Which is The Largest Public Sector Bank in India ?
Answer: (1) State Bank of India
State bank of India is the largest public sector bank of India. State Bank of India two century old history. The first presidency of SBI was established in Kolkata in 1806 during the British Raj and was named as Bank of Bengal. After that, SBI instituted two new branches in Mumbai and Madras. In 1921, SBI three branches were made to merge to form ‘Imperial Bank of India’. And after Independent, RBI acquired the Imperial Bank of India under the parliamentary Act, State Bank of India Act 1955. On 30th April 1955, Imperial Bank of India renamed as State Bank of India.
The State Bank of India headquarters is in Mumbai. State Bank of India is one of the Big Four banks of India, along with Bank of Baroda, Punjab National Bank and ICICI Bank. The SBI group consists of SBI and five associate banks. The group has an extensive network, with over 20000 plus branches in India and over 190 offices in 36 other countries across the world.
SBI also awarded by many national or international award:
- SBI was ranked 73rd largest bank in the world, according to 2014 SNL financial data.
- SBI won the Best Bank Award in the ‘ASiAMONEY FX POLL of POLLS 2014’ for best overall performance as domestic as the domestic provider of Forex services over the last 10 years.
- SBI was ranked as the top bank in India based on tier 1 capital by The banker magazine in a 2014 ranking.
- SBI won “Best Public Sector Bank” award in the D&B India’s study on ‘India’s Top Banks 2013.
- State Bank of India won three IDRBT Banking Technology Excellence Awards 2013 for “Electronic Payment System”, “Best use of technology for Financial Inclusion”, and “Customer management & Business Intelligence” in the large bank category.
- SBI was ranked 298th in the Fortune Global 500 ranking of the world’s biggest corporations of the year 2012.
- SBI won National Award for its performance in the implementation of Prime Minister’s Employment Generation Programme (PMEGP) scheme for the year 2012.
- SBI was named the 29th most reputed company in the world according to Forbes 2009 rankings.