SBI

State Bank of India (SBI) is the largest public sector bank in India. The Mumbai-headquartered public lender was incorporated 68 years ago on July 1, 1955. However, the origins of SBI date back to the early 1800s, linked to the establishment of the Bank of Calcutta (later renamed the Bank of Bengal) in June 1806. Together with the Bank of Bombay (founded in April 1840) and the Bank of Madras (founded in July 1843), the trio was known as the Presidency banks. The three banks later merged into one entity called the Imperial Bank of India in January 1921.

The Imperial Bank was later incorporated as the State Bank of India on July 1, 1955, with the Reserve Bank of India holding 60% stake in the company.

As of December 14, 2023, SBI's market capitalisation stood at over ₹5.57 lakh crore. SBI share price has surged over 127% in the last three years. The central government holds a 57.49% stake in the bank (as of September 30, 2023). This marks the government's smallest ownership percentage among PSU banks.

State Bank of India business operations

SBI has almost one-fourth of the market share and caters to over 48 crore customers. It operates through a vast network of more than 22,405 branches, 65,627 ATMs and 76,089 business correspondents. Through subsidiaries like SBI General Insurance, SBI Life Insurance, SBI Mutual Fund and SBI Card, the bank has diversified its business into a wide range of financial products and services. Its global presence spans 29 foreign countries with 235 overseas branches.

On SBI's YONO app, over 6 crore users are registered and the number of new digital savings accounts opened per day is around 23,000. The average daily cardless cash withdrawals stand at over 1.07 lakh.

SBI has been venturing into several new businesses and services through strategic partnerships. Some of these services include pension funds, general insurance, custodial services, private equity, mobile banking, point of sale merchant acquisition, advisory services, and structured products. The company's service portfolio also includes NRI services, personal banking, international banking, agriculture/rural, corporate banking, government business and domestic treasury.

State Bank of India also has many subsidiaries. Some of the leading subsidiaries are SBI Capital Markets Limited, SBI General Insurance Company Limited, SBI Funds Management Limited, SBI Global Factors Limited and SBI Pension Funds Private Limited.

SBI is also one of the largest employers in India and the world with 232,296 employees as on 31 March, 2024.