SBI Horniman Circle Marks 100 Years of Legacy

SBI marked the centenary of its iconic Horniman Circle Branch with the unveiling of a ₹100 commemorative coin by Finance Minister Nirmala Sitharaman. From just 100 branches in 1920 to over 22,640 today, SBI continues to expand, with plans to add 500 more branches in FY25.

Piyush Shukla Published On November 20th, 2024

The State Bank of India (SBI) celebrated the centenary of its iconic Horniman Circle Branch with the unveiling of a specially minted ₹100 commemorative coin by Finance Minister Nirmala Sitharaman. The event also featured the release of the 5th edition of The Evolution of the State Bank of India, detailing the bank’s transformation between 1981 and 1996. From its humble beginnings with just 100 branches in 1920, SBI today boasts over 22,640 branches, with plans to expand further in FY25. The bank’s impressive digital presence, financial inclusion efforts, and significant role in India’s banking revolution were highlighted during the event.

SBI’s Evolution: A Legacy of Growth and Service

Historical Milestone: Established in 1920, SBI started with 100 branches post-amalgamation and now operates over 22,640 branches, with plans to increase this number by 500 in FY 2025.

Digital Prowess: The bank has embraced technology with 132 million internet banking users, 287 million YONO and YONO Lite app users, and a significant share in debit card spending and mobile banking transactions.

Financial Inclusion: SBI serves over 50 crore customers, operates 63,000+ ATMs, and employs 80,300 banking correspondents across the country, making it a key player in India’s financial inclusion drive.

Commitment to Tradition and Modernity

Preserving Heritage: Despite its vast expansion, SBI continues to honor its legacy by preserving iconic branches like the Horniman Circle Branch, a symbol of its long-standing commitment to the Indian financial landscape.

Future Goals: As SBI enters a new era, Chairman C.S. Setty emphasized the bank’s dedication to meeting the diverse financial needs of every Indian, reinforcing its position as “The Banker to Every Indian.”

Summery of the news

Why in News	Key Points
SBI Horniman Circle Celebrates 100 Years	– Centenary of SBI Horniman Circle Branch marked with the launch of a ₹100 commemorative coin by Finance Minister Nirmala Sitharaman. – SBI’s total branches: 22,640 as of 2024, with plans to add 500 more in FY25. – SBI’s ATMs: 63,000+ ATMs across the country. – SBI’s customers: Over 50 crore customers. – Digital platforms: 132 million internet banking users, 287 million YONO and YONO Lite app users. – SBI’s debit card share: 25% of total debit card spending in India. – SBI’s mobile banking transactions: 22% of total mobile banking transactions in India. – SBI’s ATM footprint: 29% of total ATM footprint in India.
Key Static Points	– State Bank of India (SBI): The oldest commercial bank in India, originally established as the Bank of Calcutta in 1806. – Chairman of SBI: C.S. Setty. – Finance Minister: Nirmala Sitharaman. – SBI’s Heritage Branch: Horniman Circle Branch (Mumbai).
SBI Growth and Development	– Initial Branch Count: 100 branches post-1920 amalgamation. – Digital Transformation: Adoption of cutting-edge digital technologies like YONO, enabling financial services access globally. – Financial Inclusion: 80,300 banking correspondents.
Publication on SBI’s Journey	– Book Released: 5th edition of The Evolution of the State Bank of India (1981-1996).