History of Bank:
The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2nd June 1806. Three years later the bank received its character and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first Joint-Stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1st July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the imperial Bank of India on 27 January 1921.
In order to make the Reserve Bank of India more powerful the Indian Government nationalized it on January 1, 1949. With a view to have he co-ordinate regulation of Indian banking the Indian banking act was passed in March 1949. According this act the reserve Bank of India was granted extended powers for the inspection of non-scheduled banks. For the development of the banking facilities in the rural areas the imperial bank of India was partially nationalized on 1 July, 1955 and it was named as the state bank of India, SBI has completed 200 years of its business in India, SBI has completed 200 years of its business in India.
The State Bank of India is the biggest commercial bank in public sector of India. The maximum share capital of its associate banks is lying with the SBI conducts nearly 26.2% of the total banking transaction in the total Banking transactions in the country while 31.9% is performed by the nationalized banks.
The State Bank has established a specialized agency SBI. Gilfs Ltd. For buying and setting the Government Securities.
The State Bank of India, the country’s oldest Bank and a premier in terms of balance sheet size, number of branches, market capitalization and profits is today going through a momentous phase of Change and Transformation - the two hundred year old Public sector behemoth is today stirring out of its Public Sector legacy and moving with an agility to give the Private and Foreign Banks a run for their money.
The bank is entering into many new businesses with strategic tie ups - Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc - each one of these initiatives having a huge potential for growth.
The Bank is forging ahead with cutting edge technology and innovative new banking models to expand its Rural Banking base, looking at the vast untapped potential in the hinterland and proposes to cover 100,000 villages in the next two years.
It is also focusing at the top end of the market, on whole sale banking capabilities to provide India’s growing mid / large Corporate with a complete array of products and services. It is consolidating its global treasury operations and entering into structured products and derivative instruments. Today, the Bank is the largest provider of infrastructure debt and the largest arranger of external commercial borrowings in the country. It is the only Indian bank to feature in the Fortune 500 list.
The Bank is changing outdated front and back end processes to modern customer friendly processes to help improve the total customer experience. With about 8500 of its own 10000 branches and another 5100 branches of its Associate Banks already networked, today it offers the largest banking network to the Indian customer. The Bank is also in the process of providing complete payment solution to its clientele with its over 8500 ATMs, and other electronic channels such as Internet banking, debit cards, mobile banking, etc.
With four national level Apex Training Colleges and 54 learning Centres spread ail over the country the Bank is continuously engaged in skill enhancement of its employees. Some of the training program’s are attended by bankers from banks in other countries.
The bank is also looking at opportunities to grow in size in India as well as internationally. It presently has 82 foreign offices in 32 countries across the globe. It has also 7 Subsidiaries in India - SBI Capital Markets, SBICAP Securities, SBI DFHI, SBI Factors, SBI Life and SBI Cards - forming a formidable group in the Indian Banking scenario. It is in the process of raising capital for its growth and also consolidating its various holdings.
Throughout all this change, the Bank is also attempting to change old mindsets, attitudes and take all employees together on this exciting road to Transformation. In
Vision:-
My SBI
My customer first,
My SBI: first in customer satisfaction.
Mission:-
We will be prompt, polite and proactive with our customer.
We will speak the language of young India.
We will create products and services that help our customers achieve their goals.
We will go beyond the call of duty to make our customer feel valued.
We will be of service even in the remotest part of our country.
We will excellence in services to those abroad as much as we do to those in India.
We will imbibe state of art technology to drive excellence.
Values:-
We will always be honest, transparent and ethical.
We will respect our customers and fellow associates.
We will be knowledge driven.
We will learn and we will share our learning.
We will never take the easy way out.
We will do everything we can to contribute to the community we work in.
We will nurture pride in India.
Important facts related to the state bank of India
After partial nationalization of the imperial bank of India in 1955 July 1st. its name was changed as state bank of India. In this way, the state bank was established 1955. SBI has completed 200 years of its business in India.
The state bank of India is the biggest commercial bank in public sector of India.
