State Bank of India

State Bank of India (SBI) is an Indian multinational public-sector bank and financial-services institution headquartered in Mumbai. It is the largest bank in India by assets, deposits, lending scale, branch network and customer reach, and is designated by the Reserve Bank of India as a domestic systemically important bank. The Government of India remains its controlling shareholder, while the bank is publicly listed on the Bombay Stock Exchange and National Stock Exchange of India and has Global Depository Receipts listed in London. SBI's modern corporate identity dates from 1 July 1955, when the Imperial Bank of India was converted into the State Bank of India under the State Bank of India Act. Its institutional ancestry reaches further back to the Bank of Calcutta, established in 1806, and the other Presidency banks of British India. The Bank of Bengal, Bank of Bombay and Bank of Madras were consolidated in 1921 to create the Imperial Bank of India. In 1955, the Reserve Bank of India acquired a controlling interest in that institution on behalf of the public sector and renamed it SBI. The central bank's stake was later transferred to the Government of India in 2008. The bank's mandate has historically combined commercial banking with economic development and financial inclusion. Through its branches, ATMs, business correspondents and digital channels, SBI serves households, farmers, small businesses, large corporations, government entities, institutional clients and non-resident Indians. Its principal businesses include retail banking, corporate and wholesale banking, agricultural and rural banking, international banking, treasury services, payments, wealth management and digital financial services. SBI also operates a broad financial-services ecosystem through subsidiaries and affiliates. These include SBI Life Insurance, SBI General Insurance, SBI Cards and Payment Services, SBI Funds Management, SBI Capital Markets, SBI Securities and pension and payment businesses. The group has maintained overseas operations in Asia, Africa, Europe, the Middle East, North America and other markets, supporting Indian companies, international trade and overseas Indians. A major structural turning point came in 2017, when five remaining associate banks and Bharatiya Mahila Bank were merged into SBI. The consolidation created a single institution with a substantially larger balance sheet and unified operating platform. SBI has also participated in government financial-inclusion programs, including Pradhan Mantri Jan Dhan Yojana, and has invested heavily in mobile and online banking. Its YONO platform, introduced in 2017, integrates account services, payments, lending, investments and selected commerce features. SBI's scale gives it a central role in India's financial system, but also exposes it to the governance, credit-quality, cybersecurity, consumer-protection and public-policy responsibilities associated with a systemically important state-controlled bank. Its present positioning combines public-sector trust and nationwide reach with digital banking, diversified financial products and international connectivity.

State Bank of India's institutional lineage begins with the Bank of Calcutta, established in 1806. It was later renamed the Bank of Bengal and became one of the three Presidency banks created to support commerce and government finance in British India. The Bank of Bombay was founded in 1840 and the Bank of Madras in 1843. These institutions operated as joint-stock banks under royal charters and, for a period, held the exclusive right to issue paper currency in their respective territories. That currency function ended when responsibility was transferred to the Government of India under the Paper Currency Act of 1861. On 27 January 1921, the three Presidency banks were amalgamated into the Imperial Bank of India. The Imperial Bank was a large commercial institution but did not initially include direct government ownership. It combined branch banking, government business and commercial finance and became the principal predecessor of SBI. The State Bank of India Act of 1955 transformed this structure. The Reserve Bank of India acquired a controlling interest in the Imperial Bank, and on 1 July 1955 the institution became the State Bank of India. The new public-sector bank was expected not only to conduct commercial banking but also to extend credit and banking access into under-served regions. In 1959, legislation brought eight banks associated with former princely states into the SBI system as subsidiary or associate banks. This expanded the bank's regional presence and supported the development priorities of India's early Five-Year Plans. Over subsequent decades, SBI absorbed or rescued a number of smaller institutions. State Bank of Jaipur and State Bank of Bikaner were combined within the group in 1963. SBI acquired Bank of Bihar in 1969, National Bank of Lahore in 1970, Krishnaram Baldeo Bank in 1975 and Bank of Cochin in 1985. These transactions strengthened its branch network and gave the bank a larger role in regional banking. SBI diversified beyond conventional deposit and lending operations. In 2001 it partnered with BNP Paribas to establish SBI Life Insurance. It also developed investment, securities, asset-management, card, insurance and infrastructure-finance businesses through subsidiaries and joint ventures. International expansion included offices and subsidiaries across South Asia, Southeast Asia, the Middle East, Africa, Europe, North America and other regions. SBI's overseas network has served trade, corporate clients and Indian communities abroad. A long-running effort to unify the State Bank group accelerated in the late 2000s. State Bank of Saurashtra merged with SBI in 2008, followed by State Bank of Indore in 2010. In 2016, the SBI board and the Union Cabinet approved the absorption of the remaining five associate banks—State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore—as well as Bharatiya Mahila Bank. The merger took effect on 1 April 2017 and created a single, much larger operating institution. The bank has remained closely connected to national financial policy. During the Pradhan Mantri Jan Dhan Yojana financial-inclusion initiative launched in 2014, SBI organized account-opening camps and brought millions of customers into formal banking. It has also expanded mobile banking, digital payments, automated service points and business-correspondent channels. YONO, launched in 2017, became the central digital consumer platform for many SBI services. In 2020, SBI participated in the government- and RBI-supported reconstruction of Yes Bank by acquiring a major equity position. In 2022, it established a dedicated start-up branch in Bengaluru. Throughout its history, SBI has balanced public ownership and developmental responsibilities with the need to compete in a more digital, regulated and commercially demanding banking market. It remains one of India's most important financial institutions, with a nationwide customer base, extensive domestic infrastructure, international operations and a large family of financial-services subsidiaries.

