The State Bank of India is the largest state-owned banking and financial services company in India. The bank provides various banking services to the customers. Other than the banking services, the bank along with the subsidiaries, provides a range of financial services which include Life Insurance, Merchant Banking, Mutual Funds, Credit Cards, Factoring, Security Trading, Pension Fund Management etc.
The bank functions in four different business segments named Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Business. The Treasury segment includes the investment scenario and trading in the foreign exchange contracts and derivative contracts. The wholesale banking focuses on the lending activities of the Corporate Accounts Group, Mid Corporate Accounts Group and Stress Assets Management Group. The Retail Banking Management comprises of the National Banking Group, which focuses on the personal banking activities. It also involves in the lending activities of the corporate customers who have a healthy relationship with the branches of the National Banking Group.
The bank offers a wide range of products not only in India but also overseas. The State Bank of India will soon enter the 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. The Bank ranks 232nd on the Fortune Global 500 list of the world’s biggest corporations 2016. According to the Forbes, the bank is the 10th most reputed company in the world. The SBI has 198 offices in 37 countries and 301 correspondents in 72 countries. The bank has its branches in Colombo, Dhaka, Frankfurt, Hong Kong, London, Los Angeles, Sydney, Tokyo. The bank has their representative offices in Bhutan and Cape Town.
In the year 2001, the SBI Life Insurance Company was started by the Bank. These are the only bank that has been permitted to have 74% of stake in the Insurance Business.