States Bank of India will Enter the League of ‘Top 50 Global Banks’
States Bank of India ( SBI ) is the country’s largest commercial bank, in terms of assets, deposits and employees. It is owned by Government of India, which is headquartered in Mumbai, Maharashtra. It was established on 1 July 1955. SBI was formerly known as Imperial Bank of India.
SBI is the first ever large scale consolidation in the Indian Banking Industry. On 1st April, 2017, SBI merged with five of its Associate Banks including State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore and Bharatiya Mahila Bank with itself.The merger will turn the State Bank of India into largest lender in the country and the bank would be recognized as one of the top 50 banks in the world with large asset base.
SBI provides several products such as Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards, etc. It also offers many services to its customers such as Domestic Treasury, Broking Services, Revised Service Charges, ATM Services, Internet Banking, E-Pay, E-Rail, Safe Deposit Locker, MICR Codes, Foreign Inward Remittances, SBI NO Queue App FAQ.
After the merging, SBI will enter the league of ‘Top 50 Global Banks’ with a balance sheet size of Rs. 41 lakh crore, 278,000 employees, 420 million customers, and more than 24,000 branches and 59,000 ATMs. Arundhati Battacharya is the first woman to be the chairperson of State Bank of India. SBI’s internet banking portal provides personal banking services that gives you complete control over all your banking demands online.