• 2022

  Start-up banking branch opened

  [1]State Bank of Indiaen.wikipedia.org

  SBI opened a dedicated branch for start-ups in Bengaluru.

• 2020

  Participation in Yes Bank reconstruction

  [1]State Bank of Indiaen.wikipedia.org

  SBI acquired a major stake in Yes Bank as part of an RBI-directed rescue transaction.

• 2017

  Associate-bank merger completed

  [1]State Bank of Indiaen.wikipedia.org

  Five associate banks and Bharatiya Mahila Bank merged into SBI on 1 April.

• 2017

  YONO launched

  [1]State Bank of Indiaen.wikipedia.org

  SBI introduced its integrated digital banking platform, YONO.

• 2014

  Financial-inclusion expansion

  [1]State Bank of Indiaen.wikipedia.org

  SBI supported Pradhan Mantri Jan Dhan Yojana through large-scale account-opening camps and rural outreach.

• 2013

  First woman appointed chairperson

  [1]State Bank of Indiaen.wikipedia.org

  Arundhati Bhattacharya became SBI's first woman chairperson.

• 2008

  Government of India becomes direct controlling shareholder

  [1]State Bank of Indiaen.wikipedia.org

  The Government of India acquired the Reserve Bank of India's SBI stake, separating ownership from the banking regulator.

• 2001

  SBI Life Insurance established

  [1]State Bank of Indiaen.wikipedia.org

  SBI and BNP Paribas formed a life-insurance joint venture.

• 1959

  Associate-bank structure introduced

  [1]State Bank of Indiaen.wikipedia.org

  Eight banks linked to former princely states were brought into the SBI system as subsidiaries.

• 1955

  State Bank of India established

  [1]State Bank of Indiaen.wikipedia.org

  The Imperial Bank became SBI on 1 July after the Reserve Bank of India acquired a controlling interest under the State Bank of India Act.

Showing the 10 most recent.

A government-controlled, nationwide banking institution combining mass-market reach, public-sector credibility, financial inclusion and full-service banking for retail, business and institutional customers.

• Banking services

  Retail banking

  SBI provides current and savings accounts, term deposits, payment services, personal loans, home loans, education finance, vehicle finance, agricultural credit and other consumer banking products through its physical and digital channels. Its retail franchise is supported by a nationwide branch and service network and includes offerings for salaried customers, households, farmers, small businesses and non-resident Indians.

• Commercial banking

  Corporate and wholesale banking

  The corporate and wholesale businesses serve large companies, public-sector enterprises, financial institutions and government-related entities. Services include working-capital finance, project and infrastructure lending, trade finance, cash management, syndicated lending, structured finance, treasury products and investment banking support through related group companies.

• Digital banking · 2017

  SBI YONO

  YONO is SBI's integrated digital platform for retail banking and selected financial and commerce services. It enables customers to access accounts, transfers, bill payments, cards, loans, investments and other services through mobile and online interfaces. The platform is a central part of SBI's effort to modernize customer service and reduce dependence on branch-only transactions.

• Payments and cards

  SBI Cards

  SBI Cards and Payment Services is the group's credit-card business, offering consumer and commercial cards, payment services, rewards and related digital tools. It operates as a listed subsidiary associated with the SBI brand and extends the group's relationship with retail customers beyond deposits and lending.

• Insurance · 2001

  SBI Life Insurance

  SBI Life Insurance provides life-protection, savings, investment-linked, retirement and group-insurance products through a distribution model connected to SBI and other channels. It was established through SBI's partnership with BNP Paribas and forms one of the group's principal non-banking financial businesses.

• International banking · 1864

  International and NRI banking

  SBI's overseas branches, subsidiaries and joint ventures provide retail, commercial, trade, remittance and non-resident Indian services. International operations span multiple regions and are intended to support Indian businesses abroad, cross-border transactions and customers with links to India.

• 2014Pradhan Mantri Jan Dhan Yojana outreach

  India

  SBI organized extensive camps and branch-level outreach to open basic bank accounts for previously underserved households, with a particular emphasis on rural customers and formal access to payments and government benefits.