The maximum share capital of its associate banks is lying with the SBI conducts nearly 26.2% of the banking transactions in the country. While 31.9%. is perfumed by the nationalized banks.
The state bank has established a specialized agency SBI gilts Ltd. For buying and selling the government securities.
All commercial public sector banks were directed by RBI attain 9% capital adequacy ratio by 31st march 2000. State bank of India already achieved this target in March 1996(11.6%).
Parliament approves SBI (Amendment) Bill 2007:
Parliament on august 23,2007 finally passed the SBI (Amendment) Bill 2007 to replace the ordinance issued by the government in June 2007, enabling the transfer of RBI 59.73%. State in state bank of India to the union government. The SBI (Amendment) bill 2007 was approved by the rajya sabha on august 23,2007 while it got lok sabha’s approved on august 21,2007.
State Bank of India is the largest public sector bank in the country. On June 30, 2007. 14082 branches of SBI & associates were working in the country. SBI group also includes 16 state banks of sourastra associate banks other than merge with SBI-2008. the share capital of these associated banks has been reserved with SBI. SBI GROUP (i.e. SBI and its 16 associated banks) has about 26.6% share in total banking business in the country. During 2006-07, state bank of India earned the net profit of Rs.4531 crore, after SBI, Punjab national bank with Rs.l421crore during 2006-07.
Provisions made in SBI subsidiary (amendment):
Allows SBI to down holding to 51 %.
Paves was for raising capital through preferential share issue. Private placement or public issue.
Permits issuance of bonus shares.
Removes restriction on individual shareholding.
Increase in voting rights of share holders other than SBI to 10% from 1%.
Bill Introduced in parliament to raise SBI Authorized capital to Rs. 5000 crore:
The state bank of India bill has been introduced in the parliament on 18th December,2006 to enable it to raise funds to meet future capital requirements and increase it s authorized capital toRs.5000 crore from Rs.20 crore. This bill also amends the SBI Act, 1955 to reduce the minimum holding by RBI in the bank to 51%. RBI at present holds 59.73% in the SBI. After the parliament’s approval of the bill, SBI can issue fresh equity and raise capital .it can even off load 8.73%.of existing equity in the domestic market. The government is also finalized plans to buy 59.73%. Stake from RBI.
According to the proposed amendments. The central board of the amendments, the central board of the bank can increase the issued capital by public issue or preferential allotment or private placement; the bank will also be allowed to issue bonus shares which it could not do under the existing act. SBI shareholders will now be able to name their successor to take their share after their death.
It has also been proposed in the bill to empower the center to supersede the SBI broad on the recommendation of RBI. The central bank can do so in public interest or for securing proper management of SBI or preventing the affairs of SBI being conducted in a manner detrimental to the interest of depositors.
SBI hints at interest rate like in April:
Lending rates may go up only from the first quarter of the next fiscal, the State Bank of India, Chairman Mr. O.P. Bhatt, hinted here today. SBI is likely to take a call on hiking the lending rates by March end.
This is even as the Reserve Bank of India recently came up with a 75 basis point increase in the cash Reserve Ratio, which will remove Rs. 36,000 crore from the banking system in two states beginning February 13.
“The CRR hike will affect liquidity to some extent not lending rates. I expect the lending rates. I expect the landing rates to go up, but not before May-June, Mr. O.P. Bhatt told reporters on the sidelines of an event to mark the launch of SBI’s defence salary package for navy.
He said that SBI’s credit growth during the current fiscal is expected to the 16-18 percent “It was about 17 percent till end December 2009”.
On SBI’s 8 percent reaser rates for home loans, Mr. Butt said the RBI had not objected to teaser rates. SBI would not have introduced this scheme if the regulator had objected, he said on the Merger of State Bank of Indore with SBI, Mr. Bhatt said the process would be completed by end March.
