February 18, 2020

The State bank of India and its Subsidiaries

The State Bank of India and its Subsidiaries- 
State Bank of India :- Imperial Bank of India acted as central bank of  our country from held 1921 to 1935. Imperial Bank of India was nationalized and renamed as ' State Bank of India' in 1955. First Chairman was A.D Gorwala.              

state Bank of India has 7 Subsidiaries- state bank of Hyderabad,Indore,Patiala,Mysore,Saurastra,Travancore, state bank of Bikaner and Jaipur These subsidiaries bank formed under subsidiaries bank act 1959.                                    
 Currently total working subsidiaries are five. In 2008 the State bank of Sourashtra merge with State bank of India, In 2010 State bank of Indore also merged with State bank of India.                                                                     
Taglines of SBI are With you all the way, Pure banking nothing else, The bankers to every Indian, The Nation Banks on us. The government of India is the major shareholder of SBI after Reserve Bank of India sold its shares to the government. SBI being the largest bank in the country works through a different administrative structure compared to other nationalized banks because of its size and volume of business. SBI is the largest Commercial bank of India. Head Quarter of SBI is Mumbai.           
SBI has introduced the Tiny-Card with biometric identification to achieve financial Inclusion.  
 SBI launched ' Mobi  Cash Eash' a mobile wallet service that allows users to transfer funds and make bill payment easily using mobile phone, 
SBI has launched 'Yono' Application for Net Banking.     
 SBI has launched first homegrown economic indicator the SBI monthly composite index and the SBI yearly Composite index that will primarily track manufacturing activity and offer a forward-looking economic trends.    
  SBI launches 'mPassbook' facility on its smartphone application anywhere mobile application for its Retail Banking users. 
 SBI has launches 'Islamic equity fund' primarily aimed at the country's 170 million Muslims.   

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