In 1989, SBI established an offshore bank, State Bank of India International (Mauritius) Ltd. This then amalgamated with The Indian Ocean International Bank (which had been doing retail banking in Mauritius since 1979) to form SBI (Mauritius) Ltd. Today, SBI (Mauritius) Ltd has 14 branches – 13 retail branches and 1 global business branch at Ebene in Mauritius. [15] SBI Sri Lanka now has three branches located in ColomboKandy and Jaffna. The Jaffna branch was opened on 9 September 2013. SBI Sri Lanka is the oldest bank in Sri Lanka; it was founded in 1864.

State Bank of India branch at SouthallUnited Kingdom
In 1982, the bank established a subsidiary, State Bank of India, which now has ten branches—nine branches in the state of California and one in Washington, D.C. The 10th branch was opened in Fremont, California on 28 March 2011. The other eight branches in California are located in Los Angeles, Artesia, San Jose, Canoga Park, Fresno, San Diego, Tustin and Bakersfield.
In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the Indo–Nigerian Merchant Bank and received permission in 2002 to commence retail banking. It now has five branches in Nigeria.
In Nepal, SBI owns 55% of "SBI Nepal". (The state-owned Employees Provident Fund of Nepal owns 15% and the general public owns the remaining 30%.) SBI Nepal has branches throughout the country.
In Moscow, SBI owns 60% of Commercial Bank of India, with Canara Bank owning the rest.
In Indonesia, it owns 76% of PT Bank Indo Monex.
The State Bank of India already has a branch in Shanghai and plans to open one in Tianjin.[16]
In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which it acquired for US$8 million in October 2005.[17]
In January 2016, SBI opened its first branch in Seoul, South Korea following the continuous and significant increase in trade due to the Comprehensive Economic Partnership Agreement signed between New Delhi and Seoul in 2009.

Former Associate Banks[edit]

SBI main branch at Mumbai lit up
Main Branch of SBI in Mumbai
SBI acquired the control of seven banks in 1960. They were the seven regional banks of former Indian princely states. They were renamed, prefixing them with 'State Bank of'. These seven banks were State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Indore (SBN), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Saurashtra (SBS) and State Bank of Travancore (SBT). All these banks were given the same logo as the parent bank, SBI.
The plans for making SBI a single very large bank by merging the associate banks started in 2008, and in September the same year, SBS merged with SBI. The very next year, State Bank of Indore (SBN) also merged. In the same year, a subsidiary named Bharatiya Mahila Bank was formed. The negotiations for merging of the 6 associate banks (State Bank of Bikaner and JaipurState Bank of HyderabadState Bank of MysoreState Bank of PatialaState Bank of Travancore and Bharatiya Mahila Bank) by acquiring their businesses including assets and liabilities with SBI started in 2016.[18][19] The merger was approved by the Union Cabinet on 15 June 2016.[20] The State Bank of India and all its associate banks used the same blue Keyhole logo. The State Bank of India wordmark usually had one standard typeface, but also utilized other typefaces.
On 15 February 2017, the Union Cabinet approved the merger of five associate banks with SBI.[21] What was overlooked, however, were different pension liability provisions and accounting policies for bad loans, based on regional risks.[22]
SBI Mumbai LHO.
State Bank of India Mumbai LHO
The State Bank of Bikaner & JaipurState Bank of HyderabadState Bank of MysoreState Bank of Patiala and State Bank of Travancore, and Bharatiya Mahila Bank were merged with State Bank of India with effect from 1 April 2017.

Non-banking subsidiaries[edit]

Apart from five of its associate banks (merged with SBI since 1 April 2017), SBI's non-banking subsidiaries include:
In March 2001, SBI (with 74% of the total capital), joined with BNP Paribas (with 26% of the remaining capital), to form a joint venture life insurance company named SBI Life Insurance company Ltd.

Other SBI service points[edit]

As of 31 March 2017, SBI group (including associate banks) has 59,291 ATMs.[23]
Since November 2017, SBI also offers an integrated digital banking platform named YONO.

