Marketing strategies of state bank of India Essay

2. 2 CHAPTER- 1 COMPANY visibility COMPANY OVERVIEW- State trust of India (SBI) is a multinational banking and financial service society based in India. It is a establishment-owned corporation with its headquarters in Mumbai, Maharashtra. As of December 2013, it had assets of US$388 billion and 17,000 branches, including 190 foreign offices, make it the largest banking and financial services company in India by assets. State blaspheme of India is one of the Big Four banks of India, along with ICICI fix, Punjab subject field argot and coin bank of Baroda. The bank traces its ancestry to British India, through the purplish intrust of India, to the asylum in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidencies banksBank of Calcutta and Bank of Bombayto create the Imperial Bank of India, which in turn became the State Bank of India. regime of India owned the Imperial Bank of Ind ia in 1955, 3. 3 with Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India.History of SBI- The root of the State Bank of India lie in the premier decade of the nineteenth 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 ternary 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). All trey Presidency banks were incorporated as joint and were the result of royal charters. These three banks received the exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the right was taken over by the governance of India. The Presidency banks amalgamated on 27 January 1921, and the re-organized banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government participation. Seal of Imperial Bank of India 4.4 consistent to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is Indias central bank, acquired a controlling 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 remove any conflict of interest because the RBI is the rurals banking regulatory authority. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act, which do eight state banks associates of SBI. A process of consolidation began on 13 September 2008, when the State Bank of Saurashtra merged with SBI. SBI has acquired local banks in rescues. The first was the Bank of Behar (est. 1911), which SBI acquired in 1969, together with its 28 branches. The next year SBI acquired National Bank of Lahore (est. 1942), which had 24 branches. Five years later, in 1975, SBI acquired Krishnaram Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a flyspeck moneylender, owned by the Maharaja. The new banks first charabanc was Jall N. Broacha, a Parsi. In 1985, SBI acquired the Bank of Cochin in Kerala.