The State Bank of India (SBI) celebrated its 68th Bank Day on July 1, 2023, commemorating its establishment through an Act of Parliament on July 1, 1955. The occasion was marked by a series of events held nationwide, including a Circle Level Staff Cultural program and a gathering at Tagore Theatre in Chandigarh. Sh. Vinod Jaiswal, the Chief General Manager of the Chandigarh Circle, graced the event as the Chief Guest.
The festivities at the Chandigarh gathering were made memorable by the enthusiastic and melodious performances of staff members from Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Ladakh, and Chandigarh. During his address, Sh. Vinod Jaiswal highlighted the significance of upholding the values and glorious heritage of SBI, which has spanned over two centuries. Today, SBI stands at the forefront of banking, leading the way in financial inclusion and providing banking services to all.
The State Bank of India, established in 1955, holds the distinction of being the largest bank in India and one of the world’s largest banks. Its roots can be traced back to 1806 with the founding of the Bank of Calcutta, one of the first joint-stock banks in India. Alongside the Bank of Bombay and the Bank of Madras, the Bank of Calcutta formed the trio of presidency banks in British India and was exclusively authorized to issue paper currency.
In 1921, these presidency banks merged to form the Imperial Bank of India, which held a prominent position in the Indian banking landscape until its nationalization in 1955. The nationalization transformed it into the State Bank of India, a pivotal moment in the evolution of the Indian banking system. With the government’s increased involvement, banks became more responsive to the needs of the people.
Since nationalization, the State Bank of India has experienced rapid growth. It currently operates over 24,000 branches and 50,000 ATMs across India, and its influence extends to more than 30 countries worldwide. As a major player in the Indian economy, the State Bank of India plays a crucial role in the country’s financial development.
The bank’s commitment to customer service is reflected in its extensive offerings and constant innovation. It provides financial services to millions of people across the nation, facilitating trade and investment. The State Bank of India strives to deliver simple, transparent, and efficient banking services, aligning with its slogan, “Pure Banking, Nothing Else.”
Key Details:
- Chairperson: Dinesh Kumar Khara
- Founded: 1 July 1955
- Managing Director: Challa Sreenivasulu Setty
- Headquarters: Mumbai