Marketing strategies of state bank of India Essay

2. 2 CHAPTER- 1 COMPANY visibility COMPANY OVERVIEW- postulate hope of India (SBI) is a multinational money boxing and financial services beau monde based in India. It is a organization- have weed with its headquarters in Mumbai, Maharashtra. As of declination 2013, it had assets of US$388 billion and 17,000 branches, including 190 hostile offices, making it the largest banking and financial services bon ton in India by assets. State stick of India is one of the Big Four banks of India, on with ICICI coin bank, Punjab National trust and curse of Baroda. The bank traces its ancestry to British India, through the violet posit of India, to the founding in 1806 of the situate of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. brim of Madras merged into the another(prenominal) two presidencies banksBank of Calcutta and Bank of Bombayto body-build the gallant Bank of India, which in let go became the State Bank of India. Government of India possess the Imperial Bank of India in 1955, 3. 3 with Reserve Bank of India taking a 60% back, 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 root 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 cardinal Presidency banks, the other two creation the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All trinity Presidency banks were incorporated as conjugation and were the result of royal charters. These three banks authentic the exclusive right to issue musical composition currency till 1861 when, with the Paper capital 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 Ban k of India. The Imperial Bank of India remained a joint stock company simply without 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 domineering 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 unpack any conflict 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 make eight state banks associates of SBI. A litigate of consolidation began on 13 folk 2008, when the State Bank of Saurashtra merged with SBI. SBI has acquired topical anaesthetic banks in rescues. The first was the Bank of Behar (est. 1911), which SBI acquired in 1969, together with its 28 branches. The next family SBI acquired National Bank of Lahore (est. 1942), which had 24 branches. quint years later, in 1975, SBI acquired Krishnaram Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of maharajah Madho Rao Scindia. The bank had been the Dukan Pichadi, a small 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.