Sbi- It Is A Government Or Private Bank?

State Bank of India (SBI) is an Indian multinational as well as public sector banking and financial services company. Even though the bank origins date back to the 19th Century it was, however, established on July 1st, 1955. It is too good to be true that it is a government-owned corporation with its headquarters located in Mumbai, Maharashtra.

Later on, it has been it has been merged with 5 other associate banks, which operated through a network consisting of 24,000 branches and 59,000 ATMs situated within India. However, this is India’s largest commercial bank with respect to its largest assets, employees, large corporates, public bodies, and deposits. Furthermore, it offers a wide range of banking services to both the corporate and as well as the individuals in India and abroad.

Details of SBI

  • Website- https://bank.sbi/
  • Headquarters- Mumbai, Maharashtra
  • Year Founded- 1806
  • Company Type- Public Company
  • Size- 10,001+ employees
  • Specialties- the bank is specialized in providing various services such as savings, securities, finance and insurance, corporate banking, mortgage loans, credit cards and many other services.

A government-owned bank

  • SBI draws a power of State Bank of India Act, 1955.
  • It has been ranked as 216th on the Fortune Global 500 list of the world’s biggest corporations as of 2017.
  • It is even one of the largest banks in India, which also has a 23% market share in terms of assets.
  • Being one of the first bank established in the country it also represents a sterling legacy of over 200 years.
  • This is the oldest commercial bank in the Indian subcontinent which has eventually strengthened the nation’s trillion-dollar economy.

Why SBI is a government bank?

SBI is a Public Sector Unit, which has more than 60% of government stakes and the rest 40% is held by the financial institutes. The SBI has turned itself to be a public sector in 1933 issuing 1.24 crore shares priced at Rs 100 each balancing the government to be the majority owner of it.

With 18,354 branches situated all over India, the shares were held primarily by the government of India as well as the Reserve Bank of India. However, the RBI sold its shares to the Government of India, which in turn the shares were sold to the public. At present only 51% of the shares are held by the government of India the rest are held by the public sectors.

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