Buys RBI’s Entire stake in SBI:
With the biggest even cash purchase, the government on June 29, 2007 acquired the Reserve Bank of India’s entire 59.73% stake in State Bank of India for a total consideration of about Rs. 35,531.33 crore. As per this transaction the government has acquired 314339200 equity, shares with a face value of Rs. 10 each at Rs. 1130.35 per share at a total amount of Rs. 35531.33 crore. It is worth noting that the union cabinet on June 15, 2007 had approved an ordinance to amend the State Bank of India Act 1955 and made the road clear for the transfer of the Reserve Bank’s 59.7%. Stake in State Bank of India to the government. A bill has been planned to be moved in the coming session of parliament to replace this ordinance which placed the time limit of this transaction to be completed by June 30, 2007 (i.e., the end of RBI’s financial year).
In budget 2007-08 Financial Minister had announced that the government would by the RBI’s stake in SBI at an estimated market value of Rs. 40,000 crore to separate ownership and regulatory functions of the central bank.
Based on the European Banking system, the first bank in the country was started at Calcutta in 1770 by Alexander and company. It was named as ‘Bank of Hindustan’, but this bank was not successful.
With the financial assistance of the Government the Private owners established the Bank of Bengal in 1806, the Bank of Bombay in 1840, and the Bank of Madras in 1843. These Banks were called the presidency Banks. The presidency Banks has the right to issue paper currency notes till 1862.
In 1921, the Imperial Bank of India was established after merging these entire three presidency Banks.
On July 1, 1955 the imperial Bank was partially nationalized and it was named as the State Bank of India. At present, the State Bank is the largest Commercial Bank in the country. State Bank of India has completed 900 years of banking business in India.
Board of Directors
Sri O.P.Bhatt – Chairman
Sri R.Shridhra – Director
Sri Bharati Rao – Director
Sri V.Kannan – Director
Sri B.K. Vastav – Independent Director
Sri Y. Vijayanand – Independent Director
Smt Bhama Krishnamurty – Director
Sri S.Rajendra – Director
Sri Ashwin Ankhad – Independent Director
Sri Sangeet Shukul – Executive vice Chairman and CEO.
The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2nd June 1806. Three years later the bank received its character and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first Joint-Stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1st July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the imperial Bank of India on 27 January 1921.
In order to make the Reserve Bank of India more powerful the Indian Government nationalized it on January 1, 1949. With a view to have he co-ordinate regulation of Indian banking the Indian banking act was passed in March 1949. According this act the reserve Bank of India was granted extended powers for the inspection of non-scheduled banks. For the development of the banking facilities in the rural areas the imperial bank of India was partially nationalized on 1 July, 1955 and it was named as the state bank of India, SBI has completed 200 years of its business in India, SBI has completed 200 years of its business in India.
The State Bank of India is the biggest commercial bank in public sector of India. The maximum share capital of its associate banks is lying with the SBI conducts nearly 26.2% of the total banking transaction in the total Banking transactions in the country while 31.9% is performed by the nationalized banks.
The State Bank has established a specialized agency SBI. Gilfs Ltd. For buying and setting the Government Securities.
The State Bank of India, the country’s oldest Bank and a premier in terms of balance sheet size, number of branches, market capitalization and profits is today going through a momentous phase of Change and Transformation - the two hundred year old Public sector behemoth is today stirring out of its Public Sector legacy and moving with an agility to give the Private and Foreign Banks a run for their money.
The bank is entering into many new businesses with strategic tie ups - Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc - each one of these initiatives having a huge potential for growth.
The Bank is forging ahead with cutting edge technology and innovative new banking models to expand its Rural Banking base, looking at the vast untapped potential in the hinterland and proposes to cover 100,000 villages in the next two years.
It is also focusing at the top end of the market, on whole sale banking capabilities to provide India’s growing mid / large Corporate with a complete array of products and services. It is consolidating its global treasury operations and entering into structured products and derivative instruments. Today, the Bank is the largest provider of infrastructure debt and the largest arranger of external commercial borrowings in the country. It is the only Indian bank to feature in the Fortune 500 list.
The Bank is changing outdated front and back end processes to modern customer friendly processes to help improve the total customer experience. With about 8500 of its own 10000 branches and another 5100 branches of its Associate Banks already networked, today it offers the largest banking network to the Indian customer. The Bank is also in the process of providing complete payment solution to its clientele with its over 8500 ATMs, and other electronic channels such as Internet banking, debit cards, mobile banking, etc.
