State Bank of India (SBI): history, headquarters, current position, logo and more
The State Bank of India (SBI) is India’s largest public sector bank and financial services organization with a legacy of over 200 years that offers a wide range of financial products and services to customers, including loans, accounts, cards, investments, deposits, and net banking.
The history of the State Bank of India starts from the establishment of the Bank of Calcutta in 1806. Later in 1921, the Bank of Calcutta merged with the Bank of Bombay and Madras to form the Imperial Bank of India which was nationalised in 1955 and named as State Bank of India.
The SBI headquarters is located at Madame Cama Road, Nariman Point, Mumbai.
The State Bank of India logo has undergone several changes till now and the current logo was introduced in 2006.
What is the history of State Bank of India (SBI)?
The history of the State Bank of India (SBI) spans over two centuries starting with its early foundation in 1806 to its merger with associate vanks in 2017.
Early Foundations
The roots of SBI start with the establishment of the Bank of Calcutta in 1806. In the following years, the Bank of Bombay and the Bank of Madras were founded. All these three banks were operated independently until 1921.
Merger and Formation of Imperial Bank of India (1921)
In the year 1921, the banks of Calcutta, Bombay, and Madras were required to form one single Bank, Imperial Bank of India this Bank served as the central bank for the next 30 years.
Nationalization and Emergence of State Bank of India (1955)
In 1955, the Imperial Bank was nationalized and renamed as State Bank of India to promote the banking service to every corner of the country to foster economic development.
Expansion and Diversification
In the following decade, SBI started opening many branches across the country, including the remote areas. The bank also diversified and got into IT services with retail banking, corporate banking treasury operations, and International Banking.
Merger with Associate Banks (2017)
In 2017, SBI merged with five other associate banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore). It is one of the largest banking networks in India.
Where is State Bank of India (SBI) headquarters?
The State Bank of India is headquartered in Madame Cama Road, Nariman Point, Mumbai. The list of SBI corporate, local head, zonal, and foreign offices is given in the table below.
| SBI Offices | Location and Counts |
| Corporate Centre | Mumbai (Location) |
| Local Head Offices | 17 (Number) |
| Zonal Offices | 101 (Number) |
| Foreign Offices | 208 in 36 countries |
What are the subsidiaries of State Bank of India (SBI)?
The subsidiaries of State Bank of India (SBI) are SBI Capital Markets Limited, SBI Cards and Payments Services Limited (SBICPSL), SBI Life Insurance Company Limited, SBI General Insurance Company Limited, SBI SG Global Securities Services Private Limited and SBI Foundation.
SBI Capital Markets Limited
Subsidiary of the State Bank of India, India’s premier investment banker, which has been at the forefront of providing comprehensive financial services for the last seven decades.
SBI Capital Markets Limited (SBICAPs) is recognized as a Market Leader in Project Advisory, Capital Markets, and Debt Capital Markets through unique, winning, and innovative strategies.
SBI Cards and Payments Services Limited (SBICPSL)
SBI Cards and Payments Services Limited (SBICPSL) is a non-banking financial company that provides credit card services to individuals and corporations in India and abroad. It is a subsidiary of the State Bank of India, in which the latter holds a 69.51 percent stake.
SBICPSL offers a broad range of credit card products utilizing technology for better customer service delivery.
SBI Life Insurance Company Limited
The SBI Life Insurance Company Limited (SBILIFE) is a leading listed life insurance company in the country that was set up in 2001.
With a wide array of individual as well as group insurance solutions through their Savings, Protection, Pension, and Health products, the company caters to various customer needs.
The company has built one of India’s strongest distribution networks, including bancassurance with State Bank, the country’s largest partner; and a large agent network.
SBI General Insurance Company Limited
SBI General Insurance Company Limited, initially a joint venture between SBI and IAG International Pty Limited, achieved a milestone as the first non-life insurer in India to surpass ₹6,000 Crores in a decade.
Following divestments, SBI holds 70%, and Napean Opportunities LLP and Honey Wheat Investments Ltd have acquired former partner IAG’s stake.
SBI SG Global Securities Services Private Limited
SBI SG Global Securities Services Private Limited (SBI-SG), a joint venture between the State Bank of India and Societe Generale, prioritizes top-notch custodial and fund administration services.
With 65% SBI ownership, it started operations in 2010, reporting a Net Profit of ₹61.96 Crore on March 31, 2020, compared to ₹34.45 crore in 2019, accumulating a profit of ₹141.86 crore.
SBI Foundation
SBI Foundation, established in 2015 by the State Bank of India, operates as a Section VIII company under the Companies Act (2013).
Dedicated to CSR activities, it focuses on the socio-economic well-being of marginalized communities.
With a commitment to ‘Service Beyond Banking,’ the foundation spent ₹14.65 crores in FY2020, with grants totaling ₹27.81 crores, ensuring ongoing support for transformative initiatives.
What is the current position of State Bank of India (SBI)?
Today, the State Bank of India is the largest public sector bank with many branches and a presence in various financial segments.
| S. No. | Name | Designation | Under Section of SBI Act 1955 |
| 1. | Shri Dinesh Kumar Khara | Chairman | 19(a) |
| 2. | Shri C.S. Setty | Managing Director | 19 (b) |
| 3. | Shri Ashwini Kumar Tewari | Managing Director | 19 (b) |
| 4. | Shri Alok Kumar Choudhary | Managing Director | 19 (b) |
| 5. | Shri Vinay M Tonse | Managing Director | 19 (b) |
| 6. | CA Ketan S Vikamsey | Director | 19 (c) |
| 7. | Shri Mrugank M Paranjape | Director | 19 (c) |
| 8. | Shri Rajesh Kumar Dubey | Director | 19 (c) |
| 9. | CA Dharmendra Singh Shekhawat | Director | 19 (c) |
| 10. | CA Prafulla P Chhajed | Director | 19 (d) |
| 11. | Smt. Swati Gupta | Director | 19 (d) |
| 12. | Dr Vivek Joshi | Director | 19 (e) |
| 13. | Shri Ajay Kumar | Director | 19 (f) |
What is the story behind the State Bank of India (SBI) logo?
