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


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