State Bank Of India - Key Facts and Latest Schemes

STATE BANK OF INDIA, government-owned corporation is India's oldest and largest commercial bank.

ESTABLISHMENT

• In 1806, SBI was commenced as Bank of Calcutta. (2 June, 1806)
• In 1809, the bank was renamed as Bank of Bengal. (2 Jan, 1809)
• In 1921, the bank was known as Imperial Bank of India. (27 Jan, 1921)

Note -  Imperial Bank of India was formed by merger of three presidency bank - Bank of Bombay (founded in 1840) , Bank of Madras (founded in 1843) and Bank of Bengal ( founded in 1809) under Imperial Bank of India Act 1920.

• On 1st July 1955, Imperial Bank of India became STATE BANK OF INDIA under State Bank of India Act, 1955.

SUBSIDIARIES 

State Bank of India ( Subsidiary Bank Act) was passed in September, 1959 by the government.

There are five banking subsidiaries of State Bank of India:

1. State Bank of Hyderabad  (First Subsidiary of SBI)
2. State Bank of Bikaner & Jaipur ( Merged in 1963 )
3. State Bank of Mysore
4. State Bank of Patiala
5. State Bank of Travancore

Note -  State Bank of  Saurashtra and State Bank of  Indore were merged with SBI in 2008 and 2010 respectively. There were originally eight subsidiaries acquired in 1959.

KEY FACTS

• Headquarters of SBI - Mumbai
• Chairperson - Arundhati Bhattacharya
• Owner - Government of India
• Slogans - The Banker To Every India; Pure Banking, Nothing Else; With You, All The Way; A Bank Of The Common Man; The Nation's Bank On Us.

SCHEMES AND APPS BY SBI

• SBI Buddy - Mobile Wallet App - Used to send money and booking for movies, flights, hotels and can be used for shopping as well,
• Youth for India - Indian Rural Fellowship Programme
• Twitter Handle Account - To connect with technically proficient generation in better way.
• Tab Banking Facility - The staff will visit the customer place and complete the formalities for account opening using Tabs.
• State Bank Freedom App- We can transfer funds , internet banking, balance enquiry, check Mini Statement, Cheque book request, Demat Enquiry service and Payment of Bills.
• Composite Index - To look forward economic trends.
• E- KYC 
• Boutique Financing Scheme - For women owners of Fashion Boutique
• State Bank Anywhere - Retail Internet Banking
• SBI Quick - Receive account balance and mini statements by sending a SMS or giving a missed call
• MCash - To claim funds sent by SBI customers