State Bank Of India (SBBI) is a public sector bank that operates in the Indian economy. It was founded in 1881 and is one of the largest banks in the world. SBBI has a network of branches and ATMs throughout India. The Bank offers various banking products and services, including savings and loans, commercial banks, credit card, and mobile banking.
The Bank today operates as an arm of the Government and offers multiple banking services such as loans, investments, insurance, and personal finance products. It has been reported that SBI plans to provide SBI e Mudra Loans. The Mudra Loan is a loan which can be used for purchasing goods and services with cash or through a digital platform.
The SBI e Mudra Loan is a preferential loan scheme which provides concessional loans of up to Rs. 50,000 crores to small and medium enterprises (SMEs) in India. The project is aimed at helping businesses get access to capital and grow faster. The system offers a lower interest rate compared to other government-provided credit products. This has allowed companies to expand rapidly and create jobs.
10 Interesting Facts About the State Bank of India
Here we’ve talked about ten fascinating facts about SBI that you may not be aware of.
Initial Years during Pre-Independence Era
The Bank was created to meet the requirements of European commerce, particularly. Initially, the SBI and its two subsidiaries’ capital was primarily based on private shareholders’ shareholdings. The shareholders were mostly European. The local economic environment affected the Bank’s operations and structure. In 1823 the Bank began to supervise the banking operations of the Government.
Evolution of SBI
The background of SBI could be traced to the early 19th century. It founded its first institution, the Bank of Calcutta (which later changed its name to the Bank of Bengal), in 1806. In 1921, the two other banks that were in existence, the Bank of Bombay and the Bank of Madras, merged with the Bank of Bengal to form the Imperial Bank of India.
Change in Conditions
Following the year 1860, the activities of the Bank changed significantly. In 1861, following the passing of the Paper Currency Act, the Government was given the authority to release currency bills. The SBI is the only authority to issue money notes to British India.
The Subsidiary Banks Act
The State Bank of India (Subsidiary Bank) Act was passed on September 25, 1955. After the passing of this law, the State Bank of India grew larger. In October in the year 2000, it was the State Bank of Hyderabad became the first associate Bank of SBI. Later, other subsidiary banks were set up and named affiliate banks for the SBI. The subsidiaries were the State Bank of Bikaner, State Bank of Indore, State Bank of Jaipur, State Bank of Saurashtra, State Bank of Mysore, State Bank of Patiala, and the State Bank of Travancore.
Post-Independence
In 1955 in 1955 in 1955, the Reserve Bank of India acquired the Imperial Bank of India under the State Bank of India Act (1955). The Bank changed to the State Bank of India afterwards.
Worldwide Expansion
In October 1963, SBI inaugurated its branch in London and was appointed the banker of the Indian High Commission. In the past, the offices of the Reserve Bank of India (RBI) were responsible for these functions. Outside of India, however, the State Bank of India also has a presence across 32 countries around the world. There are 137 foreign offices.
The First Woman Chairperson of SBI
Up to 2013, SBI did not have a female chairperson. On October 7, 2013, Arundhati Bhattacharya took her post as the first female Chairperson at the Bank. The year 2015 saw her as the most powerful woman in business. Forbes magazine listed her as the 36th most powerful female in the world.
A vast amount of SBI branches and ATM
SBI has more than 15000 branches across India. The 15,000th branch opened in Sooranam village in Tamil Nadu 2013 on August 17. Former Finance Minister Mr P Chidambaram had inducted the new department. SBI has more than 25000 ATMs across the nation. In 2011, on March 31, the 25,000th SBI ATM was opened to celebrate the retirement of the chairman of SBI, Shri O.P. Bhatt.
Services
For India, SBI has 15 869 branches and 541 ATMs. This includes associate banks. The 15,000th branch of the SBI was opened in August 2013 in Sooranam village in Tamil Nadu. The ex-Finance Minister from India, P. Chidambaram, officially inaugurated the branch. The 25,000th ATM in SBI was inaugurated on March 31, 2011. The chairman of the time at SBI, O. P Bhatt, was the first to inaugurate that ATM.
The Bank of Bengal
SBI was founded in Bengal at the time of British rule. It was subsequently called”The Bank of Bengal. Then, it opened two branches in Mumbai named “State Bank of Bombay” in 1840, and then it expanded as the giant Bank in India’s banking industry.
Read More About How can I pay my SBI loan EMI online?
