Background

In 1959, the State Bank of India (Subsidiary Banks) Act was passed in parliament enabling SBI to take over eight former State-associated banks as its subsidiaries. Today, SBI has an extensive administrative structure to oversee the large network of branches in India and abroad. In FY09 State Bank of India acquired State Bank of Saurashtra, a wholly owned Associate.

Business Profile

Apart from providing basic banking services SBI has ventured into many new businesses viz. pension funds, general insurance, custodial services, private equity, mobile banking, point of sale merchant acquisition, advisory services, structured products and many more. SBI offers a wide range of products and services in the personal banking segment which include deposit schemes like term deposits, recurring deposits etc. The bank also conducts Government business like collecting Government dues and pension payments, e-payment of railway freight, online collection of State Government receipts etc. As on Mar 31 2009, the bank’s total business registered a y-o-y growth of 34.63% as against a growth of 23.38% in the previous year. As on Mar 31, 2009 the bank had a network of 11,448 branches and 8,581 ATMs.