State Bank Of India - Key Facts and Latest Schemes

STATE BANK OF INDIA, government-owned corporation is India's oldest and largest commercial bank.

ESTABLISHMENT

In 1806, SBI was commenced as Bank of Calcutta. (2 June, 1806)
In 1809, the bank was renamed as Bank of Bengal. (2 Jan, 1809)
In 1921, the bank was known as Imperial Bank of India. (27 Jan, 1921)

Note - Imperial Bank of India was formed by merger of three presidency bank - Bank of Bombay (founded in 1840) , Bank of Madras (founded in 1843) and Bank of Bengal ( founded in 1809) under Imperial Bank of India Act 1920.

On 1st July 1955, Imperial Bank of India became STATE BANK OF INDIA under State Bank of India Act, 1955.

SUBSIDIARIES

State Bank of India ( Subsidiary Bank Act) was passed in September, 1959 by the government.

There are five banking subsidiaries of State Bank of India:

State Bank of Hyderabad (First Subsidiary of SBI)
State Bank of Bikaner & Jaipur ( Merged in 1963 )
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore

Note - State Bank of Saurashtra and State Bank of Indore were merged with SBI in 2008 and 2010 respectively. There were originally eight subsidiaries acquired in 1959.

KEY FACTS

Headquarters of SBI - Mumbai
Chairperson - Arundhati Bhattacharya
Owner - Government of India
Slogans - The Banker To Every India; Pure Banking, Nothing Else; With You, All The Way; A Bank Of The Common Man; The Nation's Bank On Us.

SCHEMES AND APPS BY SBI

SBI Buddy - Mobile Wallet App - Used to send money and booking for movies, flights, hotels and can be used for shopping as well,
Youth for India - Indian Rural Fellowship Programme
Twitter Handle Account - To connect with technically proficient generation in better way.
Tab Banking Facility - The staff will visit the customer place and complete the formalities for account opening using Tabs.
State Bank Freedom App- We can transfer funds , internet banking, balance enquiry, check Mini Statement, Cheque book request, Demat Enquiry service and Payment of Bills.
Composite Index - To look forward economic trends.
E- KYC
Boutique Financing Scheme - For women owners of Fashion Boutique
State Bank Anywhere - Retail Internet Banking
SBI Quick - Receive account balance and mini statements by sending a SMS or giving a missed call
MCash - To claim funds sent by SBI customers