2. 2 CHAPTER- 1 COMPANY PROFILE COMPANY OVERVIEW: – State Bank of India ( SBI ) is a transnational banking and fiscal services company based in India. It is a government-owned corporation with its central offices in Mumbai. Maharashtra. As of December 2013. it had assets of US $ 388 billion and 17. 000 subdivisions. including 190 foreign offices. doing it the largest banking and fiscal services company in India by assets. State Bank of India is one of the Big Four Bankss of India. along with ICICI Bank. Punjab National Bank and Bank of Baroda. The bank traces its lineage to British India. through the Imperial Bank of India. to the initiation in 1806 of the Bank of Calcutta. doing it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidential terms banks—Bank of Calcutta and Bank of Bombay—to form the Imperial Bank of India. which in bend became the State Bank of India. Government of India owned the Imperial Bank of India in 1955. 3. 3 with Reserve Bank of India taking a 60 % interest. and renamed it the State Bank of India. In 2008. the authorities took over the interest held by the Reserve Bank of India.
History of SBI: – The roots of the State Bank of India prevarication in the first decennary of the nineteenth century. when the Bank of Calcutta. subsequently renamed the Bank of Bengal. was established on 2 June 1806. The Bank of Bengal was one of three Presidency Bankss. the other two being the Bank of Bombay ( incorporated on 15 April 1840 ) and the Bank of Madras ( incorporated on 1 July 1843 ) . All three Presidency Bankss were incorporated as joint and were the consequence of royal charters. These three Bankss received the sole right to publish paper currency boulder clay 1861 when. with the Paper Currency Act. the right was taken over by the Government of India. The Presidency Bankss amalgamated on 27 January 1921. and the re-organized banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government engagement. Seal of Imperial Bank of India 4.
4 Pursuant to the commissariats of the State Bank of India Act of 1955. the Reserve Bank of India. which is India’s cardinal bank. acquired a commanding involvement in the Imperial Bank of India. On 1 July 1955. the Imperial Bank of India became the State Bank of India. In 2008. the authorities of India acquired the Reserve Bank of India’s interest in SBI so as to take any struggle of involvement because the RBI is the country’s banking regulative authorization. In 1959. the authorities passed the State Bank of India ( Auxiliary Banks ) Act. which made eight province Bankss associates of SBI. A procedure of consolidation began on 13 September 2008. when the State Bank of Saurashtra merged with SBI. SBI has acquired local Bankss in deliverances. The first was the Bank of Behar ( est. 1911 ) . which SBI acquired in 1969. together with its 28 subdivisions. The following twelvemonth SBI acquired National Bank of Lahore ( est. 1942 ) . which had 24 subdivisions. Five old ages subsequently. in 1975. SBI acquired Krishnaram Baldeo Bank. which had been established in 1916 in Gwalior State. under the backing of Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi. a little usurer. owned by the Maharaja. The new bank’s foremost director was Jall N. Broacha. a Parsi. In 1985. SBI acquired the Bank of Cochin in Kerala.