13-04-2017, 02:58 PM
The state-owned bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a corporation owned by the government with its headquarters in Mumbai, Maharashtra. From 2016-17, it had assets of ₹30.72 trillion (US $ 460 billion) and more than 14,000 branches, including 191 branches in 36 countries, becoming the largest banking and financial services company in India by assets . The company ranks 232 on the Fortune Global 500 list of the world's largest companies as of 2016.
The bank traces its ancestry to British India through the Imperial Bank of India to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian subcontinent. Bank of Madras merged into the other two "presidency banks" in British India, Bank of Calcutta and Bank of Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India in 1955. Bank of India in 1955, with the Central Bank of India taking a 60% stake, and renamed the State Bank of India. In 2008, the government took over the holding of the Reserve Bank of India. State Bank of India is a banking giant and has a 20% market share in deposits and loans among Indian commercial banks.
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