State Bank of India

State affirm of India: The Modernization Story Background The State banking concern of India is the oldest and largest trust in India, with more than $250 billion (USD) in assets. It is the secondlargest brim in the world in number of branches; it opened its 10,000th branch in 2008. The bank has 84 international branches located in 32 countries and approximately 8,500 ATMs. Additionally, SBI has controlling or complete interest in a number of affiliate banks, resulting in the availability of banking service at more than 14,600 branches and nearly 10,000 ATMs. SBI traces its heritage to the 1806 formation of the Bank of Calcutta. The bank was renamed the Bank of Bengal in 1809 and operated as one of the three premier establishment banks (the presidency banks had the exclusive rights to manage and circulate currency and were provided capital to score branch communicates). In 1921, the judicature consolidated the three presidency banks into the Imperial Bank of India. The Imperial Bank of India continued until 1955, when Indias central bank, the Reserve Bank of India, acquired the majority interest in the bank and changed its name to the State Bank of India (SBI).

In 1959, the Indian government passed the State Bank of India Act, resulting in the acquisition (majority shareholding) of eight stateaffiliated banks and the humankind of the State Bank of India Group (SBI Group). The SBI itself is now majority own by the Indian government, which purchased the shares held by the Reserve Bank of India. The State Bank of India and its affiliate banks are profiled in Exhibit 1. Unlike privatesector banks, SBI has a dual role of earning a profit and expanding banking services to the nation throughout India. Therefore, the bank built an extensive branch network in India that included many branches in lowincome rural areas that were unprofitable to the bank. Nonetheless, the branches in these rural areas bought banking services to tens of millions of Indians who... If you want to get a full essay, magnitude it on our website: Orderessay

If you want to get a full essay, wisit our page: write my essay .