Banking Awareness : History of State Bank of India

Hello Readers, Today at LOUD STUDY, we will deal with the topic History of State Bank of India

History of State Bank of India is an important topic asked under Banking Awareness in various government and private sector competitive exams

By Presidency Government in British India Three Banks were established also called as Presidency Banks, First among them was Bank of Calcutta which was established on 2nd June 1806, but later in 1809, name was changed to Bank of Bengal

Other two among them are Bank of Bombay which was established on 15th April 1840 and Bank of Madras which was established on 1st July 1843

In 1921 all three Presidency Banks were merged and named as Imperial Bank of India

On 1st July 1955, Imperial Bank of India was nationalized and given the name as ” State Bank of India ( SBI ) under SBI Act 1955 on the recommendation of A.D.Gorewala Committee

Later the State Bank of India (Subsidiary Banks) Act was passed in 1959 and 8 Banks were attached with SBI and thus known as associates of SBI

There are totally eight associate of state bank of india which are as follows :

• State Bank of Bikaner
• State Bank of Jaipur
• State Bank of Saurastra
• State Bank of Indore
• State Bank of Hyderabad
• State Bank of Patiala
• State Bank of Mysore
• State Bank of Travancore

In 1963, State Bank of Bikaner and State Bank of Jaipur were merged and named as State Bank of Bikaner & Jaipur

In 2008, State Bank of Saurastra was merged with SBI and In 2010, State Bank of Indore was merged to SBI

On 1st April 2017, State Bank of Hyderabad, State Bank of Patiala, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner & Jaipur were merged to SBI in addition to Bharitya Mahila Bank which was established in 2013

There are totally seven subsidiary of State Bank of India which are as follows :

• SBI Capital Markets Ltd
• SBI Funds Management Pvt Ltd
• SBI Factors & Commercial Services Pvt Ltd
• SBI Cards & Payments Services Pvt. Ltd
• SBI Discount and Finance House of India Ltd
• SBI Life Insurance Company Limited
• SBI General Insurance Ltd

SBI was ranked as India's most patriotic brand as per YouGov survey, 2018

Headquarter : Mumbai

As on 31 March 2017, Government of India held around 61.23% equity shares in SBI

Chairman : Rajnish Kumar ( 25th Chairman of SBI ) preceded by Arundhati Bhattacharya  (24th Chairman ) is the first woman to be the Chairman of State Bank of India

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