Journey Continues

Jun 2

I have shared many stories and incidents related to my bank, SBI, but never talked about the Bank itself. So today I'll discuss about my Bank.

Its journey started on 2nd June, 1806, with the establishment of Bank of Calcutta (later called the Bank of Bengal), when the seeds of the modern day banking were sown on the banks of river Ganges in the city of Calcutta, the seat of power to the British East India Company.

In 1921, the Bank of Bengal and two other presidency banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India.

In 1955, the controlling interests of the Imperial Bank of India were acquired by the Reserve Bank of India (RBI) and and the State Bank of India (SBI) was created by an Act of Parliament to succeed the Imperial Bank of India.

In June 2007, the Government of India acquired the entire shareholding of SBI from RBI. SBI is now a public sector bank headquartered in Mumbai.

So the journey started from the city of Ganges flowed like an unhindered river of financial solutions to variety of commercial needs of the society and nation only to culminate to a banking behemoth as the SBI is today.

Today, SBI completes it's 217 years of uninterrupted existence and unbroken record of profitability, evolving through various phases of opportunities and challenges, but it remained uniquely viable not just on commercial activities but sustainably drove the economy of the nation.

With continuous innovations and transformations as per demands of the changing times, by accepting all the modern processes and technologies, it has maintained the numero uno position in Indian banking space without compromising its great history and legacy.

SBI is the 49th largest bank in the world by total assets, but it is the largest commercial bank in India in terms of assets, deposits, profits, branches and employees. It's the Banker to every Indian.

There are 65600 ATMs and 76100 BC outlets apart from a massive network of 28800 branches with 250000 employees serving in all the states and union territories of India. It has one of India's most powerful physical network, not in India alone, but abroad too with branches in 30 countries.

As at the end of March, 2023, it had deposits of Rs 44.24 trillion and advances of Rs 32.69 trillion, and net profit crossed Rs. 500 billion. Net NPA is 0.67% only.

SBI is an economic powerhouse that manages assets worth more than the GDP of some countries. Just see the scale of its business in the market share as under:

Can you believe that SBI has 480 million users equal to Instagram (180 million) and Facebook (315 million) combined. That's like entire population of Germany, France and Italy combined. And out of 480 million, 60 million users are on digital platform.

Can you imagine that during peak time, 12300 transactions take place every second. SBI has an impressive 114 million internet banking users and a whopping 68 million mobile banking users.

SBI provides banking services to remote villages in Himalayas too, bringing financial inclusion to areas where even roads fear to tread.

SBI actively support CSR activities with education initiatives, women empowerment, healthcare and disaster relief measures through various programmes. Total CSR spends were Rs 3,168 million.

With its subsidiaries like SBI Life, SBI General, SBI Caps, SBI Mutual Fund, SBI Card and 15 RRBs, that help leverage synergies, it gives a financial umbrella to customers of varied interests and needs.

SBI is more than just a bank, it's a financial force with a global presence, mind-boggling scales of assets, services and profit, and a commitment to social impact. The journey of this financial juggernaut continues with the same force, devotion and commitment.