Top 10 Public Sector (PSU) Companies in India 2015
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3. State Bank of India
State Bank of India is a government owned banking and financial services company headquartered in Mumbai.
Image: Wikimedia Commons
It is regarded as one of the Big Four Banks of India along with Bank of Baroda, Punjab National Bank and ICICI Bank. It is the largest banking and financial services corporation in India in terms of assets.
It has roughly 20% market share in deposits and loans among the Indian commercial banks.
The bank traces its existence to the British Empire in India. On January 1921, the Bank of Calcutta, the Bank of Bombay and the Bank of Madras merged to form the Imperial Bank of India. In 1960, the Reserve Bank of India purchased 60% stake and renamed it as the State Bank of India. In 2008, the government of India took over the stake from the RBI.
SBI has around 16000 bank branches in the country out of which more than 65% are located in rural and semi-urban areas. Under the Pradhan Mantri Jan Dhan Yojana scheme, SBI opened over 30 lakh accounts in September 2014. The bank has branches spread over 36 countries and has its presence in cities like Moscow, Colombo, Hong Kong, Tehran, Johannesburg, London, Dubai, Sydney and Tokyo. SBI also has 5 associate banks which are as follows:
• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Travancore
SBI also has the following non-banking subsidiaries: