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State Bank Of India Review

There are many banks in India.Among those banks, the one which is largest is the STATE BANK OF INDIA.When coming to the no. of employees and branch officers, it takes the second place in the world.In 1806, this bank was established as the bank of Calcutta. It was nationalized in 1955 by the Indian Government.

This bank, which is having a vast network not only in our country but also in the overseas, provides a huge range of products for banking.It also aims the products for NRIs.It’s asset base is around $126 billion and more!!By introducing the scheme of golden handshake it has reduced huge manpower.However, by starting the programme called Parivartan or Change, it was unsuccessful in improving the service quality.

HISTORY OF STATE BANK OF INDIA:
In the 19th century of its first decade, the roots of this bank rest.On 2nd june,1806, the Bank of Calcutta was established.Later it was renamed as the Bank of Bengal.In 1959,the Indian Government gave the permission to start its 8 associated banks(state).On 13th September, 2008, among the associated banks, one of the bank named State Bank of Saurashtra merged with this bank. The employees did not accept for this. So, the management offered sops to make them agree.

ASSOCIATED BANKS OF SBI:
The associated banks of SBI are:

1. State Bank of Indore.
2. State Bank of Bikaner and Jaipur.
3. State Bank of Hyderabad.
4. State Bank of Mysore.
5. State Bank of Patiala.
6. State Bank of Travancore.
GROWTH OF SBI:

The bank has been acting as a guarantor to Government of India especially during the period of Chandra Sekhar as a Prime Minister.The bank has an extensive coverage with more than 10000 branches and more than 6500 associate branches of bank.Under the system of Core Banking, it has electronically networked all of the branches.It has the largest network of ATM.There are more than 8500 ATMs around the whole country.In 1992, by the scam of Harshad Mehtha the bank was marred, but still it had a good growth. It made its expansion in the overseas through buying foreign banks.

GROUP COMPANIES:
The group companies of SBI are

1. SBI Capital Markets Ltd.
2. SBI Mutual fund.
3. SBI Factors and Commercial Services Ltd.
4. SBI DFHI LTD.
5. SBI Cards and Payment Services Pvt Ltd.
6. SBI Life Insurance Co. Ltd.
7. SBI Funds Management Pvt Ltd.
8. SBI Canada.

SBI ATM:
The bank offers the ATM service, which means that using the bank card, at cost free we can transact.

ACHIEVEMENTS:
1. Lipper Award-The Lipper India Awards 2008.
2. ICRA-Mutual Fund Awards 2008
3. Outlook Money-NDTV profit Awards.
4. AwaaZ Consumer Awards 2007 and many more……..