State bank of India which is also known as SBI is the most significant multinational state bank in India. The headquarters is present in Mumbai, Maharashtra and it is government bank, and all the rules and regulations are held under the law and policies of the government. More than 20% market share of this bank internationally. Overall the bank was founded in 1806 before it there was a bank name “imperial bank of India”. IBI is also government based bank.
History of State Bank of India IBI
Before the SBI, there was two presidency bank.
- Bank of Calcutta
- Bank of Bombay
Both the bank combine to form the imperial bank of India (SBI Net Banking). After then it turns into State bank of India. The Indian government held the imperial bank in 1955. In 1959, the government made more eight different sub-branches in all over India associated with state bank of India (SBI). As time passes, SBI starts getting hold of the local banks. The first bank was Bank Bihar which was in 1911 and SBI got the hold in 1969 along with other 24 branches of Bihar bank.
In 2008, State Bank of Saurashtra was also associated with the state bank of India. In the next year, 1941, SBI got the hold of 24 more branches of a bank of Lahore. There were 470 branches of State Bank of Indore which after then associated with the SBI.
State Bank of India Branches provide a different number of products related to banking through its various channels in all over India as well as in international. In the critical cities, 157 zonal offices and 16 regional hubs. More than 18000 branches are presently working in India. A government of India has 61% of shares in state bank of India.