State Bank of India । Economy Primer । Drishti IAS English

State Bank of India । Economy Primer । Drishti IAS English

Banking plays an important role in Economic Development and when we talk about any Bank the image of SBI imprints our mind yes that’s the SBI impact on every common life Hello friends welcome to the economy primer series of Tristy is my name is Ru and today’s session is

About State Bank of India in short SBI so moving towards the points of discussion part first of all we are going to discuss why this topic is into the discussion then we’ll have a brief background about SBI we’ll have intro about SBI then we are going to discuss subsidiaries of SBI current interest

Rate of the SBI and also the contribution of the bank to the Indian economy and practice question for prelims so moving towards the discussion part so we have taken these cutouts from the newspaper and all what these cutout states that SBI is always into the news

And it’s a very important bank for our banking sector so SBI denies reports on yes Bank Stak sale as RBI MPC keeps repor rate unchange 8 nifty 50 stock scale 52 weeks High SBI Partners flyware to modernize International Education payment for students SBI chairman says no communication with PTM on transfer of

Business rural development Ministry signs packed with SBI to facilitate loans for SG so what all these cutout says that SBI has an active role in every sector like the rural development for the education of the students for other uh lending of the loans to the other commercial Banks so that also

Plays as an agent of the RBI so that’s why we have chosen this topic moving towards the background part so when SBI came into the existence so whenever in the prelims examination if there will be the question that SBI is a pre uh independent phenomena then uh

Your answer would be no there because the term particular State Bank of India has been erupted in 1959 so SBI is a post Independence formula but its background has been moven in the 19th century and what had happened that it uh uh in 19th century in

18006 Bank of Kolkata was born on the 2nd June 18006 Bank of Kolkata was born but it was redesigned into a bank of Bengal on 2nd January 18009 and after that we can see that joint stock bank and they are the three presidencies the bank of Bengal Bank of

Madras and Bank of Bombay so this is the first joint stack bank and after that we can see that there is a amalgamation of all these three bank and all this amalgamation what it is called that Imperial Bank of India on 22nd January 1921 and when India got independence

What is the worth of the Imperial Bank of India so it has a capital base of uh INR 11.85 cres deposited advances of INR 27514 cres and it has at that time 172 branches and more than 200 sub offices extending all over the country but later

Uh a committee was formed and what was the name of that committee all India rural credit survey committee and according to that committee it has been recommended that uh an act got passed and after that act there was a birth of the State Bank of India on 1st July 195

5 and after that we can see that SBI has Amalgamated eight subsidiary Banks so this is the brief background about the birth of the State Bank of India moving to the introduction part so as you already know that SBI is the largest Commercial Bank of India and it is the

Only bank which has find the place in the fortune Global 500 list and it had ranked 64th in the top 1,000 banks of the world so this is the SBI charismatic figures we have and we can see that how much it is contributing financially not

Just in India but also in the world and it had also received the strongest Bank in Asia award in 2010 and currently when it comes to that what is the worth of the SBI so it has more than 10,800 branches and uh which is approximately 14% of all Bank branches in India

And has over 8,500 ATMs and it commands 15.14 of the deposits and 15.61% of the advances of scheduled commercial Banks and it is headquartered in the Mumbai and uh it is not just operational in India it is also operational in 32 countries and we can see the branches of

SBI in all those 32 countries so this is the brief introduction about the State Bank of India moving to the next next one so subsidiaries of Bank uh SBI so we have eight subsidiaries of SBI uh in domestic so in domestic Arena we have eight subsidiaries and uh we have

Non-banking subsidiaries also and all those are SBI life insurance SBI dfhs SBI Capital markets SBI funds management SBI factors and Commercial uh Services private limited so these are the non-banking subsidiaries and the SBI out of eight domestic subsidies uh seven use the State Bank in front of their

Regional names so this is the subsidiaries of the SBI moving to the interest rate part so uh SBI offer fixed deposit of 3.50 to 7.10 per enm to the general public and they have a different phenomena for the senior citizens so from 4% to 7 .6% perom to the senior citizens

And what is the range so from 7 days to the 10 years so this is a fixed deposit which SBI offers now and the interest rate of SBI tax saving FD is 6.50% per anom for the general public and 7.50 per enm for the senior citizen depositors and it also accepts fixed

Deposit in the US Dollars British pound sterling Euro Canadian dollar Australian dollars so SBI is also active for in other countries and it accepts in other currencies also so moving to the next slide next slide is about the contribution to the Indian economy so in the introduction only I had discussed

About that SBI has a great role in the common people’s life and especially in the rural India it has a great impact because in rural India people don’t know might don’t know the any other name they must know the SBI now so that’s why that’s the significance of SBI we can

Have in the rural country and especially its contribution is significant in the Agriculture and Allied sector so Finance to the small scale industry Equity Fund scheme so according to the Equity Fund scheme SBI provides funds and Loans to the new entrepreneurs and then uh State Bank and uh industrial Finance so

India’s for the India’s industrial growth is bi also contribute and it provides Finance to various industrial entities agricultural lending is as I have already told you that SBI is a boon for the agriculture Arena and it also extend its hands to the various agricultural lead Banks just like nabad

So in that way SBI is very fruitful in the uh rural areas especially for the agricultural Landing Village adoption scheme so SBI has come up with the village adoption scheme and it adopts a village and it take care of all the financial needs of that Village and then

Regional rural Banks I have already told you that it connects with the regional rural Banks just like the nabard and it facilitate Financial Services to all those banking Agricultural Development branches then remittances facilities are also available and especially it has connected to the rural and semi-urban areas and it is accepting uh remittances

And it is Distributing and provide uh providing facilities to the local people and uh their remittance says short-term credit to The Cooperative Banks so SBI also provide loans and financial services to the cooperative bank and it also provides short-term credit to all those things so we can see that how much

SBI is active into the economic Arena and sbi’s importance is very much important for our Indian economy because maybe it can uh says that it is a backbone for the agricultur lending so that’s why SBI is significant to the Indian economy moving to the question part in the context of State

Bank of India consider the following statement and the first statement is it is called as Bankers of bank and the second statement is it is the First National Bank of India and here you have to answer in the comment section I hope you like this session if you have any

Queries to the session kindly ask in the comment section thank you for more informative content like share and subscribe and do not forget to press the Bell icon to get the notifications

India is the world’s largest democracy,” reports (link resides outside ibm.com) the World Bank. “Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player.”

For more than 200 years, State Bank of India (SBI) has been the country’s largest public sector bank, and its financial foundation. As many of the bank’s customers grew their wealth in recent years, the bank saw that people had new financial freedom and sought new opportunities. It also knew that this growth could empower India’s future as a global financial force.

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