SBI Full form
The full form of SBI is State Bank of India
Full form of SBI
The full form of SBI is the State Bank of India. Suppose you are an aspiring banking aspirant trying to crack your banking exams and secure a job in reputed banks. In that case, learning the full forms of several commonly used abbreviations in the banking sector is a good idea. These abbreviations denote a few widely used terms that are otherwise very lengthy. This includes banking institutions, tools, rates, techniques, and other similar terms commonly used in the banking world.
If your employer tests your knowledge of full forms by asking questions like "What is the full form of SBI" you can impress your interviewers by knowing the full form and other relevant facts about SBI.
What does SBI Stand for?
State Bank of India headquartered is located in Mumbai holds the prestigious title of the 43rd largest bank in the world. State Bank of India has many awards and accreditations. However, the most popular award would have to be its inclusion in the Fortune Global 500 list of the world's largest corporations of 2020.
State Bank of India is a public sector bank, the single largest bank in the Indian subcontinent, dominating the market with a 23% share of assets. State Bank of India alone is responsible for more than a quarter of the total loans disbursed in India.
Apart from learning the full form of SBI, here are some key and relevant facts for your benefit.
- Full form of SBI - State Bank of India
- State Bank of India is the oldest commercial bank in the Indian subcontinent.
- SBI was established in 1806 and is a descendant of the former Bank of Calcutta.
- Over time, the Bank of Calcutta, Bank of Madras, Bank of Bombay, and other two Presidency banks in British India merged to form the Imperial Bank of India.
- In 1955, the Imperial Bank of India had renamed the State Bank of India.
- In 1955, the Government of India took control of the State Bank of India, with the Reserve Bank of India (RBI) taking a majority 60% stake.
- State Bank of India has more than 22,219 branches, 62,617 ATMs, and another 229 branches in 31 countries apart from India.
- SBI is a leader in retail banking, corporate banking, investment banking, mortgage lending, wealth management, private banking, finance and insurance, and credit cards.
- In 1959 the First Five Year Plan, the Government of India passed the State Bank of India (Subsidiary Banks) Act, which meant that eight other banks located in the princely states of India were to merge with the SBI.
- Internationally, SBI has branches in more than 31 countries, including Australia, Bahrain, Botswana, Canada, China, Mauritius, Sri Lanka, South Korea, Bangladesh, South Africa, the United Kingdom, and the United States of America.
- State Bank of India has four non-banking subsidiaries – SBI Cards & Payments Services Ltd, SBI Capital Markets, SBI Life Insurance Company Limited, and SBI Mutual Fund.
- During the Yes Bank scandal in early 2020, SBI came to Yes Bank's rescue by acquiring over 48.2% of Yes Bank's shares.
- State Bank of India (SBI) is the largest employer in the world, with nearly 2,50,000 employees as of March 31, 2021. Interestingly, each employee contributed a net profit of INR 8,28,350 during the fiscal year 2020-21.