Thursday, 24 December 2015

All About State Bank of India

Evolution of SBI
The evolution of State Bank of India can be traced back to the first decade of the 19th century. It began with the establishment of the Bank of Calcutta in Calcutta, on 2 June 1806. The bank was redesigned as the Bank of Bengal, three years later, on 2 January 1809. It was the first ever joint-stock bank of the British India, established under the sponsorship of the Government of Bengal. Subsequently, the Bank of Bombay (established on 15 April 1840) and the Bank of Madras (established on 1 July 1843) followed the Bank of Bengal. These three banks dominated the modern banking scenario in India, until when they were amalgamated to form the Imperial Bank of India, on 27 January 1921.

      

An important turning point in the history of State Bank of India is the launch of the first Five Year Plan of independent India, in 1951. The Plan aimed at serving the Indian economy in general and the rural sector of the country, in particular. Until the Plan, the commercial banks of the country, including the Imperial Bank of India, confined their services to the urban sector. Moreover, they were not equipped to respond to the growing needs of the economic revival taking shape in the rural areas of the country. Therefore, in order to serve the economy as a whole and rural sector in particular, the All India Rural Credit Survey Committee recommended the formation of a state-partnered and state-sponsored bank. The All India Rural Credit Survey Committee proposed the takeover of the Imperial Bank of India, and integrating with it, the former state-owned or state-associate banks. Subsequently, an Act was passed in the Parliament of India in May 1955.
      As a result, the State Bank of India (SBI) was established on 1 July 1955. This resulted in making the State Bank of India more powerful, because as much as a quarter of the resources of the Indian banking system were controlled directly by the State. Later on, the State Bank of India (Subsidiary Banks) Act was passed in 1959. The Act enabled the State Bank of India to make the eight former State-associated banks as its subsidiaries.
Company Chairperson: Arundhati Bhattacharya (Got 30th place in Forbes list of World’s 100 Most Powerful Women of 2015 and First Place in India)
Logo and slogan

The logo of the State Bank of India is a blue circle with a small cut in the bottom that depicts perfection and the small man the common man – being the center of the bank’s business. The logo came from National Institute of Design(NID), Ahmedabad and it was inspired by Kankaria Lake, Ahmedabad.
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  • Slogans:
    1. THE BANKER TO EVERY INDIAN
    2. PURE BANKING, NOTHING ELSE
    3. WITH YOU – ALL THE WAY
    4. A BANK OF THE COMMON MAN
    5. THE NATION BANKS ON US

    Difference between SBI and RBI

    Reserve Bank India
    RBI is at the centre of India’s financial system looking after monetary and financial stability. It ensures stability of interest and exchange rates thereby protecting the economy from any shocks. RBI maintains liquidity and supplies enough currency into the system so that banks like SBI can provide credit to industry as well as farmers. It ensures safety of funds of the depositors in other banks. RBI works to promote financial institutions and financial markets. It plays a crucial role in country’s economy as its decisions such as Cash Reserve ratio (CRR) and interest rates affect the lives of the population that is heavily dependent upon the banking system for their financial transactions.
    State Bank India
    State Bank of India, on the other hand is a people’s bank that has won the trust and faith of millions across the country. Whereas RBI is the banker to SBI and all other banks, SBI is the banker to the average Indian. It provides all banking facilities in accordance with the rules and regulations of the RBI and fulfills the role of a socially responsible bank by providing cheap loans to the industry and the agriculture sector, fueling the process of growth set in motion by RBI.
    In brief:
    1. RBI is the central bank of the country whereas SBI is the country’s oldest and largest bank
    2. RBI sets forth financial policies that SBI follows
    3. RBI is the banker to the government and SBI while SBI is the banker to the citizens of the country.

