State Bank of India

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India's largest public-sector bank and a major international banking group.

Last updated October 25, 2026

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Overview

State Bank of India (SBI) is an Indian multinational public-sector bank and financial-services institution headquartered in Mumbai. It is the largest bank in India by assets, deposits, lending scale, branch network and customer reach, and is designated by the Reserve Bank of India as a domestic systemically important bank. The Government of India remains its controlling shareholder, while the bank is publicly listed on the Bombay Stock Exchange and National Stock Exchange of India and has Global Depository Receipts listed in London. SBI's modern corporate identity dates from 1 July 1955, when the Imperial Bank of India was converted into the State Bank of India under the State Bank of India Act. Its institutional ancestry reaches further back to the Bank of Calcutta, established in 1806, and the other Presidency banks of British India. The Bank of Bengal, Bank of Bombay and Bank of Madras were consolidated in 1921 to create the Imperial Bank of India. In 1955, the Reserve Bank of India acquired a controlling interest in that institution on behalf of the public sector and renamed it SBI. The central bank's stake was later transferred to the Government of India in 2008. The bank's mandate has historically combined commercial banking with economic development and financial inclusion. Through its branches, ATMs, business correspondents and digital channels, SBI serves households, farmers, small businesses, large corporations, government entities, institutional clients and non-resident Indians. Its principal businesses include retail banking, corporate and wholesale banking, agricultural and rural banking, international banking, treasury services, payments, wealth management and digital financial services. SBI also operates a broad financial-services ecosystem through subsidiaries and affiliates. These include SBI Life Insurance, SBI General Insurance, SBI Cards and Payment Services, SBI Funds Management, SBI Capital Markets, SBI Securities and pension and payment businesses. The group has maintained overseas operations in Asia, Africa, Europe, the Middle East, North America and other markets, supporting Indian companies, international trade and overseas Indians. A major structural turning point came in 2017, when five remaining associate banks and Bharatiya Mahila Bank were merged into SBI. The consolidation created a single institution with a substantially larger balance sheet and unified operating platform. SBI has also participated in government financial-inclusion programs, including Pradhan Mantri Jan Dhan Yojana, and has invested heavily in mobile and online banking. Its YONO platform, introduced in 2017, integrates account services, payments, lending, investments and selected commerce features. SBI's scale gives it a central role in India's financial system, but also exposes it to the governance, credit-quality, cybersecurity, consumer-protection and public-policy responsibilities associated with a systemically important state-controlled bank. Its present positioning combines public-sector trust and nationwide reach with digital banking, diversified financial products and international connectivity.

