Overview of SBI:
The SBI full form is State Bank of India, The State Bank of India is the largest commercial bank in the country and occupies a unique position in the country’s contemporary SBI commercial banking sector. After the Imperial Bank of India was nationalized on July 1, 1955, it was founded. The three Presidency Banks of Madras, Bombay, and Bengal were combined to become the Imperial Bank of India in 1921. Before the founding of the Reserve Bank of India in 1935, the Imperial Bank of India performed some central banking duties in addition to its regular commercial banking duties.
It once served as the government’s banker, the banker’s bank, and the clearing house. After the Reserve Bank of India was established, the Imperial Bank of India ceased performing its central banking duties but continued to act as the Reserve Bank’s agent in regions where the latter did not have any branches.
Organization of State Bank of India:
The State Bank of India has a 20 crore rupee authorized capital that has been divided into 20 lakh 100 rupee shares. The State Bank of India has 5.6 crore rupees in issued capital. The Reserve Bank, insurance firms, and the general public all own shares of the State Bank. The State Bank’s paid-up capital and reserves totalled Rs. 13461 crores at the end of March 2001.
The SBI full form is State Bank of India, management is operating under the control of a Central Board of Directors and it consists of 20 members. Moreover, the break-up of the Central Board is listed below.
- The Central Government will choose a Chairman and Vice-Chairman after consulting with the Reserve Bank.
- The Central Board, with the Central Government’s consent, shall appoint two Managing Directors.
- The private shareholders will choose six directors.