SBI rises on planning to acquire about 10% stake in India International Clearing CorporationThe strategic investment in IICC is aimed at strengthening the financial markets infrastructure
State Bank of India to acquire about 10% stake in India International Clearing CorporationThe strategic investment in IICC is aimed at strengthening the financial markets infrastructure
State Bank of India launches new 'Namaste UK' accountAdditional plans are aimed at New to Bank (NTB) customers, allowing them to use SBI UK remittance facilities without the need to open a bank account
State Bank of India inches up on renewing memorandum of understanding with Indian ArmyUnder the MoU, the bank offers complimentary personal and air accidental insurance (death) covers
SBI collects Rs 346 crore since FY18 in additional services fee on basic savings, Jan Dhan accountSBI has charged Rs 224.8 crore during the period from 2019-20 to 2020-21 for providing additional services demanded by the customers beyond the minimum allowed free services at BC/CSP
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The State Bank of India is a PSU banking and financial services company with a total market capitalization of Rs 467,738 crore.
The State Bank of India is the largest public sector bank and play a critical role in maintaining the country’s economy. Besides providing banking services, SBI offers various other financial services like life insurance, merchant banking, mutual funds investment, credit cards, factoring security trading, pension fund management through its various subsidiaries. It operates primarily into four banking categories.
- Corporate or wholesale
- Retail banking
- Other banking businesses
The treasury segment includes investment portfolio and trading in foreign exchange contracts and derivative contracts. And, the wholesale banking segment concerns itself with lending activities to corporates, asset management and more.
SBI can boast about having one of the largest branch networks covering metro cities, tier II and III cities, and rural India. It has 16,000 branches and is one of the most valued banks worldwide.
SBI has a presence in 32 countries across the globe and is represented through 156 offices.
SBI was incorporated in 1955, and its origin can be traced back to colonial India from the founding of the Imperial Bank of India or Bank of Calcutta in 1806. Those were the oldest commercial banks in Asia. In 1955, the government of India nationalised the Imperial Bank of India, with the RBI picking up a 60% stake in it and changing its name to State Bank Of India.
SBI’s quarter two performance reports showed a record jump in net profit by 67%, taking profit amount to Rs 7,626 crores
It reported a net profit of Rs 4574 crore during the same quarter last year
Sequential profit grew by 17%. In Q1 ended in June 2021, the bank’s profit was Rs 6,504 crore
Bank’s net interest income, which is the difference between interest earned and paid, rose by 10.6%, and net interest margin clocked 3.50% growth
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