Indian multinational, public sector banking and financial services company. The bank descends from the Bank of Calcutta, founded forex branches of sbi 1806, via the Imperial Bank of India, making it the oldest commercial bank in the Indian subcontinent. The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of Calcutta later renamed the Bank of Bengal, was established on 2 June 1806. Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India’s central bank, acquired a controlling interest in the Imperial Bank of India.
On 1 July 1955, the imperial Bank of India became the State Bank of India. This made SBI subsidiaries of eight that had belonged to princely states prior to their nationalization and operational takeover between September 1959 and October 1960, which made eight state banks associates of SBI. This une with the first Five Year Plan, which prioritised the development of rural India. SBI has acquired local banks in rescues. SBI acquired in 1969, together with its 28 branches. There has been a proposal to merge all the associate banks into SBI to create a “mega bank” and streamline the group’s operations. The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra merged with SBI, reducing the number of associate state banks from seven to six.
On 19 June 2009, the SBI board approved the absorption of State Bank of Indore. The acquisition of State Bank of Indore added 470 branches to SBI’s existing network of branches. 9,981,190 million as of March 2009. The process of merging of State Bank of Indore was completed by April 2010, and the SBI Indore branches started functioning as SBI branches on 26 August 2010. On 7 October 2013, Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bank. Bhattacharya received an extension of two years of service to merge into SBI the five remaining associated banks. SBI has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout India.