SBI Full Form

What is the full form of SBI?

The full form of SBI is State Bank of India. The bank is an organisation that deals with money-related services. Its central objective is to borrow and lend money. The bank gives loans at a higher interest rate and it deposits money at a lower interest rate. The difference between the interest rate they pay for deposits and the interest rate they receive on the loans is what the bank's income is.

This Story also Contains

1. What is the full form of SBI?
2. An introduction to State Bank of India (SBI)
3. Brief history of SBI
4. YONO (You Only Need One)
5. More about SBI

There are various types of banks in India: Central Banks, Cooperative Banks, Commercial Banks, Regional Rural Banks (RRB), Local Area Banks (LAB), Specialized Banks, Small Finance Banks, etc. As per the Finance Ministry of India, there are 44.23 crore bank accounts. Banks are the safest and most trusted way where citizens can keep their money safely. The State Bank of India (SBI) is India’s largest bank and so, we will discuss everything about the State Bank of India in this article.

An introduction to State Bank of India (SBI)

The State Bank of India (SBI) is an Indian Public Sector Multinational Bank founded on 1 July 1955, almost 67 years ago. Its headquarter is located at Bank Bhawan, M.C. Road, Nariman Point, Mumbai, Maharashtra, India. Dinesh K. Khara is the chairman of the State Bank of India.

The State Bank of India ranked 221st in the Fortune Global 500 list of the World's Biggest Corporations of 2020. It is the largest bank in India with a 25% share of the total loan and deposits market and a 23% market share by assets. It is also the 5th largest employer in India with nearly 245,642 employees. Out of it, the total number of women employees is nearly 26%. On 14 September 2022, the State Bank of India crossed the 5-trillion market capitalization on the Bombay Stock Exchange (BSE) and became the third lender Indian company.

The products and services served by the State Bank of India are Retail Banking, Corporate Banking, Investment Banking, Mortgage Loans, Private Banking, Wealth Management, Credit Cards, Finance and Insurance. In 2022, the total revenue generated by the State Bank of India is 406,973 crores, with an Operating Income of 78,898 crores and a Net Income of 43,774 crores. It has total assets of 5,177,545 crores and total equity of 300,972 crores.

The State Bank of India provides a wide variety of banking products all over India and overseas. It has 16 regional hubs and 57 zonal offices located throughout the country. The State Bank of India subsidiaries include SBI Life Insurance Ltd, SBI Cards and Payment Services Ltd, SBI General Insurance (70%), Jio Payments Bank (30%), Yes Bank (30%), Andhra Pradesh Grameena Vikas Bank (35%) and Kaveri Grameena Bank (35%).

The Government of India has a shareholding of SBI of around 56.92%. The Foreign Institutional Investors or Global Depository Receipts or Overseas Corporate Bodies or Non-Resident Indians have a shareholding of SBI of around 10.94%. The Banks & Insurance Companies hold around 10.63%. The Mutual Funds & UTI hold around 13.72%. And the rest others hold the remaining 7.8%.

Brief history of SBI

The bank was earlier called “The Bank of Calcutta”, which was founded in 1806 and thus it is the oldest commercial bank in the Indian subcontinent. “The Bank of Madras” merged into “The Bank of Calcutta” and “The Bank of Bombay”, to form “The Imperial Bank of India”, which is now known as “The State Bank of India”. In these 200 years, this bank has merged with over 20 banks and now it is the largest bank in India. It was renamed as the State Bank of India in 1955 by the Reserve Bank of India taking a 60% of its stake.

The State Bank of India gained control over seven banks in 1960. These seven banks were the State Bank of Hyderabad (SBH), the State Bank of Bikaner and Jaipur (SBBJ), the State Bank of Saurashtra (SBS), the State Bank of Indore (SBN), the State Bank of Patiala (SBP), the State Bank of Mysore (SBM) and the State Bank of Travancore (SBT). All banks were given the same logo as the State Bank of India.

YONO (You Only Need One)

The State Bank of India offers a Digital Banking platform YONO (You Only Need One) which enables users to access mobile banking for a variety of financial and other services. YONO (You Only Need One) was launched on 24 November 2017. The YONO launch was coded under the name Project Lotus with the cost of development around ₹4,000 crores. It is developed by International Business Machines Corporation (IBM) and launched in around thirteen months.

It offers financial services from over 150 e-commerce companies which include online shopping, taxi booking, travel planning, train booking, online education, movie ticket booking and offline retail. It also offers convenient mobile banking services such as bank account opening, cashless bill payments, fund transfers, and loans. ATM withdrawals can also be done using the smartphone app without using any ATM card.

More about SBI

• The State Bank of India is governed by the Indian Government and the Parliament of India, as mentioned in Article 12 of the Indian Constitution.

• The State Bank of India has won many awards for its banking and financial services including Most Preferred Bank, Best Bank Award, Most Valuable Brands of India, Best Technology Award, Socially Responsible Bank and many others.

• The State Bank of India aims to become carbon neutral by 2030. It took several initiatives to reduce its carbon impact, like the installation of plantation of various trees, solar power plants, banning the use of single-use plastic and organic farming.