Sbi's Success Story
The Legacy of a Bank
The amazing transformation story of State Bank of India (SBI) is a milestone in the history of Indian Banking. During 1951, when the first five year plan was launched, need was felt for economic generation of rural areas and a bank who can work in the interest of rural development. On the recommendation of All India Rural Credit Survey Committee the creation of a state partnered Bank was taken. Subsequently the Imperial Bank of India was taken over by integrating it with the State owned Bank. The year 1955 marks the birth of the State Bank of India when Imperial Bank of India was nationalized and named as such by an Act of the Parliament and in 1959 it was joined by seven “Darbar Banks” formed under the princely states now known as its Associate Banks. In 2008 State Bank of Saurastra, one of the associate banks merged into the SBI and in August 2010 with the acquisition of State Bank of Indore, SBI has now five associate banks. With 480 offices comprising branches, sub offices and three local head offices inherited from Imperial Bank, the SBI started its journey with commitment to nation building by purposeful banking, catering the financial needs of the nation. The government has nearly 60 percent shareholding in the bank. Four out of nine external directors apart from Chairman and two managing directors are appointed by the government.
Today SBI is the largest Bank in India, with 13,000 branches across the country, right from the highest altitude branch at Leh to Kanyakumari. As on 30th September 2010 the five associate banks have a combined network of 4497 branches, making the total branches of SBI along with its associate bank to nearly 17,000. It has around 131 offices in 32 countries making it a huge organization with over 2,05,000 employees as on 2009, coming from different regions and cultures. The bank was ranked at 29th position in the Forbes, world’s most reputed companies leaving Microsoft behind in 2009. There were only
The amazing transformation story of State Bank of India (SBI) is a milestone in the history of Indian Banking. During 1951, when the first five year plan was launched, need was felt for economic generation of rural areas and a bank who can work in the interest of rural development. On the recommendation of All India Rural Credit Survey Committee the creation of a state partnered Bank was taken. Subsequently the Imperial Bank of India was taken over by integrating it with the State owned Bank. The year 1955 marks the birth of the State Bank of India when Imperial Bank of India was nationalized and named as such by an Act of the Parliament and in 1959 it was joined by seven “Darbar Banks” formed under the princely states now known as its Associate Banks. In 2008 State Bank of Saurastra, one of the associate banks merged into the SBI and in August 2010 with the acquisition of State Bank of Indore, SBI has now five associate banks. With 480 offices comprising branches, sub offices and three local head offices inherited from Imperial Bank, the SBI started its journey with commitment to nation building by purposeful banking, catering the financial needs of the nation. The government has nearly 60 percent shareholding in the bank. Four out of nine external directors apart from Chairman and two managing directors are appointed by the government.
Today SBI is the largest Bank in India, with 13,000 branches across the country, right from the highest altitude branch at Leh to Kanyakumari. As on 30th September 2010 the five associate banks have a combined network of 4497 branches, making the total branches of SBI along with its associate bank to nearly 17,000. It has around 131 offices in 32 countries making it a huge organization with over 2,05,000 employees as on 2009, coming from different regions and cultures. The bank was ranked at 29th position in the Forbes, world’s most reputed companies leaving Microsoft behind in 2009. There were only