State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is the largest commercial bank in India in terms of assets, deposits, profits, branches and employees. As of March 2015, it had assets of US$325 billion, deposits of US$250 billion, net profit of US$2.08 billion, with over 16,000 branches, including 190 foreign offices spread over 36 countries and staff strength of more than 2 lac. SBI ranks 152nd on the 2015 Forbes Global 2000 List and was ranked 303th in the Fortune Global 500 rankings of the world’s biggest corporations for the year 2014, and 73rd largest bank in the world, according to 2014 SNL financial data. Forbes has named Arundhati Bhattacharya, Chairman, State Bank of India, in its annual 100 ‘Most Powerful Women’ list.
SBI provides a range of banking products through its network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). SBI has 14 Local Head Offices and 57 Zonal Offices that are located at important cities throughout India along with a Group network of over 54,500 ATMs across the country.
For the first time in India, instant opening of bank accounts with issuance of personalised debit cards, an interactive dream wall, instant in-principle loan approvals, remote expert aid customers in conceptualising their journey through realising their financial dreams were made possible with seven ‘sbiINTOUCH’ branches in six cities viz., New Delhi, Mumbai, Kolkata, Bengaluru, Chennai and Ahmedabad. The bank has also opened up three more sbiINTOUCHLite branches in Pune, Gurgaon and Kochi and plans to open 250 more such branches in 2015. To further simplify banking and to provide “anytime, anywhere” banking services ‘State Bank Anywhere Mobile Banking app’ is available on all platforms, thereby reaching out to a large customer base. The bank has introduced its ‘Missed Call/SMS Banking’ service for the convenience customers, apart from a 24×7 Contact Centre and tollfree helplines to assist customers with their queries and resolve their problems. The recent launch of ‘OCAS’ (Online Customer Acquisition System) for real time customer interface for applying for Home Loans, Car Loans and Education Loans, allows customers to have loan processing done from the comfort of their home or office. In keeping with the fast paced lifestyle of the youth of India, SBI has adopted innovating banking services like the opening of self-service kiosks, which provides 24 hours services like cheque deposits, ATM transactions, fund transfers, cash deposits, passbook printing, and more. The bank has also initiated technology products like ‘Online Loan against Shares’ and ‘Overdraft against Fixed Deposits’, where the customers can tap online to obtain a loan.
SBI has won several top-ranking awards for its operations including Best Bank Award, Best Technology Award, Most Preferred Bank, Most Valuable Brands of India, Socially Responsible Bank and many others.