The Fortune Global 500 rankings of the largest companies in the world in 2020 included SBI, the sole bank from India.
New Delhi: SBI, the largest commercial bank in the country is celebrating its foundation day on July 1. Across these years, the SBI has grown to be the most dependable bank in the nation, with over 450 million customers, as per the Financial Express. One of the biggest banks in the country, SBI, provides a range of banking and financial services both domestically and abroad. Check 5 big things about the SBI.
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1. SBI in Fortune Global 500 Rankings
The Fortune Global 500 rankings of the largest companies in the world in 2020 also included SBI, the sole bank from India, as per a report by CNBC.
2. Significance of SBI Foundation Day
The day that India’s oldest commercial bank was founded is honoured on SBI Foundation Day. Following the passage of the State Bank of India Act in 1955, the Imperial Bank of India became the State Bank of India on July 1st, as per a report in Latestly.
3. Origin of State Bank Of India
The Bank of Calcutta, which later became the State Bank of India, was founded on June 2, 1806, in Calcutta. The Bank of Bengal was established in 1809 after receiving its charter. The bank was the first joint-stock institution in British India that the Government of Bengal funded. The Bank of Bombay followed the Bank of Bengal later in 1840, and then Bank of Madras in 1843.
4. SBI (Imperial Bank) During Independence
The Imperial Bank had a capital base of Rs 11.85 crore (including reserves) at the time India gained independence. Deposits and advances totaled 275.14 crore rupees and 72.94 crore rupees, respectively. It had 172 branches and more than 200 sub-offices at that time.
Later, the All-India Rural Credit Survey Committee recommended the establishment of a state-partnered and state-sponsored bank to replace the Imperial Bank of India. As a result, an Act was passed by Parliament in May 1995, and on July 1, 1955, the State Bank of India was established, the report in CNBC said.
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5. First Joint-Stock Bank In British India
It was the first British Indian joint-stock bank to be supported by the Government of Bengal, making it a distinctive organisation. After the Bank of Bengal, the Bank of Bombay was founded on April 15, 1840, and the Bank of Madras on July 1, 1843, as per NDTV.
