State Bank of India SBI @ whatisindia.com

An act was passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955. The State Bank of India (SBI) Act was passed in 1959, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries.

State Bank of India is the largest bank in India. It is also, measured by the number of branch offices and employees, the largest bank in the world. It recently celebrated its 200th anniversary. It has an asset base of $126 billion and is a regional banking behemoth. It is a nationalized bank with the Reserve Bank of India having a 60% stake which is likely to be reduced.

There are seven other associate banks that fall under SBI. They all use the "State Bank of" name followed by the regional headquarters name. These were originally banks belonging to "princely states" and were therefore nationalized. The State Bank group refers to the 7 associates and the parent bank.

References

• Official site

• News Releases

• SBI Life Insurance Company Ltd.

Subsidiaries

• State Bank of Bikaner & Jaipur

• State Bank of Hyderabad

• State Bank of Indore

• State Bank of Hyderabad

• State Bank of Mysore

• State Bank of Patiala

• State Bank of Saurashtra

• State Bank of Travancore

• SBI California

• SBI Canada

Links

• Reserve Bank of India

The Reserve Bank of India (RBI), on Tuesday, raised banks' reserve requirements to absorb inflation-fuelling excess cash stemming from capital inflows. (Rbi Throws Cold Water On Bankers' Crr Hopes , Deccan Herald, Correspondent or Reporter, Oct 31, 2007)

The country's premier stock exchange BSE's frontline index on Monday crossed 20,000 mark in late trade but closed a shade lower at 19,978 points. (Bulls Blitzkrieg Sees Sensex Kiss Mount 20k , Deccan Herald, Correspondent or Reporter, Oct 30, 2007)

Stock markets rose for the fifth day in a row today with the benchmark BSE Sensex surging to close at a new peak of 19,243.17 points after market regulator SEBI allowed more overseas investors to enter the bourses. (Sensex Soars By 472 Pts To New Closing Peak Of 19,243.17, OutLook, Correspondent or Reporter, Oct 27, 2007)

Stock markets witnessed high volatality on Wednesday, a day before the crucial SEBI board meeting on the P-Note issue, with benchmark index Sensex swinging more than 500 points intra-day before ending almost flat. (Markets End Flat Amid Volatile Trading, Business Line, Correspondent or Reporter, Oct 25, 2007)

Hectic short covering by operators and the rollover in the futures and options (F&O) sector following the comforting message sent out to foreign institutional investors (FIIs) by Securities and Exchange Board of India chairman M. Damodaran on. . . (Sensex Yo-Yo, Up Again, Asian Age, A N Sudarsan Rao , Oct 24, 2007)

The focus in dealing with the agrarian crisis should shift from suicide relief to suicide prevention. (From Killing Fields To Smiling Fields, Hindu, M.S. Swaminathan, Oct 17, 2007)

Prescriptions for good quality governance of the corporate and financial sectors in a globalising economy (Perspectives On Corporate Governance, Hindu, S. L. Rao, Oct 16, 2007)

Bulls ran amok on Dalal Street, home to the country's stock market, carrying the benchmark Sensex past the 19,000 mark milestone in a record four sessions, as investors bet heavily on blue chip stocks and political truce. (Sensex Breaks 19k Mark, Gains A Hefty 640 Pts, OutLook, Editorial, Outlook, Oct 16, 2007)

Bulls on the Dalal Street have gone absolutely crazy as even they don't know where to stop, and in their frenzy they are reaching one milestone after the other in no time. (Sensex In Its Last Teens , Pioneer, Editorial, The Pioneer, Oct 16, 2007)

Exuding optimism on a day when the Sensex hit a record 19,000 points back home, Commerce and Industry Minister Kamal Nath told a gathering of top British economists that the next two decades in India will be marked primarily by "reforms in governance." (Governance Reforms India's Top Priority For Next 20 Years: Kamal Nath, Hindustan Times, Correspondent or Reporter, Oct 16, 2007)

The Delhi consumer commission has directed State Bank of India to pay Rs 4.10 lakh to a 62-year-old woman and her daughter-in-law for misplacing a draft 10 years ago. (4-Lakh Rap On Sbi For Losing Draft , Telegraph, Correspondent or Reporter, Oct 15, 2007)

If the Finance Ministry wants interest rates to soften, as they should, it should address the RBI, not the banks. (Cheaper Credit, Business Line, Editorial, Business Line, Oct 15, 2007)

India's largest lender State Bank of India on Wednesday cut interest rates on home, auto and personal loans by 0.5 to 1 per cent ahead of the festival season and launched reverse mortgage scheme for senior citizens. (Sbi Slashes Home, Personal Loan Rates, Pioneer, Correspondent or Reporter, Oct 11, 2007)

Senior citizens who own and occupy a house are eligible Loan carries a fixed interest rate of 10.75 p.c. For Rs. 1 lakh loan, monthly payment will be Rs. 468 (Sbi’S Reverse Mortgage Loan From October 12, Hindu, Correspondent or Reporter, Oct 11, 2007)

State Bank of India (SBI) on Wednesday reduced interest rates levied on home loans as well as retail loans. Both the rates have been slashed by 0.5 to one percent for different maturities as part of its festival offer. (Sbi Slashes Home, Retail Loan Rates By 0.5 To 1 Pc, New Indian Express, Correspondent or Reporter, Oct 11, 2007)

State Bank of India (SBI), on Wednesday, announced that it would launch a new product ‘SBI Reverse Mortgage Loan’ for the benefit of senior citizens on October 12. (Sbi Unveils Reverse Mortgage , Deccan Herald, Correspondent or Reporter, Oct 11, 2007)

A day after the bears went on the rampage, the bulls struck back with a vengeance taking the Sensex up 789 points to cross 18,000 mark and close at 18,280 levels. (Sensex Hits 18k, Tribune, Correspondent or Reporter, Oct 10, 2007)

If political concerns rattled the market on Monday, the prospect of a compromise lifted its spirit in a dramatic fashion on Tuesday. (Sensex Whizzes Past 18,000; Posts Highest Intra-Day Gain, Business Line, Correspondent or Reporter, Oct 10, 2007)

The stock market barometer Sensex surged by a record 789 points to cross the 18,000-point milestone as investors took heart from the improbability of snap polls and bought heavily in frontline stocks led by Reliance industries. (Sensex Sets New Milestone; Crosses 18,000 Mark, New Indian Express, Correspondent or Reporter, Oct 10, 2007)

Prospects of a general election ahead of schedule led to hectic selling in the market on Monday. (Swinging Sensex Misses 18k, Times of India, Correspondent or Reporter, Oct 09, 2007)