History

State Bank of India's institutional lineage begins with the Bank of Calcutta, established in 1806. It was later renamed the Bank of Bengal and became one of the three Presidency banks created to support commerce and government finance in British India. The Bank of Bombay was founded in 1840 and the Bank of Madras in 1843. These institutions operated as joint-stock banks under royal charters and, for a period, held the exclusive right to issue paper currency in their respective territories. That currency function ended when responsibility was transferred to the Government of India under the Paper Currency Act of 1861. On 27 January 1921, the three Presidency banks were amalgamated into the Imperial Bank of India. The Imperial Bank was a large commercial institution but did not initially include direct government ownership. It combined branch banking, government business and commercial finance and became the principal predecessor of SBI. The State Bank of India Act of 1955 transformed this structure. The Reserve Bank of India acquired a controlling interest in the Imperial Bank, and on 1 July 1955 the institution became the State Bank of India. The new public-sector bank was expected not only to conduct commercial banking but also to extend credit and banking access into under-served regions. In 1959, legislation brought eight banks associated with former princely states into the SBI system as subsidiary or associate banks. This expanded the bank's regional presence and supported the development priorities of India's early Five-Year Plans. Over subsequent decades, SBI absorbed or rescued a number of smaller institutions. State Bank of Jaipur and State Bank of Bikaner were combined within the group in 1963. SBI acquired Bank of Bihar in 1969, National Bank of Lahore in 1970, Krishnaram Baldeo Bank in 1975 and Bank of Cochin in 1985. These transactions strengthened its branch network and gave the bank a larger role in regional banking. SBI diversified beyond conventional deposit and lending operations. In 2001 it partnered with BNP Paribas to establish SBI Life Insurance. It also developed investment, securities, asset-management, card, insurance and infrastructure-finance businesses through subsidiaries and joint ventures. International expansion included offices and subsidiaries across South Asia, Southeast Asia, the Middle East, Africa, Europe, North America and other regions. SBI's overseas network has served trade, corporate clients and Indian communities abroad. A long-running effort to unify the State Bank group accelerated in the late 2000s. State Bank of Saurashtra merged with SBI in 2008, followed by State Bank of Indore in 2010. In 2016, the SBI board and the Union Cabinet approved the absorption of the remaining five associate banks—State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore—as well as Bharatiya Mahila Bank. The merger took effect on 1 April 2017 and created a single, much larger operating institution. The bank has remained closely connected to national financial policy. During the Pradhan Mantri Jan Dhan Yojana financial-inclusion initiative launched in 2014, SBI organized account-opening camps and brought millions of customers into formal banking. It has also expanded mobile banking, digital payments, automated service points and business-correspondent channels. YONO, launched in 2017, became the central digital consumer platform for many SBI services. In 2020, SBI participated in the government- and RBI-supported reconstruction of Yes Bank by acquiring a major equity position. In 2022, it established a dedicated start-up branch in Bengaluru. Throughout its history, SBI has balanced public ownership and developmental responsibilities with the need to compete in a more digital, regulated and commercially demanding banking market. It remains one of India's most important financial institutions, with a nationwide customer base, extensive domestic infrastructure, international operations and a large family of financial-services subsidiaries.

2022
Start-up banking branch opened
[1]State Bank of Indiaen.wikipedia.org
SBI opened a dedicated branch for start-ups in Bengaluru.
2020
Participation in Yes Bank reconstruction
[1]State Bank of Indiaen.wikipedia.org
SBI acquired a major stake in Yes Bank as part of an RBI-directed rescue transaction.
2017
Associate-bank merger completed
[1]State Bank of Indiaen.wikipedia.org
Five associate banks and Bharatiya Mahila Bank merged into SBI on 1 April.
2017
YONO launched
[1]State Bank of Indiaen.wikipedia.org
SBI introduced its integrated digital banking platform, YONO.
2014
Financial-inclusion expansion
[1]State Bank of Indiaen.wikipedia.org
SBI supported Pradhan Mantri Jan Dhan Yojana through large-scale account-opening camps and rural outreach.
2013
First woman appointed chairperson
[1]State Bank of Indiaen.wikipedia.org
Arundhati Bhattacharya became SBI's first woman chairperson.
2008
Government of India becomes direct controlling shareholder
[1]State Bank of Indiaen.wikipedia.org
The Government of India acquired the Reserve Bank of India's SBI stake, separating ownership from the banking regulator.
2001
SBI Life Insurance established
[1]State Bank of Indiaen.wikipedia.org
SBI and BNP Paribas formed a life-insurance joint venture.
1959
Associate-bank structure introduced
[1]State Bank of Indiaen.wikipedia.org
Eight banks linked to former princely states were brought into the SBI system as subsidiaries.
1955
State Bank of India established
[1]State Bank of Indiaen.wikipedia.org
The Imperial Bank became SBI on 1 July after the Reserve Bank of India acquired a controlling interest under the State Bank of India Act.
1921
Imperial Bank of India created
[1]State Bank of Indiaen.wikipedia.org
The Presidency banks of Bengal, Bombay and Madras were amalgamated to form the Imperial Bank of India.
1806
Bank of Calcutta established
[1]State Bank of Indiaen.wikipedia.org
The Bank of Calcutta, later renamed the Bank of Bengal, was founded and became the earliest institutional predecessor of SBI.

Products and positioning

A government-controlled, nationwide banking institution combining mass-market reach, public-sector credibility, financial inclusion and full-service banking for retail, business and institutional customers.