The State Bank of India (SBI) logo was first made as the Imperial Bank of India logo after the merger of Bank of Calcutta, Bank of Bombay, and Bank of Madras in 1921. Later, a new logo was introduced in 1955 when the Imperial Bank of India was converted to the State Bank of India. The current SBI logo, also known as the SBI Blue Wheel, was introduced in 2006.
The story behind the State Bank of India (SBI) logo is listed below in detail.
State Bank of India Initial Logo
When the bank was first established as the Bank of Calcutta in 1806, it used a simple logo featuring the bank’s name.
Imperial Bank of India Logo
After the merger of the Bank of Calcutta, Bank of Bombay, and Bank of Madras in 1921 to form the Imperial Bank of India, a new logo was introduced. It featured a Bengal tiger, symbolizing strength, and a palm tree, representing prosperity.
State Bank of India Logo
When the Imperial Bank of India became the State Bank of India in 1955, a new logo was introduced. This logo featured a keyhole symbolizing safety and the integral role of the bank in securing people’s money. The keyhole was often accompanied by a supporting icon, such as a semi-circle or a wheel, representing progress.
Modern State Bank of India (SBI) Logo
The current SBI logo was introduced in 2006 on the occasion of the bank’s bicentennial celebration. It features a blue circle with a small cut at the bottom, resembling an incomplete wheel. The wheel represents progress and continuity, while the cut suggests a forward-moving dynamism and a break from the past. The blue colour represents trust, loyalty, and integrity. This logo was first unveiled on Oct. 1, 1971, and was designed by Shekhar Kamat, a NID, Ahmedabad Alumni.
Digital Transformation:
SBI embraced digital banking like no other and swiftly introduced online and mobile banking services, making their banking services more accessible and convenient to customers.
The current SBI bank timings vary depending on the region but digital banking can be accessed from anywhere in the world using an active internet connection.
What is the old name of the State Bank of India (SBI)?
The old name of SBI (State Bank of India) is Imperial Bank of India. It was originally established as the Bank of Calcutta in 1806. It went through several name changes over the years. After the merger of the Bank of Calcutta, Bank of Bombay, and Bank of Madras in 1921, it became the Imperial Bank of India. Finally, in 1955, it was nationalized and became the State Bank of India (SBI).
After this, there have been several bank mergers in India such as State Bank of India merging with its associated banks, Bank of Baroda merging with Dena Bank and Vijaya Bank, and so on.
Who was the first chairman of SBI (State Bank of India)?
John Mathai was the first chairman of SBI (State Bank of India). He was appointed as the chairman on 1 July 1955 and served till 30 September 1956. He was an economist and also served as the Minister of Railways and Minister of Finance.
What is Bharat InstaPay?
Bharat InstaPay is a UPI-based payment platform started with the collaboration of BSNL and SBI to enable all BSNL partners to purchase services for sale.
Why is it the ‘State’ Bank of India and not the ‘National’ Bank of India?
The term ‘State’ in the State Bank of India does not refer to any specific state within the country. Instead, it denotes that the bank is a state-owned enterprise, with the government having a significant ownership stake. The term ‘national’ is not used in the name, but the bank functions at the national level and is one of the largest and most prominent banks in the country. The name reflects its ownership and nationwide presence rather than being limited to a particular state.
What is the minimum amount required to open a current account in the State Bank of India?
The minimum amount required to open a current account in the State Bank of India varies depending on the type of current account. Generally, it can range from a few thousand to several thousand rupees. It’s advisable to check with the bank or visit the official website for the most accurate and up-to-date information.
What are the interesting facts about the State Bank of India?
The interesting facts about the State Bank of India (SBI) is listed below.
- Oldest Banknote: SBI has the distinction of issuing the world’s largest and oldest banknote. The note, issued in 1948, featured a portrait of George VI and a denomination of 10,000 rupees.
- Green Banking: SBI is committed to environmental sustainability. It has implemented various eco-friendly practices, including using solar power in some branches and adopting green banking initiatives to reduce its carbon footprint.
- Bank with a Heart: SBI has been involved in numerous social initiatives. It has pioneered projects like the ‘Gift Hope, Gift Life’ campaign, encouraging organ donation and supporting causes related to health and education.
- Unique Corporate Headquarters: The State Bank of India is headquartered in Mumbai and is an architectural marvel. The building is designed in the Indo-Saracenic style and stands as a symbol of the bank’s heritage and influence.
- Record-breaking IPO: SBI’s life insurance arm, SBI Life, had one of the most substantial IPOs in India’s history in 2017. It raised over ₹8,400 crores, making it one of the largest insurance IPOs in the country.
- Blockchain Initiatives: SBI has explored blockchain technology for various applications, including streamlining its Know Your Customer (KYC) process and enabling more efficient trade finance operations.
- International Recognition: SBI has gained international recognition for its achievements. It was ranked as the 43rd largest bank in the world by total assets in 2021, according to The Banker’s Top 1000 World Banks ranking.