Listings and shareholding[edit]

As on 31 March 2017,[1] Government of India held around 61.23% equity shares in SBI. The Life Insurance Corporation of India, itself state-owned, is the largest non-promoter shareholder in the company with 8.82% shareholding.[24]
Promoters: Government of India54.23%
Banks & Insurance Companies10.00%
Mutual Funds & UTI8.29%
The equity shares of SBI are listed on the Bombay Stock Exchange,[25] where it is a constituent of the BSE SENSEX index,[26] and the National Stock Exchange of India,[27] where it is a constituent of the CNX Nifty.[28] Its Global Depository Receipts (GDRs) are listed on the London Stock Exchange.[29]


State Bank Institute of Credit, Risk and Management, Gurgaon
SBI is one of the largest employers in the country with 209,567 employees as on 31 March 2017, out of which there were 23% female employees and 3,179 (1.5%) employees with disabilities. On the same date, SBI had 37,875 Scheduled Castes (18%), 17,069 Scheduled Tribes (8.1%) and 39,709 Other Backward Classes (18.9%) employees. The percentage of Officers, Associates and Sub-staff was 38.6%, 44.3% and 16.9% respectively on the same date. Around 13,000 employees have joined the Bank in FY 2016–17. Each employee contributed a net profit of ₹511,000 (US$7,100) during FY 2016–17.[1]

Recent awards and recognition[edit]

  • SBI was ranked 232nd in the Fortune Global 500 rankings of the world's biggest corporations for the year 2016.[12]
  • SBI was 50th most trusted brand in India as per the Brand Trust Report 2013,[30] an annual study conducted by Trust Research Advisory, a brand analytics company and subsequently, in the Brand Trust Report 2014, SBI finished as India's 19th most trusted brand in India.[31][32]

See also[edit]


  1. Jump up to:a b c d e f g h "Annual Report 2017-18 of State Bank of India"(PDF).
  2. ^ "State Bank of India Consolidated Yearly Results, State Bank of India Financial Statement & Accounts" Retrieved 26 June 2017.
  3. ^ "State Bank of India Yearly Results, State Bank of India Financial Statement & Accounts" Retrieved 26 June 2017.
  4. ^ "From Imperial Bank to State Bank" (PDF). Retrieved 28 June2017.
  5. ^ "Fortune Global 500 list". Retrieved 22 May 2018.
  6. ^ "Away from the public gaze, State Bank of India is preparing to unleash a revolution". Retrieved 22 May 2018.
  7. ^ Rajesh. Banking Theory Law N Practice. Tata McGraw-Hill Education. p. 8. Retrieved 4 November 2014.
  8. ^ "Indian Banks' Association". 23 April 2005. Retrieved 21 December 2010.
  9. ^ Business Standard (21 June 2010). "Approvals for State Bank of Indore merger by July: SBI".
  10. ^ Economic Times (26 August 2010). "State Bank of Indore branches to become SBI units from Aug 26 : SBI"The Times of India.
  11. ^ "Arundhati Bhattacharya, the first woman to head SBI".
  12. Jump up to:a b c "Fortune 'Global 500' 2016:State Bank of India"CNN. Retrieved 10 October 2016.
  13. ^ "SBI takes lead in opening bank accounts under Jan Dhan Yojana"The Economic Times. 11 September 2014. Retrieved 30 September 2014.
  14. ^ "SBI Annual Report 2014-15". State Bank of India. Retrieved 14 January 2016.
  15. ^ Bank to Grow with. SBI Mauritius. Retrieved on 26 December 2018.
  16. ^ "State Bank of India set to open second branch in China". The Hindu. Retrieved 1 June 2017.
  17. ^ "State Bank of India Acquired 76% Shareholding in Giro Commercial Bank in 2005". 8 October 2005. Retrieved 21 December 2010.
  18. ^ "Five associate banks to merge with SBI". 18 May 2016. Retrieved 1 July 2016 – via The Hindu.
  19. ^ Iyer, Aparna (17 May 2016). "SBI merger: India may soon have a global Top 50 bank". Retrieved 1 July 2016.
  20. ^ "SBI merges with 5 associates: New entity set to enter world's top 50 banks list". Mumbai: Financial Express. 16 June 2016. Archived from the original on 16 June 2016. Retrieved 16 June2016.
  21. ^ "Ahead of merger with SBI, associate SBT to raise up to Rs 600 crore"The Economic Times. Retrieved 18 February 2017.
  22. ^ [1][2]Pension liability provisions and accounting policies for bad loans
  23. ^ "Reserve Bank of India List of ATM's and POS".
  24. ^ "Stake in PSBs: LIC holding drops as stress mounts"The Indian Express. 15 February 2016. Retrieved 28 March 2017.
  25. ^ "State Bank of India". Retrieved 11 October2013.
  26. ^ "Scripwise Weightages in S&P BSE SENSEX". BSE India. Retrieved 11 October 2013.
  27. ^ "State Bank of India"

External links[edit]