To study about State Bank of India it is necessary to study the overall functioning that is its background, major events, services provided by the bank and also SWOT analysis of the bank. Background of the Company
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. 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 interest in the Imperial Bank of India was acquired by the Reserve Bank of India and the State Bank of India (SBI) came into existence by an act of Parliament as successor to the Imperial Bank of India. Today, State Bank of India (SBI) has spread its arms around the world and has a network of branches spanning all time zones. SBI's International Banking Group delivers the full range of cross-border finance solutions through its four wings - the Domestic division, the Foreign Offices division, the Foreign Department and the International Services division. The SBI was formed in 1955, through nationalization of imperial banks in India. The imperial bank of India has been formed by the amalgamation of three existing presidency banks. With the nationalization of imperial bank in India, all its assets and liabilities were transferred to the state bank of India. It was converted into SBI on 1/07/1955 on the recommendations of the committee for All India Rural Credit Survey, headed by Shri. A.D. Gorwala (the committee recommended the establishment of one strong, integrated, state sponsored, state partnered commercial banking institution). At that time SBI had three circles, Bombay, Calcutta and Madras besides a central office at Bombay, SBI was the first bank to set up as the public sector. SBI Subsidiary Banks
The state bank of India has the following six Associate Banks (ABs) with controlling interest ranging from 75% to 100%.
1. State Bank of Bikaner and Jaipur
2. State Bank of Hyderabad (SBH)
3. State Bank of Indore (SBI)
4. State Bank of Mysore (SBM)
5. State Bank of Patiala (SBP)
6. State Bank of Travancore (SBT)
Vision, Mission and Value Statement of SBI
* My SBI: First is customer satisfaction
* Retain its position in the country as a pioneer in Development Banking * Maximize shareholder value through high sustained earnings per share. * An institution with a culture of mutual care and commitment, a satisfying and exciting work environment and continuous opportunities for learning, self-development and self-actualization.
* To be a committed, caring and respective corporate citizen. Mission
* We will be prompt, polite and proactive with our customers * We will speak the language of young India.
* We will create products and services that help our customers achieve their goals. * We will go beyond the call of duty to make our customers feel valued. * We will be in service even in the remotest part of our country. * We will offer excellence in services to those abroad as much as we do those in India.
* We will imbibe state of the art technology to drive excellence.
* We will always be honest, transparent and ethical.
* We will respect our customers and fellow associates.
* We will be knowledge driven.
* We will learn and we will share our learning.
* We will never take the easy way out.
* We will do everything we can to contribute to the community we work in. * We will nurture pride in India.
The main objectives of state bank of India are given below.
The state bank of India has been established to operate on the normal commercial principle. The main objectives of the State Bank are: 1) To act in accordance with the broad economic principle of the government. 2) To encourage and mobilize...