With four national level Apex Training Colleges and 54 learning Centres spread ail over the country the Bank is continuously engaged in skill enhancement of its employees. Some of the training program’s are attended by bankers from banks in other countries.
The bank is also looking at opportunities to grow in size in India as well as internationally. It presently has 82 foreign offices in 32 countries across the globe. It has also 7 Subsidiaries in India - SBI Capital Markets, SBICAP Securities, SBI DFHI, SBI Factors, SBI Life and SBI Cards - forming a formidable group in the Indian Banking scenario. It is in the process of raising capital for its growth and also consolidating its various holdings.
Throughout all this change, the Bank is also attempting to change old mindsets, attitudes and take all employees together on this exciting road to Transformation. In
Vision:-
My SBI
My customer first,
My SBI: first in customer satisfaction.
Mission:-
We will be prompt, polite and proactive with our customer.
We will speak the language of young India.
We will create products and services that help our customers achieve their goals.
We will go beyond the call of duty to make our customer feel valued.
We will be of service even in the remotest part of our country.
We will excellence in services to those abroad as much as we do to those in India.
We will imbibe state of art technology to drive excellence.
Values:-
We will always be honest, transparent and ethical.
We will respect our customers and fellow associates.
We will be knowledge driven.
We will learn and we will share our learning.
We will never take the easy way out.
We will do everything we can to contribute to the community we work in.
We will nurture pride in India.
Important facts related to the state bank of India
After partial nationalization of the imperial bank of India in 1955 July 1st. its name was changed as state bank of India. In this way, the state bank was established 1955. SBI has completed 200 years of its business in India.
The state bank of India is the biggest commercial bank in public sector of India.
The maximum share capital of its associate banks is lying with the SBI conducts nearly 26.2% of the banking transactions in the country. While 31.9%. is perfumed by the nationalized banks.
The state bank has established a specialized agency SBI gilts Ltd. For buying and selling the government securities.
All commercial public sector banks were directed by RBI attain 9% capital adequacy ratio by 31st march 2000. State bank of India already achieved this target in March 1996(11.6%).
Parliament approves SBI (Amendment) Bill 2007:
Parliament on august 23,2007 finally passed the SBI (Amendment) Bill 2007 to replace the ordinance issued by the government in June 2007, enabling the transfer of RBI 59.73%. State in state bank of India to the union government. The SBI (Amendment) bill 2007 was approved by the rajya sabha on august 23,2007 while it got lok sabha’s approved on august 21,2007.
State Bank of India is the largest public sector bank in the country. On June 30, 2007. 14082 branches of SBI & associates were working in the country. SBI group also includes 16 state banks of sourastra associate banks other than merge with SBI-2008. the share capital of these associated banks has been reserved with SBI. SBI GROUP (i.e. SBI and its 16 associated banks) has about 26.6% share in total banking business in the country. During 2006-07, state bank of India earned the net profit of Rs.4531 crore, after SBI, Punjab national bank with Rs.l421crore during 2006-07.
Provisions made in SBI subsidiary (amendment):
Allows SBI to down holding to 51 %.
Paves was for raising capital through preferential share issue. Private placement or public issue.
Permits issuance of bonus shares.
Removes restriction on individual shareholding.
Increase in voting rights of share holders other than SBI to 10% from 1%.
Bill Introduced in parliament to raise SBI Authorized capital to Rs. 5000 crore:
The state bank of India bill has been introduced in the parliament on 18th December,2006 to enable it to raise funds to meet future capital requirements and increase it s authorized capital toRs.5000 crore from Rs.20 crore. This bill also amends the SBI Act, 1955 to reduce the minimum holding by RBI in the bank to 51%. RBI at present holds 59.73% in the SBI. After the parliament’s approval of the bill, SBI can issue fresh equity and raise capital .it can even off load 8.73%.of existing equity in the domestic market. The government is also finalized plans to buy 59.73%. Stake from RBI.
