The only bank to make it to the top 10 list, State Bank of India, is the largest banking and financial services company in India in terms of assets.
A public sector bank, which was founded on 2nd June 1806 as the Bank of Calcutta and later became Imperial bank of India on 27th January 1921 under the British Rule, finally got its present name “State Bank of India” on 1st July 1955 by an act of the Parliament. It was nationalized in 1956 with RBI holding 60% stake in it, which was taken over by the government in 2008.
The bank, with its headquarters in Mumbai, has more than 22000 branches. It marks its international presence in 36 countries with 191 foreign offices.
The bank has attained its present grandeur by various mergers and acquisitions. Some notable M&As being with State Bank of Jaipur, State Bank of Bikaner, State Bank of Travancore, State Bank of Saurashtra and State Bank of Indore. The bank has left no stone unturned in setting new standards, recent one being, Arundhati Bhattacharya becoming the first woman to be the Chairperson of the bank. In the financial year 2015-16, the bank registered a revenue of INR 85040 crore and a PAT of 9951 crore.
Recently, SBI, along with Accuity, has been awarded the Anti-Money Laundering Technology Implementation of the Year award at The Asian Banker Awards 2016. This is because the bank, with the help of leading risk and compliance solution provider (Accuity), implemented a project to improve its processes in anti-trade-based money laundering and also its operational efficiency. In past also, SBI has received various awards like Best Public Sector Bank for Rural Reach by Dun & Bradstreet, The Best Bank as well as Best Home Loan Provider by Outlook and Most Admired Infrastructure Financer by KPMG. It is also the only Indian bank to feature in Fortune Global 500 list.