State Bank of India (SBI) - The Largest India Bank

If talked about the Indian banking and financial services company, State Bank of India, having its headquarters in Mumbai, commonly known as SBI, is the largest one considering its turnover and total assets. If the number of branches of the Banks is considered State Bank of India (SBI) is the largest Bank in the world. There are more than 16000 branches of State Bank of India inclusive of about 130 overseas branches. It has a vast range of banking products including products aimed at non-resident Indians (NRIs). As regards the reputation of State Bank of India, it is the 29th most reputed company in the world.

It is very interesting to know about the history of State Bank of India as SBI is the oldest commercial bank in the Indian Subcontinent and it traces its ancestry to British India. The roots of the State Bank of India go to the first decade of 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). These three banks amalgamated as Imperial Bank. The government of India nationalized the Imperial Bank of India in 1955 and renamed it the State Bank of India. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act, enabling the State Bank of India to take over eight former state-associated banks as its subsidiaries.

SBI has following associate banks:

    * State Bank of Bikaner & Jaipur
    * State Bank of Hyderabad
    * State Bank of Mysore
    * State Bank of Patiala
    * State Bank of Travancore
    * State Bank of Saurashtra - merged with SBI in 2008.
    * State Bank of Indore - merged with SBI in 2010.

Banks in India - List of Nationalised Banks, Foreign Banks and Private Banks

The Banks in India can be divided into three categories viz. Nationalised Banks, Private Banks and Foreign Banks.

Nationalised Banks of India

• Allahabad Bank

• Andhra Bank

• Bank of Baroda

• Bank of India

• Bank of Maharashtra

• Canara Bank

• Central Bank of India

• Corporation Bank

• Dena Bank

• Indian Bank

• Indian Overseas Bank

• Oriental Bank of Commerce

• Punjab and Sind Bank

• Punjab National Bank

• State Bank of Bikaner

• State Bank of Hyderabad

• State Bank of Mysore

• State Bank of Patiala

• State Bank of Saurashtra

• State Bank of Travancore

• Syndicate Bank

• The State Bank of India

• The State Bank of Indore

• Uco Bank

• Union Bank of India

• United Bank of India

• Vijaya Bank

Private Banks of India

• Bank of Punjab

• Bank of Rajasthan

• Catholic Syrian Bank

• Centurion Bank

• City Union Bank

• Development Credit Bank

• Dhanalakshmi Bank

• Federal Bank

• HDFC Bank

• ICICI Bank

• IDBI Bank

• Indusind Bank

• ING Vyasya

• Jammu and Kashmir Bank

• Karnataka Bank

• Karur Vysya Bank

• Laxmi Villas Bank

• Nainital Bank Ltd

• Sbi Commercial and International Bank Ltd

• South Indian Bank

• Tamilnad Mercantile Band Ltd

• The Ratnakar Bank Ltd

• United Western Bank

• Uti Bank

Foreign Banks India

• ABN AMRO Bank

• Abu Dhabi Commercial Bank

• Bank of Ceylon

• BNP Paribas Bank

• Citi Bank

• China Trust Commercial Bank

• Deutsche Bank

• HSBC Bank

• JPMorgan Chase Bank

• Standard Chartered Bank

• Scotia Bank

• Taib Bank

Banks in India in modern time

Modern time has introduced many more products and facilities in the banking sector in its reforms measure. In 1991, Narsimhamam committee,  under the chairmanship of M Narasimham, was set up to work for the liberalisation of banking practices.

The country is swamped with foreign banks and their ATM stations. To meet the competitions, satisfactory customer service has become essential for banks. Phone banking and net banking are introduced. As time has more value than money, the entire system has become more convenient and swift.

For the past some decades banking system in India has several outstanding achievements to its credit. The most striking is its widespread reach. It is no longer confined to only metropolitans or cosmopolitans in India but people residing in villages in India are also availing of the banking facilities. It can be said that Indian banking system has reached even to the remote corners of the country. This is one of the main reasons of India's growth process.

Now a days an account holder have not to wait for hours at the bank counters for getting a draft or for withdrawing his own money. Today, he has his own choices. Money can transferred from one branch to another electronically in a moment. Account holder of a bank can transact his account from his own computer or mobile with the help of net banking or mobile banking.

Now banking in India has become a pleasant feeling for account holders.