State Bank of India (SBI), with a 200 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 58.60% ownership. SBI is ranked 59th in the list of Top 1000 Banks in the world by "The Banker" in July 2015.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an act of Parliament to succeed the Imperial Bank of India.
The SBI group consists of SBI and five associate banks. The group has an extensive network, with over 22,887 plus branches in India and another 191 offices in 36 countries across the world. The group commands over 22% share of the domestic Indian banking market.
SBI’s non-banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide range of 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. SBI has arrangements with over 1617 various international / local banks to exchange financial messages through SWIFT in all business centres of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled teams of professionals.