State Bank of India SBI www.deekpay.com

State Bank of India Profile

State bank of India (SBI) is the public sector banking and financial services statutory body of India. SBI is the largest commercial bank in India in terms of assets, profits, deposits, number of branches and number of employees. SBI was established on 1 July 1955 and is headquartered in Mumbai, Maharashtra. At least one member of an Indian household has an SBI bank account.

State Bank of India (SBI) has emerged as the bank of choice for people from all walks of life through extensive business expansion and maximum reach. The Reserve Bank of India has included SBI in the D-SIB list of Domestic Systemically Important Banks in India (D-SIB is too big to fail). Currently, SBI is headed by Dinesh Kumar Khara. SBI's motto is "Pure Banking, Nothing Else".

History of State Bank of India

The State Bank of India was formerly known as the Imperial Bank of India, which was formed in 1806 by the merger of the Bank of Calcutta, the Bank of Madras, and the Bank of Bombay.The Imperial Bank of India was renamed as the State Bank of India after the Government of India took control of the Imperial Bank of India in 1955. Reserve Bank of India(RBI) holds its shares in 60%. In 2008, the Government took over the shares held by the Reserve Bank of India.

Some of the services offered by State Bank of India to its customers include Domestic Treasury, Brokerage Services, Revised Service Charges, ATM Services, Internet Banking, e-Payments, e-Railways, Safe Deposit Boxes, MICR Codes, Foreign Inward Remittances, Door to Door Banking Services etc. SBI is one of the Fortune 500 companies and one of the top 50 banks globally with a balance sheet size of more than Rs 30 billion. The bank has over 24,000 branches and 59,000 ATMs serving over 420 million customers. SBI conducts its overseas operations through 195 foreign offices in more than 36 countries.

In April 2017, SBI-affiliated banks including State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH), and Bharatiya Mahila Bank merged with the State Bank of India (SBI) in the largest merger exercise in the history of Indian banking. This is the largest merger in the history of Indian banking.

Functions of the State Bank of India

Being the largest commercial bank and one of the systemically important banks, SBI has greater responsibilities and roles as compared to other banks. The functions performed by SBI fall into two categories: general banking functions and central banking functions. These banking functions are further subdivided into many categories.

Central bank functions

SBI acts as RBI agent of RBI to perform the following functions where RBI does not have a branch office:

Currency maintenance function

Essentially, the Reserve Bank of India is responsible for maintaining the currency. However, the offices of the Reserve Bank of India are located only in major cities. Where the RBI does not have branches, the SBI maintains its currency through the RBI. Currency can be withdrawn from these branches of the RBI whenever the Reserve Bank of India requests it. In other words, SBI acts as a money box on behalf of the Reserve Bank of India.

Government banking functions

SBI caters to the needs of both central and state governments. Firstly, SBI collects and disburses money on behalf of the Government of India. In addition to providing advances and loans to the government, SBI also collects taxes and other fees on behalf of the Government of India.

State Bank of India (SBI) takes deposits from other commercial banks and extends loans to other commercial banks. Many commercial banks have accounts with SBI and whenever they face financial shortfalls, these banks turn to SBI for help.

Commercial Bank Clearing House

SBI also acts as a clearing house for all commercial banks where the RBI does not have a presence.

General Banking Functions

Since its inception, SBI has endeavoured to cover all areas, including rural areas, which have long been beyond the reach of the banking sector, in order to improve their standard of living. In addition to performing the above, SBI performs the following normal banking operations like any other public sector bank:

Acceptance of demand deposits, savings deposits, recurring deposits and time deposits from the public. Acts as administrator, executor and trustee. Issues and circulates letters of credit. Provide remittance facilities such as bills of exchange and wire transfers. Accepts, withdraws, discounts, sells and buys bills of exchange and other negotiable instruments. Commercial banking facilities. Operates non-resident offshore and foreign currency accounts. Provides community service banking through the funding of many socially relevant research projects undertaken by universities and research institutes. Export promotion through export credits. Financial assistance for small-scale industries. SBI: Vision and Mission SBI also has a clear vision and mission and always endeavours to maintain quality services and standards.

Vision of State Bank of India

Provide a satisfactory working environment and ample opportunities for learning, self-fulfilment and self-development To be a responsible, caring and loyal organisation to the citizens of India Meet high standards of professionalism, efficiency and core organisational values

Mission of State Bank of India

SBI's mission is to develop itself as a best-in-class, agile financial and banking organisation, committed to providing quality services to its customers and enhancing stakeholder value through care and competence.

Non-banking subsidiary of State Bank of India

SBI not only provides banking services but also endeavours to extend its reach abroad through its joint ventures or non-banking subsidiaries and expand its presence in other areas. Some of the non-banking subsidiaries of SBI include:

SBI Life Insurance Company (SBI-LIFE) SBI General Insurance Company (SBI GENERAL) SBI Card and Payment Services Limited (SBICPSL) SBI Fund Management Limited (SBIFML) SBI Capital Markets Limited (SBICAPS) SBICAP Securities Limited (SSL) SBICAP Venture Capital Limited (SVL) SBICAP Trust Company Limited (STCL) SBI SG Global Securities Services Private Limited (SBI-SG) SBI DFHI Limited (SBI DFHI) SBI Payment Services Private Limited (SBI Payments) SBI Global Factoring Limited (SBIGFL) SBIPENSION Fund Pte Ltd

SBI has also entered into a number of joint ventures with other countries as listed below:

SBI Bank Nepal Limited (SBI, EPFO and Nepal Agricultural Development Bank) C-Edge Technologies Ltd (TCS and SBI) Banks - SBI Botswana Ltd or BSBIBL (India and Botswana) Commercial Indo Bank LLC or CCIBL (India and Russia)

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.