    SBI Group Companies

    1) SBI Life Insurance Co
    2) SBI General Insurance Co. Ltd.
    3) Mutual Funds
    i) SBI Mutual Funds
    ii) UTI Mutual Funds
    iii) Franklin Templeton Mutual Funds
    iv) Tata Mutual Funds
    v) Fidelity Mutual Funds
    4) SBI Cards & Payment Services Ltd. (Credit Cards)
    5) SBI DFHI LTD (Govt. Securities and Corp. Bonds)
    SBI Associate Banks
    State Bank of Bikaner & Jaipur State Bank of Hyderabad
    State Bank of Mysore State Bank of Patiala
    State Bank of Travancore
    Non-Banking Subsidiaries
    SBI Capital Markets Ltd SBI Funds Management Pvt Ltd
    SBI Factors & Commercial Services Pvt Ltd SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)
    SBI DFHI Ltd SBI Life Insurance Company Limited
    SBI General Insurance
    Products
    1) Consumer Banking 2) Corporate Banking
    3) Finance and Insurance 4) Investment Banking
    5) Mortgage Loans 6) Private Banking
    7) Private Equity 8) Savings
    9) Securities 10) Asset Management
    11) Wealth Management 12) Credit Cards
     
    Also check:
    Salary for Public and Private Sector Bank Jobs in India,

    Awards and Honours

    • SBI was ranked 73rd largest bank in the world, according to 2014 SNL financial data.
    • SBI won the Best Bank award in the ‘ASiAMONEY FX POLL OF POLLS 2014’ for best overall performance as domestic provider of Forex services over the last 10 years.
    • SBI was ranked as the top bank in India based on tier 1 capital by The Banker magazine in a 2014 ranking.
    • SBI was ranked 298th in the Fortune Global 500 rankings of the world’s biggest corporations for the year 2012.
    • SBI won “Best Public Sector Bank” award in the D&B India’s study on ‘India’s Top Banks 2013’.
    • State Bank of India won three IDRBT Banking Technology Excellence Awards 2013 for “Electronic Payment Systems”, “Best use of technology for Financial Inclusion”, and “Customer Management & Business Intelligence” in the large bank category.
    • SBI won National Award for its performance in the implementation of Prime Minister’s Employment Generation Programme (PMEGP) scheme for the year 2012.
    • Best Online Banking Award, Best Customer Initiative Award & Best Risk Management Award (Runner Up) by IBA Banking Technology Awards 2010
    • SKOCH Award 2010 for Virtual corporation Category for its e-payment solution
    • SBI was the only bank featured in the “top 10 brands of India” list in an annual survey conducted by Brand Finance and The Economic Times in 2010.
    • The Bank of the year 2009, India (won the second year in a row) by The Banker Magazine
    • Best Bank – Large and Most Socially Responsible Bank by the Business Bank Awards 2009
    • Best Bank 2009 by Business India
    • The Most Trusted Brand 2009 by The Economic Times.
    • SBI was named the 29th most reputed company in the world according to Forbes 2009 rankings
    • Most Preferred Bank & Most preferred Home loan provider by CNBC
    • Visionaries of Financial Inclusion By FINO
    • SBI was 50th Most Trusted brand in India as per the Brand Trust Report 2013, an annual study conducted by Trust Research Advisory, a brand analytics company and subsequently, in the Brand Trust Report 2014, SBI finished as India’s 19th Most Trusted Brand in India

    SBI Mobile Applications

    Read below important notes for IBPS Bank Exam:

    Smart Humsafar (By SBI Life)
    Private insurer SBI Life Insurance on 6 August 2015 launched Smart Humsafar, a unique plan which offers multiple benefits of savings and insurance cover for husband and wife under a single policy.
    The plan complements the couple’s efforts to achieve prosperity along with protection to fulfil their dream of leading a better life.
    In case of death of one of the spouses, a payment of sum assured is made to the surviving spouse, in addition to waiver of future premiums. And, in the event of death of surviving spouse during the reminder of the policy term, the nominee gets the sum assured along with all the accrued bonuses.
    The basic sum assured with all accrued bonuses will be paid upon survival of any or both lives on maturity.
    State Bank Freedom

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    Uses
    • Funds transfer (within SBI or other Bank’s account)
    • Interbank Mobile Payment Services (IMPS): Fund Transfer, Merchant Payments 24×7
    • Enquiry Services (Balance Enquiry / Mini statement)
    • Cheque Book request
    • Demat Enquiry Service
    • Bill Payment (Utility bills, Credit Cards, Insurance premium), Donations, Subscriptions
    • Mobile Top up
    • M-Commerce (DTH Recharge of Tatasky, BigTV, SunDirect, DishTV, DigitalTV and Videocon d2h connections, SBI Life insurance premium, etc.)
    • Booking of train tickets over the IRCTC portal through IMPS
     

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