  Outcome. Millions of accounts were opened during the initial expansion period.

  Source

• 2020

  Participate in the Yes Bank reconstructionM&A

  Background

  Yes Bank was restructured under a rescue plan directed by the Reserve Bank of India.

  Action taken

  SBI acquired a substantial equity stake in Yes Bank as part of the reconstruction.

  Aftermath

  SBI became a significant shareholder while Yes Bank continued under the restructured arrangement.

  Source

• 2017

  Unify the State Bank groupM&A

  Background

  The associate-bank structure created duplicated systems and brands while SBI sought greater scale and operational integration.

  Action taken

  SBI absorbed five remaining associate banks and Bharatiya Mahila Bank, completing the merger on 1 April 2017.

  Aftermath

  The transaction created a substantially larger unified bank and eliminated the separate associate-bank identities.

  Source

• 2017

  Launch an integrated digital platformProduct launch

  Background

  Rising digital-banking adoption created pressure for SBI to provide a unified mobile-first customer experience.

  Action taken

  SBI launched YONO, combining banking access with a wider set of financial and digital services.

  Aftermath

  YONO became a major customer-facing digital channel for the SBI group.

  Source

• 2022

  SBI opens dedicated start-up branch in Bengaluru[1]State Bank of Indiaen.wikipedia.org

  Product launch

  The bank opened a specialized branch intended to provide banking and support services to Indian start-ups.

• 2020

  SBI acquires stake in Yes Bank rescue transaction[1]State Bank of Indiaen.wikipedia.org

  M&A · Regulation

  As part of a Reserve Bank of India-directed restructuring, SBI acquired a substantial stake in Yes Bank.

• 2017

  SBI launches YONO digital banking platform[1]State Bank of Indiaen.wikipedia.org

  Product launch

  SBI introduced YONO as an integrated digital banking and financial-services platform.

• 2017

  SBI completes merger with associate banks and Bharatiya Mahila Bank[1]State Bank of Indiaen.wikipedia.org

  M&A

  Five associate banks and the wholly owned Bharatiya Mahila Bank were absorbed into SBI, consolidating the State Bank group.

• 1955

  State Bank of India formed from the Imperial Bank of India[1]State Bank of Indiaen.wikipedia.org

  Other

  The Imperial Bank of India was converted into the State Bank of India under legislation that placed the institution under public-sector control.

1. 1State Bank of Indiaen.wikipedia.org
2. 2State Bank of India official websitesbi.co.in
3. 3Baba Ramdev led Patanjali secures Rs 3,200 crore loan to acquire debt laden Ruchi Soya - BusinessTodaybusinesstoday.in
4. 4Boost to home loan segment! SBI launches home finance with guaranteefinancialexpress.com
5. 5NPCI arm rolls out Tatkal NPS, allows opening pension account via UPIprokerala.com
6. 6Patanjali secures ₹3,200-cr loan from banks to buy Ruchi Soyathehindubusinessline.com
7. 7Patanjali secures Rs 3,200 crore loan from banks to buy Ruchi Soyaeconomictimes.indiatimes.com
8. 8Patanjali secures Rs 3,200 crore loan from SBI, PNB to buy Ruchi Soyanewindianexpress.com
9. 9SBI acquires 1.84 lakh sq ft building on Kharadi leasehold land for ₹414 crbusiness-standard.com
10. 10SBI acquires commercial property in Pune’s Kharadi for ₹414 crorerealty.economictimes.indiatimes.com
11. 11SBI acquires commercial property in Pune’s Kharadi for Rs 414 croreeconomictimes.indiatimes.com
12. 12SBI acquires over 2 acres of land, 1.83 lakh sq ft office space in Pune’s Kharadi for ₹414 crorehindustantimes.com
13. 13SBI launches debit card EMI on PoS loans for consumer durablesaninews.in
14. 14SBI launches debit card EMI service for select customers. Check eligibility and other detailstimesnownews.com
15. 15SBI launches debit card with EMI facilitythehindubusinessline.com
16. 16SBI launches digital banking app YONO in UKtimesnownews.com
17. 17SBI launches mobile app YONO in UKthehindubusinessline.com
18. 18SBI launches promotional campaign with Metro Cash & Carry in Bengaluruthehindubusinessline.com
19. 19SBI partners with Realme to offer finance needs of the brand’s distributors and dealersthemobileindian.com
20. 20SBI to refund homebuyers if builder delays project- Moneycontrol.commoneycontrol.com
21. 21SBI wins world’s best consumer bank awarddailypioneer.com
22. 22Suzlon Energy appoints State Bank's nominee Rakesh Sharma as directorbusiness-standard.com
23. 23U GRO Capital signs loan co-origination partnership with SBIthehindubusinessline.com