SBI FULL FORM
Full Form of SBI : State Bank of India
What is the Full form of SBI?
No:1. The full form of SBI is State Bank of India.
No:2. SBI is a public sector financial institution and a multinational corporation.
No:3. The bank holds 23% of the market share in the banking sector in terms of asset base, and 25% in deposit and loan divisions, enabling it to be India’s largest statutory banking and finance organization.
No:4. Indian government holds SBI and that’s SBI’s biggest shareholder with approximately 62 % holding or equity funds in SBI.
No:5. It has over 24000 branch offices in India and about 200 offices in over 30 countries worldwide.
No:6. Since about 31 March 2017, its assets were estimated at over USD 500 billion.
No:7. The Indian banking sector had more than 20 % share of the market.
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History of SBI
No:1. The bank was established in the year 1806 as Calcutta ‘s bank to provide the Indians with essential banking services.
No:2. In 1809, after the granting of the royal charter, the bank was designated as Bank of Bengal.
No:3. The Bank of Bombay was established in 1840, and the Bank of Madras was established in 1843.
No:4. Such 3 banks combined were recognized as presidency banks.
No:5. Private subscribers & provincial governments operated a single Presidential bank.
No:6. Such banks were given preferential rights to issue currency through the nation that was then controlled over by India’s government in the 1861 period.
No:7. The 3 banks came together in 1921, eventually combined. It was later named as the Imperial bank of India.
No:8. When time passed and as the banking industry progressed, India’s Imperial Bank turned itself into the country’s largest corporate company
No:9. The Indian government and the Indian reserve bank assumed joint control of the Imperial Bank of India for 1955.
No:10. With the regulations of the Subsidiary Bank Act, those enterprises subsequently became bank subsidiaries which were governed by the princely states.
No:11. In 2007-08, India’s government bought the entire shares of India’s State Bank from RBI to reduce conflicts of interest.
No:12. The RBI which was later merged with the job of a central bank, picked over the function of supervising and controlling banking.
Operations of SBI
No:1. It delivers a wide array of banking products and services.
No:2. It allows deposits from the public and depositors from institutions.
No:3. It provides loans to companies SBI thinks are worthy of funding loans.
No:4. It sells and buys gold, besides.
No:5. It is taking on the role of representative for India ‘s cooperative bank and RBI.
No:6. It attracts and sells foreign exchange payments.
No:7. It takes on the part of state property administrator & board member.
No:8. It is not allowed to buy the immovable property but may only buy buildings for official commercial purposes.
No:9. It has no power to have the bills rediscounted. Two good signatures will make up the bills.
Services provided by the SBI
SBI offers diverse services in various sections
No:1. Agricultural/ Rural banking
No:2. Corporate Banking
No:3. Personal Banking
No:4. NRI Services
No:5. SME
No:6. International Banking
No:7. Corporate Banking & other services.
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