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State Bank of India

The State Bank of India (SBI) (BSE: 500112, LSE: SBID) is the largest commercial bank in India. Founded on July 1, 1955, it is the largest state-owned banking and financial services company in India, by almost every parameter - revenues, profits, assets, market capitalization, etc.

Its headquarters are located in Mumbai, Maharashtra, India.

Together with its Associated banks, it has a network of 14000 branches across India and controls about 18% of Indian banking business (as of October 09). SBI has subsidiaries in various banking and financial business sectors including insurance (SBI Life), mutual funds (SBI Mutual Fund) amongst others.

In December 2015, its Chairperson Arundhati Bhattacharya said the bank has plans to list its subsidiaries on the stock exchanges.

Key People

  • Arundhati Bhattacharya - Chairperson
  • O. P. Bhatt - Former Chairman of SBI

In July 2010, the Indian Cabinet approved the acquisition of State Bank of Indore by SBI. ANI

In July 2010, SBI and the State General Reserve Fund of Oman signed a joint venture agreement to form a joint investment fund.

The net profit of State Bank of India was up at Rs 4,050.27 crore in fourth quarter of 2011-12, as against Rs 20.88 crore in Q4 of previous fiscal.

Loan to Kingfisher Airlines

State Bank of India heads the consortium of 17 lenders who has given loans to Kingfisher Airlines to a tune of Rs. 7000 crore. The Airlines has been debt ridden in 2012. State Bank of India has the maximum exposure at Rs. 1400 crore.

State Bank of India has decided to release funds to Kingfisher Airlines on humanitarian grounds considering that the Airlines has not paid salary to its staff for the past seven months. On 5 October 2012, SBI Chairman Pratip Chaudhuri told reporters that out of the money that has been released by the tax authorities to Kingfisher Airlines, 80 per cent of it will be made available for payment of salaries.

SBI chairperson Arundhati Bhattacharya says that the debt recovery to the tune of over Rs 7,500 crore in principal alone from Kingfisher Airlines was going on. She however said that there are some legal challenges involved. Apr 26, 2014

Timeline

2012

On 18 September 2012, State Bank of India has reduced base rate to 9.75% per annum, from 10% now, a day after the Reserve Bank of India has reduced the Cash Reserve Ration (CRR) by 25 basis points. The new rates of the SBI will be effective from September 22, 2012.

CBI arrests former State Bank official accused of misappropriation
The Central Bureau of Investigation (CBI) has taken into its custody Tulsi P. Ladani, the then assistant of State Bank of India (SBI), Kutiyana Branch, Porbandar, for misappropriation of Rs 5.24 crore from around 259 savings accounts. ANI

Manmohan Singh reviews financial inclusion efforts
The Prime Minister, Dr Manmohan Singh, on Friday reviewed the progress towards financial inclusion by banks in India. ANI

State Bank of India ties up with Oxigen to promote kiosk banking
Oxigen Services Pvt. Ltd and support company Sahyog Micro Finance Foundation today announced a unique tie-up with State Bank of India (SBI) to offer banking services by connecting directly to the SBI Core Banking System. Appointing Customer Service Points at Oxigen Retail Outlets would do this. ANI

CVC recommends major penalty proceedings against 96 officials
The Central Vigilance Commission has recommended major penalty proceedings against 96 officers, as it disposed of 1387 cases during July 2010 referred to it for advice. ANI

Corporation Bank signs MoU with UIDAI
The Corporation Bank has signed a Memorandum of Understanding (MoU) with Unique Identification Authority of India (UIDAI), following which it will act as registrar for unique identification project Aadhar ANI

Liquidity will be comfortable by July end: SBI chief
Om Prakash Bhatt, the Chairman of the State Bank of India, the countrys largest bank financial institution, has said that the cash crunch in the banking system should begin to ease by the end of July. ANI

Regularise contractual bank officers: Sushma Swaraj
Senior Bharatiya Janata Party (BJP leader Sushma Swaraj on Saturday demanded regularisation of officers hired by national banks on a contractual basis. ANI

Andhra Pradeshs Tirumala temple officials deny jewellery theft
Officials at Andhra Pradeshs famous Tirumala temple that has been receiving donations dating back to the 16th century have denied reports of missing jewellery. ANI

State Bank of India sets base rate for lending at 7.5 percent per annum
The State Bank of India (SBI) has set its base rate for lending at 7.5 per cent per annum, after the Reserve Bank of India (RBI) introduced the new lending rate system. ANI

Maoists blow up bank in Bihar
Armed Maoists blew up a bank and looted money from it in Bihars Jamui District early on Tuesday. ANI

Enough market liquidity despite 3G spectrum payments: SBI chief
O P Bhatt, the Chairman of the State Bank of India, has said there is sufficient liquidity in the market despite an unexpected cash outflow due to 3G mobile spectrum payments. ANI

Tirupati temple deposits 1,075 kilograms of gold with SBI
The Tirupati Temple in Andhra Pradesh has for the first time deposited 1,075 kilograms of gold with the State Bank of India (SBI) owing to security concerns. ANI

