Marketing strategies of state bank of India Essay

2. 2 CHAPTER- 1 COMPANY PROFILE COMPANY OVERVIEW- offer bevel of India (SBI) is a multinational bank buildinging and financial services company based in India. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. As of December 2013, it had assets of US$388 billion and 17,000 branches, including 190 foreign offices, do it the largest banking and financial services company in India by assets. State coin bank of India is one of the Big Four banks of India, along with ICICI Bank, Punjab National Bank and Bank of Baroda. The bank traces its ancestry to British India, through the royal Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras unite into the other two presidencies banksBank of Calcutta and Bank of Bombayto form the Imperial Bank of India, which in turn became the State Bank of India. Government of India owned the Imperial Bank of India in 1955, 3. 3 wi th give up Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by theReserve Bank of India.History of SBI- The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). every three Presidency banks were incorporated as joint and were the result of royal charters. These three banks received the exclusive right to issue paper currency gutter 1861 when, with the Paper Currency Act, the right was taken over by the Government of India. The Presidency banks amalgamated on 27 January 1921, and the re-organized banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but with out Government participation. Seal of Imperial Bank of India 4.4 Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is Indias central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India. In 2008, the government of India acquired the Reserve Bank of Indias stake in SBI so as to remove any interlocking of interest because the RBI is the countrys banking regulatory authority. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act, which made eight state banks associates of SBI. A process of consolidation began on 13 September 2008, when the State Bank of Saurashtra merged with SBI. SBI has acquired local banks in rescues. The first was the Bank of Behar (est. 1911), which SBI acquired in 1969, together with its 28 branches. The next category SBI acquired National Bank of Lahore (est. 1942), which had 24 branches. Five year s later, in 1975, SBI acquired Krishnaram Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a minor(ip) moneylender, owned by the Maharaja. The new banks first manager was Jall N. Broacha, a Parsi. In 1985, SBI acquired the Bank of Cochin in Kerala.