State Bank of India is the largest commercial bank of India. It is ranked 380 in 2008 Fortune Global 500 list and 219 in 2008 Forbes Global 2000. It is the 57th largest bank based on its tier I capital (for the fiscal year ended March 2008) as per The Banker.
The bank has a vast domestic network of over 10,800 branches (approximately 14% of all bank branches in India) and has over 8,500 ATMs. It commands 15.14% of deposits and 15.61% of advances of all scheduled commercial banks in India. The Corporate Centre of SBI is in Mumbai. The bank has 14 Local Head Offices which are located in various parts of the country. In addition, the State Bank of India has 84 foreign offices / branches in 32 countries across the globe.
There are eight domestic banking subsidiaries that come under SBI Group. Seven of these use the “State Bank of” name followed by their regions name. All the banks use the same logo of a blue keyhole. Currently, the group is in the process of merging all the associate banks into SBI, which will create a “mega bank”, enabling the Group to streamline operations and unlock value.
The Bank has over ten Non-Banking Subsidiaries in India covering several business areas. Some of the important subsidiaries are:
- SBI Life Insurance Co. Ltd.
- SBI DFHI Ltd.
- SBI Capital Markets Ltd.
- SBI Funds Management Pvt. Ltd.
- SBI Factors & Commercial Services Pvt. Ltd.
India’s largest bank is also home to the country’s biggest and most powerful Treasury, contributing to a major chunk of the total turnover in the Money and Forex markets. Through a network of state-of-the-art dealing rooms in India and abroad, SBI extends round-the-clock support to clients in managing their forex and interest rate exposures.
The State Bank Group is now 100% Core Banking Solution / Globally Networked. Core Banking brings a bouquet of convenience to the customers. Now you can draw money from any of the 10,800 branches. You can also remit money from one account to another across cities without having to purchase demand draft.