|The inception of State Bank of India dates back to the first decade of the nineteenth century with the establishment of Bank of Calcutta in Calcutta on 2 June 1806. With the first five year plan released in 1951, the focus was primarily laid on rural development. With this motive in mind, State Bank of India was formed on 1 July 1955.
Today SBI is the largest lender of the country in terms of alance sheet size, number of branches, market capitalization and profits. The bank is entering into many new businesses with strategic tie ups – Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc – each one of these initiatives having a huge potential for growth.
It presently has 82 foreign offices in 32 countries across the globe. It has also 7 Subsidiaries in India – SBI Capital Markets, SBICAP Securities, SBI DFHI, SBI Factors, SBI Life and SBI Cards. It has more than 10000 branches and 8500 ATMs.