- The roots of SBI date back to 1806 with the founding of the Bank of Calcutta, Bank of Bombay, and Bank of Madras.
- These merged in 1921 to form the Imperial Bank of India.
- After independence, the Imperial Bank was nationalised on July 1, 1955, through the State Bank of India Act.
- This move laid the foundation for India’s largest public sector bank.
Reaching the Heart of India: SBI’s Rural Expansion
- SBI brought eight associate banks under its umbrella in 1959 to enhance its reach in semi-urban and remote areas.
- Over time, it merged with entities like the Bank of Bihar, National Bank of Lahore, and Bank of Cochin.
- In 2017, SBI completed a major consolidation by merging its remaining five associate banks and Bharatiya Mahila Bank.
SBI Today: A Global Financial Powerhouse
- Headquartered in Mumbai, SBI is now a Fortune 500 company with an asset base of over ₹61 trillion as of October 2024.
- Serving 50+ crore customers through 22,500+ branches, 63,580 ATMs, and nearly 83,000 business correspondent outlets.
- Established an international footprint with 241 offices in 29 countries.
From the Presidency Banks to SBI: A Two-Century Evolution
A Record-Breaking FY25 Performance
- In FY25, SBI posted a net profit of ₹70,901 crore, a 16% increase over FY24.
- Achieved an operating profit of ₹1.10 lakh crore, crossing the ₹1 lakh crore mark for the first time.
SBI on the Stock Market: A Journey of Trust and Growth
- SBI entered the stock exchanges in 1997, reflecting India’s economic cycles.
- Backed by strong earnings, digital transformation, and a dominant role in retail and corporate banking.
- Expanding ecosystem includes SBI Life Insurance, SBI General Insurance, SBI Mutual Fund, and SBI Card.
Banking on Innovation: YONO and Beyond
- SBI is a leader in digital innovation with its YONO platform revolutionizing mobile banking.
- Actively supports startups, financial inclusion, and fintech collaborations to stay relevant in the digital age.
Key Takeaways for Competitive Exams
- SBI, celebrating its 70th anniversary, is India’s largest public sector bank with a rich history dating back to the early 19th century.
- Through mergers and expansions, SBI has established a strong presence in rural, urban, and international markets.
- Its financial performance, stock market journey, and focus on digital innovation make SBI a significant player in the banking industry.
- Students preparing for competitive exams can benefit from understanding SBI’s evolution, performance metrics, and innovative initiatives in the digital space.
