Do you know SBI full form?
SBI full form in English: State Bank of India
SBI : General Overview
State Bank of India is a public sector undertaking. It works across the nations providing people with financial advice and services. With a ranking of 216 on the World’s biggest Corporations on the Fortune Global List 2017.
Being the largest bank in India with a 23% market share. It also holds one-fourth share of the total loan and deposits market of the country. The bank was set up in 1806 as the Bank of Calcutta. Thus, it holds the privilege of being the oldest bank in the country.
The Reserve Bank of India was set up in 1955, and it took up 60% share in the State Bank of India. Reserve Bank of India is still the governing body of the Indian Banking system.
The origin of State Bank of India can be traced back to the 19th century.
The bank started off as Bank of Calcutta later changing to Bank of Bengal, established on 2 June 1806. It was one of the three Presidency banks.
SBI full form in Hindi: भारतीय स्टेट बैंक
The Presidency Banks had the sole right to print the currency notes. The Presidency Banks agglomerated in the year 1921 and reorganized as the Imperial Bank of India. The Imperial Bank still remained out of Government participation. Going by the State Bank of India Act of 1955, the Reserve Bank of India, gained a control in the bank.
In the year 1955 the Imperial Bank became the State Bank of India and RBI gained a 60% share in the SBI. In the year 2008, the Government of India got hold of the stake of RBI in the State Bank of India, to avoid any conflict of interest. The Government of India passed the Subsidiary Banks Act in the year 1959 making the banks of princely states the subsidiaries of SBI.
This combined with the First Five Year Plan which targeted at the development of rural India. The Government combined all these banks into SBI. Bank of Jaipur and Bank of Bikaner were incorporated into SBI in the year 1963.SBI acquired some of the banks to rescue their bankruptcy.
Some of these banks are:
• Bank of Bihar in the year 1969
• National Bank of Lahore in the year 1970
• Krishnaram Baldeo Bank in the year 1975
• Bank of Cochin in the year 1985
It was once proposed to merge the associate banks with SBI to regulate and streamline the working. This would result in a single very large bank and unified working procedure. There have been first undertakings in this direction, starting with the merger of State Bank of Saurashtra with SBI.
This reduced the number of associate banks. State Bank of Indore was assimilated in the SBI family on 19 June 2009. State Bank of India has a total stake of 98.3% in the State Bank of Indore. That means the Government share rests only at 1.7% of the total bank shares. Acquiring the State Bank of Indore was a big accomplishment. It added 470 branches to the existing tree of SBIs branches.
The process of merging the State Bank of Indore was complete by the month of April in the year 2010. The first women Chairperson of the State Bank of India was Arundhati Bhattacharya. She was appointed as Chairperson on October 7, 2013.
Being one of the largest employer in the nation, it employs 209,567 as per the data on March 31, 2017. Out of the total employees, 23% of employees are women and 1.5% are differently abled. In the Financial Year 2016-17 around 13,000 employees joined the bank. Each employee of the bank contributes a net profit of 511,000 rupees as per the Financial Year 2016-17.
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