State Bank of India profits for the first time in three years
The State Bank of India (SBI) has registered a 32 per cent drop in the net profits in the fourth financial quarter (Q4), which ended on March 31 this year. ANI

Interest rates unlikely to rise in near future: SBI
The State Bank of India on Friday said the banks interest rates would not be rising in the near future, as there is enough liquidity in the system and credit off take is usually low in the April-June quarter. ANI

Indian Public sector enterprises should be globally competitive, says President Patil
President Pratibha Devisingh Patil on Saturday said that Indian public sector enterprises should make efforts to be globally competitive. ANI

Share index rises above 18,000 points
The share index on Wednesday climbed above 18,000 points for the first time in more than two years, driven by robust earnings expectations and firm global equities. ANI

Mukherjee, a key player to Indias economic reform process: Geithner
US Treasury Secretary Timothy Geithner, who met Finance Minister Pranab Mukherjee on Tuesday to launch the U.S. - India Economic and Financial Partnership, described Mukherjee as the key to the economic reform process that began in India years ago. ANI

US Treasury Secretary Geithner meets Pranab Mukherjee
US Treasury Secretary Timothy Geithner, who is in New Delhi to launch a new bilateral economic dialogue with India, with focus on macroeconomic stability and financial markets, met Finance Minister Pranab Mukherjee on Tuesday. ANI

US Treasury Secretary Geithner meets Manmohan Singh
US Treasury Secretary Timothy Geithner, who is in New Delhi to launch a new bilateral economic dialogue with India with a focus on macroeconomic stability, financial markets and infrastructure financing, met the Prime Minister, Dr. Manmohan Singh, today ANI

Propalms, Inc. Receives Initial Purchase Order From Leading Indian Insurance Company to Supply TSE Software
MarketWire

Home Ministry seizes bank accounts of ultras
Union Home Ministry has frozen bank accounts of individuals involved in terrorist and insurgency activities. ANI

Tweeting journalists Sanghvi, Nandy say they will file RTI questioning Padma award for Chatwal
Noted journalists Vir Sanghvi and Pritish Nandy have revealed that they will be jointly filing a Right To Information (RTI) application with the Central Information Commission (CIC) with regard to this years Padma Award list and the questionable inclusion of Indian-American hotelier Sant Singh Chatwal in it. ANI

Chatwal rubbishes BJP allegations
New York-based Indian American hotelier and Padma Bhushan recipient Sant Singh Chatwal today rubbished the Bharatiya Janata Partys (BJPs) allegation of financial wrongdoing and said that he had been cleared of all charges. ANI

Sensex increases by 236 points
The Bombay Stock Exchange (BSE) benchmark Sensex climbed over 236 points or 1.34 percent in the opening trade on Monday, on emergence of buying in heavyweight stocks by foreign funds driven by rally on the other Asian bourses. ANI

Story of a successful Assam farmer and entrepreneur
: Utpal Bora is a young farmer and entrepreneur from Jorhat, Assam. After completing his graduation, he failed to get a job. ANI

Nationwide bank strike affects bank operations
The day-long nationwide strike by public sector bank employee unions to protest against the move by the Central government to merge public sector banks affected banking operations across the country on Wednesday . ANI

Bank-strike disturbs services all over the country
Dissenting the proposed merger of the State Bank of Indore with its parent State Bank of India (SBI), the bank employess have gone on a one-day nation wide strike today disrupting the normal banking operations. ANI

Sensex rises by 106 points amidst firm Asian markets
The Bombay Stock Exchange index benchmark, Sensex, climbed over 106 points today, on emergence of buying by funds and retail investors amidst firm Asian markets. ANI

Reconstituted India-US CEOs Forum to meet PM,Obama
The reconstitued India-US CEOs Forum met in Washington, on Monday and will meet Indian Prime Minister Dr. Manmohan Singh and US President Barack Obama at the White House today. ANI

HIV infected women sell nutritious food items in Gujarat
Two Non-Governmental Organisations-Aadhar and Saral-are helping HIV-infected women prepare and sell nutritious and tasty food items in Ahmedabad. ANI

Sensex surges 194 points, regains 17k
The Bombay Stock Exchange (BSE) benchmark index Sensex today crossed the 17,000 mark in early trade, tracking firm Asian markets. ANI

Thackerays MNS now warns SBI not to recruit outsiders
Raj Thackeray-led Maharashtra Navnirman Sena (MNS) has warned the State Bank of India (SBI) not to recruit any outsiders during Sundays exams in which the bank will recruit for 1100 vacancies. ANI

Car rally organized to spread awareness about traffic discipline in Kolkata
In a bid to spread awareness about traffic discipline in Kolkata, hundreds of enthusiasts participate in a car rally organized here on Sunday. ANI

Sensex down by 184 points in opening trade on Asian cues
The Bombay Stock Exchange (BSE) benchmark Sensex today fell over by 184 points as the funds and retail investors preferred to book the profits amid weak Asian markets. ANI

Tatas to build Nano houses
Having revolutionised the automobile segment by offering the worlds cheapest car, Tata Group seems to be aiming at revolutionizing the real estate sector by offering affordable Nano houses. ANI

Amalgamation of SBI Rural Banks likely
Five Rural Banks to unite shortly

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