothing Else”
- “With You – All The Way”
- “A Bank Of The Common Man”
- “The Banker To Every Indian”
- “The Nation Banks On Us”
New Tagline After Merger
“Bade Bank Ke Bade Fayde”
Logo
- The brand of the State Bank Of India is a blue circle with a small reduce within the backside that depicts perfection and the small man, the not unusual place being the center of the financial institution’s business. This brand was developed by the National Institute of Design (NID), Ahmadabad, and it became stimulated via way of means of Kankaria Lake.
Controversy
- SBI was called “anti-women” on the issued guidelines stating, that women who are over three months pregnant will be prevented from joining services calling them ‘temporarily unfit’.
Top 13 Interesting Facts About SBI
SBI is the biggest business financial institution in India, in phrases of belongings, deposits, branches, profits, clients, and employees.
SBI is the biggest business financial institution in the world, in phrases of branches.
Government Of India owns 61% percentage stocks of SBI.
This financial institution descends from the financial institution of Calcutta, based in 1806, through the Imperial financial institution of India, making it the oldest business financial institution within the Indian subcontinent.
IN 2008, the authorities of India obtained the Reserve financial institution of India’s stake in SBI to take away any struggle of hobby due to the fact the RBI is the country’s banking regulatory authority.
SBI is ranked 236th within the fortune worldwide 500 listing of the world’s largest agencies of 2019.
SBI has a hundred ninety places of work in 35 different countries. SBI has a consumer base of over forty-two crores.
The lifestyles coverage corporation (LIC) of India is the biggest non-promoter shareholder within the agency with 8.82% shareholding.
It is the biggest financial institution in India with a 23% marketplace percentage in belongings.
It is one-fourth of the entire mortgage and deposits marketplace; It had belongings well worth over USD 500 billion.
Arundhati Bhattacharya became the primary lady to be appointed as Chairperson of the financial institution.
SBI has over extra than, 24000 branches in India; it has sixteen nearby hubs and fifty-seven zonal places of work.
SBI additionally gives an incorporated virtual banking platform named YONO (you only want one) app.
