Startup Story of State Bank of India
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Startup Story of State Bank of India

Startup Story of State Bank of India – We all have been using the State Bank of India commonly called SBI, and have a very interesting story of growing up in India and collaboration with many banks. It is the most trustable bank in India, people use this bank a lot and it has a maximum account holder, and also more trustworthy as it comes under government, its a government bank.so let’s know the contribution and collaboration of peoples and various banks together to form up our own State Bank oF India today.

On 2 June 1806, the Bank of Kolkata was formed in Kolkata, and run for about 2 years afterward due to very few accounts and the bank is facing financial issues so they decide to collaborate with Bank of Bengal, and hence, on 2 January 1809 both the bank collaborated together and comes up as one as Bank of Bengal. It was a bank that ran adorned.

And it was run by the Authority of Bengal in  India and the British government together. While in the other part of India, Bank of Madras and Bank of Bombay was the bank at the same time and was demolished on 28 January 1921. And in the first five-year plan, the development of villages and how to reach bank facilities in villages was considered and target to expand it to maximum people irrespective of the profit, but somehow this also didn’t work and after that on 1 July 1944, Bank of India was signed, with the government having a 61.58% stake. When the bank received its charter on 2 June 1806 with the addition of the Bank of Kolkata.

Startup Story of State Bank of India

Startup Story of State Bank of India
Startup Story of State Bank of India

Then it was reconstituted as Bank of Bengal having headquarters in Mumbai. After Bank of Bengal, Bank of Bombay was Bank of Madras, these three banks were merged as the Imperial Bank of India on 27 January 1921. Till then they remained at the peak of modern banking and after the association of Bank of Bengal was issued the issue of Ishko currency. Under this, universal revenue payments were also made in some areas.

Read More – Startup Story of Big Bazaar

Bank of Bengal was the banker of issuing currency, Bank of Madras was the important announcement of Bank of Bombay. Due to this work, the banks’ money increased, but the owners did not have to give the voice. Deposit of money in banks was also an important role of Nines for the government.

Under the custom of accepting customers and deposits for investment, it became a habit of the common man. But at that time when there was no order to issue notes to all the three presidencies, then government deposits were the investable instruments of most banks. 

They lived for 3 months. To settle such a Redho, the bail was the universal effect, which was said to be an undisputed object in two days. There was no more than 12% interest at that time. Opium was fed on the same cloth instead of silk goods etc. The rise in bitterness through cash interest has only intensified since the third decade of the nineteenth century.

Lending on home-borne real property was forbidden to lend to banks. Most borrowers from all banks were Indians. Bay people used to collect their company paper and borrow it, the main task of the three banks was to help the government in raising interest from time to time. Bay was to stabilize the value of government officials. State Bank of India’s Saath Panha Divas is celebrated on 1 July 1955. The important work of the State Bank of India was Sahro and the village reached Subida. In which the State Bank of India did not have an important role from Sahro to the villages.

Startup Story of State Bank of India

Startup Story of State Bank of India
Startup Story of State Bank of India

Due to which the work of the people became easier, their money was kept in safety. There were 480 offices with the State Bank of India in the Panchal period. In which the number was that there was a substation and there were 3 seven main headquarters which were built from the headquarters of Imperial Banks. In 1955, the State Bank of India was passed and together with the State Bank of Hyderabad became the first associate bank of SABI.

These associate banks were also formed which are as follows. State bank of Indore, State bank of Bikaner, State bank of Jaipur, State bank of Saurashtra, And it also included women bank. On April 1, 2017, these associate banks became eligible. Today State Bank of India in 36 countries of the world. Talking about 43000 ATMs of State Bank of India, there are 24000 branches in the country. In 2013, Arundhati Bhattacharya, the first female chairperson of State Bank of India, officiated. Who was on the list of the most powerful women in Forbes Magazines in 2015.

SBI has one of the largest employers in the country with 209,567 employees as on 31 March 2017, out of which 23% were female employees and 3,179 (1.5%) were employees with disabilities. On the same date, SBI had 37,875 Scheduled Castes (18%), 17,069 Scheduled Tribes (8.1%), and 39,709 Other Backward Classes (18.9%) employees. The percentage of Officers, Associates, and Subordinates was 38.6%, 44.3%, and 16.9% respectively on the same date. Around 13,000 employees joined the Bank in FY 2016–17. Each employee contributed a net profit of ₹511,000 (US$7,200) during FY 2016–17.(sourced from Wikipedia)

SBI has been rated as the “Best Transaction Bank in India” & “Best Payment Bank in India” by The Asian Banker under their Business Achievement Awards 2019. The Bank has won the Best Transaction Bank Award for the 3rd consecutive year viz 2017, 2018, and 2019. Sri K.P.S. Rawat, CGM (TBU), with other TBU officials, received the award on behalf of the Bank at The Asian Banker Business Achievement Awards in Bangkok on 30th May 2019.

Others Awards(sourced from sbi.co.in):

1.Best Transaction Bank in India by “The Asian Banker” for the second time in a row. 

2.” The Best Trade Finance Bank (India)-2019” for the eighth consecutive year by Global Finance Magazine. 

3.“Green Bond Pioneer Award” for being the largest new emerging markets Certified Climate Bond issuer of 2018 by Climate Bond Initiative. 

4.‘Best MSME Bank Award-Large bank’ by CIMSME. 

5.YONO, our digital initiative, won the “Mobile Banking Initiative of the Year – India” at the Asian Banking and Finance Retail Banking Awards, Singapore, and ET BFSI Innovation Awards. 

At the Asian Banker Financial Technology Innovation Awards, 2018 SBI received awards in a number of categories including The Risk Data and Analytics Technology Implementation of the Year for OFSAA.

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