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State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profit, number of branches and number of employees. SBI is the only Indian bank to rank among the top 100 banks in the world and is also among the top 20 banks in Asia according to The Banker (UK) magazine.
The origin of State Bank of India dates back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. Subsequently, Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. Reserve Bank of India acquired controlling interest in the Imperial Bank of India and SBI was created in 1955 by an act of Parliament to succeed the Imperial Bank of India.
The SBI group, consisting of SBI, six associate banks and SBI Commercial and International Bank Ltd., is engaged in the business of commercial banking globally. The group has an extensive network, with over 15700 branches and 93 foreign offices in 32 countries across the world. As of 31st March 2009, the group had assets worth USD 257 billion and deposits of USD 199 billion and capital & reserves in excess of USD 14 billion. The group commands nearly 25% share of the domestic Indian banking market with a customer base of over146 million. Over 70% of large Indian corporates and 50% of mid-sized corporates bank with SBI.
SBI’s non-banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership, making the SBI Group a truly large financial supermarket and India’s financial icon.