State Bank of India celebrated its 68th Bank Day on 01st July 2023. The Bank was incorporated by an Act of Parliament on 01.07.1955. The day was celebrated throughout the country by organizing various programmes at different centers. At Chandigarh, the Bank Day was celebrated by organizing Circle Level Staff Cultural programme and a get together of local dignitaries, customers, staff and their families at Tagore theatre, Sector-18, Chandigarh. Sh. Vinod Jaiswal, Chief General Manager, Chandigarh Circle graced the occasion as the Chief Guest.
The get together was made memorable with energetic and melodious performances of Staff members from the states of Punjab, Haryana, Himachal Pradesh & UTs of J&K, Ladakh and Chandigarh in the Circle. At the outset, Sh. Vinod Jaiswal, Chief General Manager, Chandigarh Circle in his brief address, informed the audience about the importance of maintaining the values of glorious heritage of Banking by SBI in its over 200-year journey. Today SBI is in forefront of Banking by leading in Financial Inclusion and providing Banking Services to all.
History of State bank of India
The State Bank of India (SBI) is the largest bank in India and one of the largest banks in the world. It has a long and rich history, dating back to 1806 when the Bank of Calcutta was founded. The Bank of Calcutta was one of three presidency banks in British India, the other two being the Bank of Bombay and the Bank of Madras. These three banks were the first joint-stock banks in India and were granted the exclusive right to issue paper currency.
In 1921, the three presidency banks were merged to form the Imperial Bank of India. The Imperial Bank of India continued to be the leading bank in India until 1955, when it was nationalized and renamed the State Bank of India. The nationalization of the State Bank of India was a major step in the development of the Indian banking system. It gave the government a greater role in the banking sector and helped to ensure that banks were more responsive to the needs of the people.
The State Bank of India has grown rapidly since its nationalization. It now has over 24,000 branches and over 50,000 ATMs across India. It also has a presence in over 30 countries around the world. The State Bank of India is a major player in the Indian economy and plays a vital role in the financial development of the country.
Here are some of the key milestones in the history of the State Bank of India:
- 1806: The Bank of Calcutta is founded.
- 1840: The Bank of Bombay is founded.
- 1843: The Bank of Madras is founded.
- 1921: The three presidency banks are merged to form the Imperial Bank of India.
- 1955: The Imperial Bank of India is nationalized and renamed the State Bank of India.
- 1959: The State Bank of India (Subsidiary Banks) Act is passed, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries.
- 1994: The State Bank of India becomes a public limited company.
- 2008: The State Bank of India launches its first mobile banking app.
- 2017: The State Bank of India launches its first digital bank, YONO.
The State Bank of India is a major driver of economic growth in India. It provides financial services to millions of people across the country and helps to facilitate trade and investment. The bank is committed to providing its customers with the best possible service and is constantly innovating to meet the changing needs of the market.
The slogan of SBI is “Pure Banking, Nothing Else”. This reflects the bank’s commitment to providing its customers with simple, transparent, and efficient banking services.
Important takeaways for all competitive exams:
- State Bank of India Chairperson: Dinesh Kumar Khara;
- State Bank of India Founded: 1 July 1955;
- State Bank of India Managing directors: Challa Sreenivasulu Setty;
- State Bank of India Headquarters: Mumbai.