History Of SBI Bank: In 1806, the State Bank of India (SBI Bank) was founded in Kolkata. It received its charter three years later, and in 1809, it underwent a redesign to become the Bank of Bengal.

It was the first joint-stock bank established in India, supported by the government of Bengal. Along with the Bank of Bengal, this joint stock included the Bank of Madras and the Bank of Bombay, which continued to be at the forefront of modern banking.

The State Bank of India underwent a metamorphosis or development as a result of concepts taken from movements occurring in England and Europe. Changes and improvements in the local commercial environment, together with India’s trade cooperation to those of Europe and the global economic structure, were other factors that contributed to this progression.

The Reserve Bank of India acquired a majority interest in the Imperial Bank of India, which was then renamed the State Bank of India on July 1, 1955, in keeping with the State Bank of India Act of 1955. However, as the RBI is the nation’s financial regulatory body, the Indian Government purchased the Reserve Bank of India’s holding in SBI in 2008 to resolve any potential conflicts of interest.

The State Bank of India (Subsidiary Banks) Act, passed by the government in 1959, made the eight banks that had previously belonged to royal states subsidiaries of SBI. But as of the current time, SBI has incorporated all of the subsidiaries.

SBI Bank Logo

Many explanations can be linked to the SBI logo. One is that the little circle and vertical line against the blue backdrop seem like a keyhole, which is a representation of safety, security, and strength. This logo is thought to have been inspired by the Kankaria Lake near Ahamadabad.

Turning Point For SBI

The establishment of the first five-year plan for independent India in 1951 marked a significant turning point in the history of the State Bank of India. The Plan sought to benefit both the overall Indian economy and the nation’s rural sector. The country’s commercial banks, particularly the Imperial Bank of India, limited their services to the urban market before to the implementation of the Plan.

Additionally, they lacked the resources to meet the rising demands of the nation’s rural areas’ economic conditions are good. The All India Rural Credit Survey Committee therefore suggested the establishment of a state-partnered and state-sponsored bank to benefit the rural sector in general and the economy as a whole.

ATM Services

John Adrian Shepherd-Barron’s was the inventor of the ATM, an automated teller machine has been installed at a hospital in Meghalaya. The nation’s largest lender, State Bank of India, announced on Twitter that it has installed an ATM near the hospital where the ATM was first invented.

More than 8500 ATMs in India are available to SBI clients, giving them quick access to cash. The Bank also makes it possible to use the State Bank Group’s ATMs, which include those of State Bank of India and its affiliate banks State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Indore, etc., for free transactions.

You may also use the State Bank ATM-cum-Debit (Cash Plus) card to make financial transactions through SBI Commercial and International Bank Ltd. But for now a days there are more transactions going on through online by using the various branches of ifsc codes in SBI.

Functions Of SBI From Beginning

• A variety of business banking services are offered by it.
• It accepts both individual and institutional depositors’ money.
• It extends loans to organisations that SBI considers qualified to handle loan servicing.
• Additionally, it buys and sells gold.
• It acts as an agent for both the Indian Reserve Bank and the Cooperative Bank.
• It serves as both a bank for bankers and a government institution.
• For the benefit of its institutional clients, it underwrites the issuance of stocks and bonds.
• Bills of exchange are drawn and purchased.
• It takes over the responsibilities of an estate’s trustee and administrator.
• The bank is not permitted to loan money in exchange for stocks for more than six months, although.
• Beyond the marked limits, it is not permitted to extend extra loans to businesses or people.

Conclusion

The State Bank of India has been moving forward successfully from its early stages. It has accomplished tremendous things by increasing banking services in rural and semi-urban regions and by giving small businesses in the agricultural, cooperative, and manufacturing sectors financial support.