Banking services
Retail banking
SBI provides current and savings accounts, term deposits, payment services, personal loans, home loans, education finance, vehicle finance, agricultural credit and other consumer banking products through its physical and digital channels. Its retail franchise is supported by a nationwide branch and service network and includes offerings for salaried customers, households, farmers, small businesses and non-resident Indians.
Commercial banking
Corporate and wholesale banking
The corporate and wholesale businesses serve large companies, public-sector enterprises, financial institutions and government-related entities. Services include working-capital finance, project and infrastructure lending, trade finance, cash management, syndicated lending, structured finance, treasury products and investment banking support through related group companies.
Digital banking · 2017
SBI YONO
YONO is SBI's integrated digital platform for retail banking and selected financial and commerce services. It enables customers to access accounts, transfers, bill payments, cards, loans, investments and other services through mobile and online interfaces. The platform is a central part of SBI's effort to modernize customer service and reduce dependence on branch-only transactions.
Payments and cards
SBI Cards
SBI Cards and Payment Services is the group's credit-card business, offering consumer and commercial cards, payment services, rewards and related digital tools. It operates as a listed subsidiary associated with the SBI brand and extends the group's relationship with retail customers beyond deposits and lending.
Insurance · 2001
SBI Life Insurance
SBI Life Insurance provides life-protection, savings, investment-linked, retirement and group-insurance products through a distribution model connected to SBI and other channels. It was established through SBI's partnership with BNP Paribas and forms one of the group's principal non-banking financial businesses.
International banking · 1864
International and NRI banking
SBI's overseas branches, subsidiaries and joint ventures provide retail, commercial, trade, remittance and non-resident Indian services. International operations span multiple regions and are intended to support Indian businesses abroad, cross-border transactions and customers with links to India.

Controversies

2026
SBI discloses exposure of customer records
State Bank of India clarified that it experienced a data breach after 3,897 customer records were found exposed on the dark web. The bank said it was investigating the nature and extent of the alleged compromise and implementing remedial and preventive measures.
Source
2021
RBI fines State Bank of India for delayed fraud reporting
The Reserve Bank of India fined State Bank of India Rs 1 crore after the lender delayed reporting fraud in a customer account to the central bank.
Source
2020
SEBI fines SBI, LIC and Bank of Baroda
In a regulatory action, the Securities and Exchange Board of India imposed penalties of Rs 10 lakh each on State Bank of India, Life Insurance Corporation of India and Bank of Baroda. The fines were levied for violations of mutual fund regulations. The event was reported on 14 August 2020. The action concerned the three institutions' compliance with mutual fund norms.
Source

2014Pradhan Mantri Jan Dhan Yojana outreach
India
SBI organized extensive camps and branch-level outreach to open basic bank accounts for previously underserved households, with a particular emphasis on rural customers and formal access to payments and government benefits.
Outcome. Millions of accounts were opened during the initial expansion period.
Source

Brand decisions

2020
Participate in the Yes Bank reconstructionM&A
Background
Yes Bank was restructured under a rescue plan directed by the Reserve Bank of India.
Action taken
SBI acquired a substantial equity stake in Yes Bank as part of the reconstruction.
Aftermath
SBI became a significant shareholder while Yes Bank continued under the restructured arrangement.
Source
2017
Unify the State Bank groupM&A
Background
The associate-bank structure created duplicated systems and brands while SBI sought greater scale and operational integration.
Action taken
SBI absorbed five remaining associate banks and Bharatiya Mahila Bank, completing the merger on 1 April 2017.
Aftermath
The transaction created a substantially larger unified bank and eliminated the separate associate-bank identities.
Source
2017
Launch an integrated digital platformProduct launch
Background
Rising digital-banking adoption created pressure for SBI to provide a unified mobile-first customer experience.
Action taken
SBI launched YONO, combining banking access with a wider set of financial and digital services.
Aftermath
YONO became a major customer-facing digital channel for the SBI group.
Source

