State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. On April 1, 2017, State Bank of India, India's largest bank merged with five of its associate banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank with itself. This is the first ever large scale consolidation in the Indian Banking Industry. With this merger, State Bank of India entered the league of top 50 global banks with a balance sheet size of `33 trillion, 278,000 employees, 420 million customers, and more than 24,000 branches and 59,000 ATMs. SBI's market share will increase to 22 percent from 17 per cent. It has 198 offices in 37 countries; 301 correspondents in 72 countries. The company is ranked 232nd on the Fortune Global 500 list of the world's biggest corporations as of 2016.
Key success factors
As of 2014û15, the bank had 191 overseas offices spread over 36 countries having the largest presence in foreign markets among Indian banks. It has branches in Singapore, Moscow, Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, Johannesburg, London, Los Angeles, Male in the Maldives, Muscat, Dubai, New York, Osaka, Sydney, and Tokyo. It has offshore banking units in the Bahamas and Bahrain, and representative offices in Myanmar, Bhutan and Cape Town.
SBI provides a range of banking products through its network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). The has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout India. SBI currently has a renewable energy loans portfolio of Rs.12,000 crore with nearly nil non-performing assets (NPAs). It recently announced sanction of credit facilities amounting to Rs.2,317 crore to corporates for financing Grid Connected Rooftop Solar projects under an SBI-World Bank programme. This funding will create solar power capacity aggregating 575 MW.
Players in the renewable energy space can avail loans for establishing grid connected rooftop solar projects at the bank's marginal cost of funds based lending rate plus 15 basis points.
Awards & achievements
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