According to the proposed amendments. The central board of the amendments, the central board of the bank can increase the issued capital by public issue or preferential allotment or private placement; the bank will also be allowed to issue bonus shares which it could not do under the existing act. SBI shareholders will now be able to name their successor to take their share after their death.
It has also been proposed in the bill to empower the center to supersede the SBI broad on the recommendation of RBI. The central bank can do so in public interest or for securing proper management of SBI or preventing the affairs of SBI being conducted in a manner detrimental to the interest of depositors.
SBI hints at interest rate like in April:
Lending rates may go up only from the first quarter of the next fiscal, the State Bank of India, Chairman Mr. O.P. Bhatt, hinted here today. SBI is likely to take a call on hiking the lending rates by March end.
This is even as the Reserve Bank of India recently came up with a 75 basis point increase in the cash Reserve Ratio, which will remove Rs. 36,000 crore from the banking system in two states beginning February 13.
“The CRR hike will affect liquidity to some extent not lending rates. I expect the lending rates. I expect the landing rates to go up, but not before May-June, Mr. O.P. Bhatt told reporters on the sidelines of an event to mark the launch of SBI’s defence salary package for navy.
He said that SBI’s credit growth during the current fiscal is expected to the 16-18 percent “It was about 17 percent till end December 2009”.
On SBI’s 8 percent reaser rates for home loans, Mr. Butt said the RBI had not objected to teaser rates. SBI would not have introduced this scheme if the regulator had objected, he said on the Merger of State Bank of Indore with SBI, Mr. Bhatt said the process would be completed by end March.
Buys RBI’s Entire stake in SBI:
With the biggest even cash purchase, the government on June 29, 2007 acquired the Reserve Bank of India’s entire 59.73% stake in State Bank of India for a total consideration of about Rs. 35,531.33 crore. As per this transaction the government has acquired 314339200 equity, shares with a face value of Rs. 10 each at Rs. 1130.35 per share at a total amount of Rs. 35531.33 crore. It is worth noting that the union cabinet on June 15, 2007 had approved an ordinance to amend the State Bank of India Act 1955 and made the road clear for the transfer of the Reserve Bank’s 59.7%. Stake in State Bank of India to the government. A bill has been planned to be moved in the coming session of parliament to replace this ordinance which placed the time limit of this transaction to be completed by June 30, 2007 (i.e., the end of RBI’s financial year).
In budget 2007-08 Financial Minister had announced that the government would by the RBI’s stake in SBI at an estimated market value of Rs. 40,000 crore to separate ownership and regulatory functions of the central bank.
Based on the European Banking system, the first bank in the country was started at Calcutta in 1770 by Alexander and company. It was named as ‘Bank of Hindustan’, but this bank was not successful.
With the financial assistance of the Government the Private owners established the Bank of Bengal in 1806, the Bank of Bombay in 1840, and the Bank of Madras in 1843. These Banks were called the presidency Banks. The presidency Banks has the right to issue paper currency notes till 1862.
In 1921, the Imperial Bank of India was established after merging these entire three presidency Banks.
On July 1, 1955 the imperial Bank was partially nationalized and it was named as the State Bank of India. At present, the State Bank is the largest Commercial Bank in the country. State Bank of India has completed 900 years of banking business in India.
Board of Directors
Sri O.P.Bhatt – Chairman
Sri R.Shridhra – Director
Sri Bharati Rao – Director
Sri V.Kannan – Director
Sri B.K. Vastav – Independent Director
Sri Y. Vijayanand – Independent Director
Smt Bhama Krishnamurty – Director
Sri S.Rajendra – Director
Sri Ashwin Ankhad – Independent Director
Sri Sangeet Shukul – Executive vice Chairman and CEO.
STATE BANK OF INDIA customer care number 7047278327..7047309283.7602968995
ReplyDeleteSTATE BANK OF INDIA customer care number 7047278327..7047309283.7602968995STATE BANK OF INDIA customer care number 7047278327..7047309283.7602968995
STATE BANK OF INDIA customer care number 7047278327..7047309283.7602968995
STATE BANK OF INDIA customer care number 7047278327..7047309283.7602968995STATE BANK OF INDIA customer care number 7047278327..7047309283.7602968995