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New Microsoft Word Document www.gradeup.co 1 www.gradeup.co Hello Reader, Public Sector Banks are an important part of any bank examination. There will be questions on these based on the history, facts or recent news of PSB Banks in general awareness section of the every banking examination. To aid you in your preparation for banking exams we have started a series of articles - "Know all about Public Sector Banks of India". In this article, we are discussing State Bank of India History, Facts and Recent Updates History of State Bank of India The origin of the State Bank of India goes back to the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). 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 (1 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. When India attained freedom, the Imperial Bank had a capital base (including reserves) of Rs.11.85 crores, deposits and advances of Rs.275.14 crores and Rs.72.94 crores respectively and a network of 172 branches and more than 200 sub-offices extending all over the country. The All India Rural Credit Survey Committee recommended the creation of a state- partnered and state-sponsored bank by taking over the Imperial Bank of India. Thus, an act was passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955. Later, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries (later named Associates). The present of State Bank of India On 1 April 2017, State Bank of India (SBI) had merged with five of its associate banks and Bharatiya Mahila Bank (BMB). With this merger, the bank will join the league of top 50 banks globally in terms of assets. The total customer base of the bank will reach 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country. Board Of Directors: SBI has one chairman who is the head of the Board of Directors and 4 Managing Director. Chairman Mr Rajnish Kumar Managing Director Mr Dinesh Kumar Khara Managing Director Mr Arjit Basu Managing Director Mr C.S. Setty Managing Director Vacant since Anshula Kant resign SBI Headquarters: Corporate Centre 1, (Mumbai) Local Head Offices 17 Zonal Offices 101 Foreign Offices 208 in 36 countries Subsidiaries of State Bank of India: 2 www.gradeup.co SBI Capital Markets Ltd. SBI General Insurance Co. Ltd. SBI Cards & Payment Services Ltd. SBI Global Factors Ltd. SBI Funds Management (P) Ltd. SBI DFHI Ltd. SBI Life Insurance Co. Ltd. Logo of State Bank of India: This was the first logo of State Bank of India when it was founded on July 1st, 1955. The Banyan Tree in the logo says that the bank has strong roots and is capable of propagating and growing in all directions. At present, the logo of the State Bank of India is a blue circle with a small cut at the bottom. It was designed by Shekhar Kamat, an alumnus of National Institute of Design, 3 www.gradeup.co Ahmedabad. The logo was unveiled on October 1, 1971, on the day of the inauguration of the SBI Central Office building at Backbay Reclamation, Bombay. This logo is open to several interpretations one of them is that The small circle and the vertical line with the blue background suggests a keyhole — the symbol of safety, security and strength. It is also said the inspiration for this design came from the Ahmedabad city's Kankaria Lake. Current Interest Rates: w.e.f. - 31/05/2020 Home Loan 7.35% Personal Loan Starts from 10.50% Saving Bank • Upto 1 lakh - 2.70% Account • Above 1 Lakh - 2.70% Interesting Facts About State Bank of India: • John Mathai was the first chairman of SBI. • State Bank of India is the country's largest public sector bank of India. • SBI is the only bank to have its own payment aggregation solution – SBIePay which provides the following benefits. o Quick & Easy payment facility to customers on Merchant site. o Diversified and cost-effective payment’s options to Merchants. o Various value-added services such as detailed MIS, user-controlled merchant panel. • SBI has been rated as the “Best Transaction Bank in India” & “Best Payment Bank in India” by The Asian Banker under their Business Achievement Awards 2019. • On 24/11/2017, State Bank of India has launched a unified integrated app called YONO (You Need Only One) that offers financial and lifestyle products. • Anshula Kant, former managing director of the State Bank Of India, has been appointed as managing director and chief financial officer of the World Bank. Recent News about SBI: • SBI has approved an investment of Rs 7250 Cr. in Yes Bank on March 12 2020. The investment has been made by purchasing 725 crore equity shares of Yes Bank at a price of Rs 10 per share. • In order to allow SBI to take 49% stake in YES Bank, RBI has relaxed its own rules which prohibit banks from holding more than 10% in another bank. • In March, SBI cards launched its IPO. The issue price of SBI Cards shares was fixed at Rs. 755 per share. • In March, SBI has disclosed Shishu e-Mudra app-based lending for instant action of working capital loan up to Rs. 50000 to existing small business. • In March, State Bank of India (SBI) has removed its requirement of keeping a minimum balance in the saving bank account (SB). • In March, Sanjeev Nautiyal has been re-appointed as the MD and CEO of SBI Life Insurance Company. • In April, State Bank of India has listed its green bonds worth $100 million on India International Exchange Limited’s (INX) Global Securities Market Green Platform (GSM). • In April, BSNL and SBI have jointly launched Bharat InstaPay, a UPI-based payment platform, to allow all partners of BSNL to buy service for sale. • In May, Fitch Ratings downgraded the viability ratings (VR) of State Bank of India (SBI), ICICI Bank, and Axis Bank to BB and Bank of Baroda’s to BB-, citing the impact of covid-19 on the operating environment. • In May, State Bank of India's Ecowrap report projects India’s GDP growth rate for FY20 at 4.2% and (-) 6.8% for FY21. This is all about the State Bank of India. If you liked the article then please upvote it and share it with your friends. For more articles like this please stay tuned with us. 4 www.gradeup.co To help you out in your exam preparation, we suggest you take a free trial of IBPS RRB 2020: Officer & Assistant (Bilingual) Batch-2 for your upcoming IBPS RRB exam preparation. Start a Free Trial of IBPS RRB 2020: Officer & Assistant (Bilingual) Batch-2 Now! IBPS RRB 2020: Officer & Assistant Course (Batch 2) Crack IBPS RRB Exams with a day-wise study plan • 80+ Full-Length Mock Tests & 100+ PDFs • 300+ Interactive Classes for full conceptual clarity • 10000+ Practice Questions • Full coverage of Quant, Reasoning, English, Hindi, Computer & GA All the best for the exam! Prep Smart, Score better, Go Gradeup! 5 www.gradeup.co 6 .
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