Recent events

2026.10.21
Reported2026.10.21
SBI discloses exposure of customer records[3]SBI discloses exposure of customer recordsianslive.in
State Bank of India clarified that it experienced a data breach after 3,897 customer records were found exposed on the dark web. The bank said it was investigating the nature and extent of the alleged compromise and implementing remedial and preventive measures.
Unconfirmed
Reported2026.10.18
SBI wins World’s Best Consumer Bank 2026 award[7]SBI获得2026年度全球最佳消费者银行奖dailypioneer.com
State Bank of India (SBI) won Global Finance magazine’s World’s Best Consumer Bank 2026 award, its second consecutive win. The award was presented on the sidelines of the IMF Annual Meeting 2026 in Bangkok, Thailand.
2026.10.16
SBI-linked customer data exposure claim[4]SBI discloses exposure of customer recordsmoneycontrol.com
Cybersecurity monitoring account CyberPulse56 reported that hacker group Siriusim claimed to possess customer records and documents linked to State Bank of India (SBI). The authenticity, origin and extent of the alleged exposure remain unverified, and there was no independent confirmation that SBI's systems were compromised.
2026.10.14
Reported2026.10.14
NPCI BHIM Services launches Tatkal NPS on BHIM Payments App[8]NPCI旗下BHIM支付应用上线Tatkal NPS快捷养老金开户服务prokerala.com
NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of the National Payments Corporation of India, announced that Tatkal NPS, a scheme introduced by regulator PFRDA, is now available on the BHIM Payments App, enabling eligible users to open a National Pension System (NPS) account via UPI in three steps without a branch visit or fresh paperwork. The service is initially available to banking customers of State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Bank of Baroda, with a minimum initial contribution of Rs 250 and subsequent contributions starting from Rs 10.
2026.08.22
Reported2026.08.22
SBI acquires commercial property in Pune's Kharadi for ₹414 crore[9]印度国家银行以41.4亿卢比收购浦那Kharadi商业地产realty.economictimes.indiatimes.com
State Bank of India acquired a commercial property in Pune's Kharadi area for Rs 414 crore, including leasehold rights over 2.12 acres of land at Kharadi Knowledge Park and outright ownership of around 1.84 lakh sq ft of commercial building, acquired from Siddhivinayak Enterprises through a deed of assignment.
2026.08.14
Reported2026.08.21
SBI acquires Pune property for ₹414 crore for Maharashtra Circle office[10]印度国家银行以4.14亿卢比收购浦那物业用于马哈拉施特拉邦区域办公室business-standard.com
State Bank of India acquired leasehold rights to an 8,581-square-metre land parcel at Kharadi Knowledge Park in Pune, along with ownership of a 15-storey building and 200 parking spaces, for Rs 414 crore, to establish its Local Head Office for the Maharashtra Circle. The deed of assignment was registered on August 14, 2026.
Unconfirmed
Reported2022.03.05
SBI appoints Nitin Chugh as deputy managing director[11]SBI任命Nitin Chugh为副董事总经理economictimes.indiatimes.com
State Bank of India appointed former Ujjivan Small Finance Bank CEO Nitin Chugh as deputy managing director to drive digital banking operations.
2022.03.04
Reported2022.03.06
SBI and PHDCCI organize outreach programme for Punjab SMEs[12]SBI与PHDCCI为旁遮普邦中小企业举办外联活动freepressjournal.in
SBI and PHDCCI organized an outreach programme in Amritsar to help small and medium enterprises in Punjab affected by the COVID-19 pandemic, including discussion of financing and banking services available from SBI.
Unconfirmed
Reported2021.12.26
SBI enters ambulance-service arrangements with Hyderabad hospitals[13]SBI 与海得拉巴医院建立救护车服务合作安排thehindu.com
State Bank of India said it had entered into tie-up arrangements with hospitals in the state to provide ambulance services to the public. It donated an emergency response ambulance to each of AIG Hospitals and Apollo Hospitals, Hyderabad.
Unconfirmed
Reported2021.11.29
Capri Global Capital and SBI enter co-lending agreement for MSME loans[14]Capri Global Capital与SBI签署中小微企业联合贷款协议equitybulls.com
Capri Global Capital and the State Bank of India entered into a co-lending agreement to offer MSME loans. The collaboration is initially intended to operate across more than 100 touch points in India, with disbursements scheduled to commence in December 2021.

Sources99 sources

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