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Introduction
State Bank of India is one of the oldest banks in the country. It is the oldest bank, and it is the largest bank in the country. This bank has five associate banks under the umbrella of the State Bank of India. State Bank of India has been growing each year, and one of the most significant signs of it is the state bank of India share price. The State bank of India share price has been increasing every year. If you go anywhere in the country, one of the most common atms you will see is the State Bank of India atm. This shows how this bank is present everywhere in the country. Let’s learn more about the State Bank of India and its associates.
State Bank of India
State Bank of India is a public sector bank of the country. It is one of the largest and most significant public sector banks in the economy. Not only does this bank have branches all over the country, but it has branches all over the world. The headquarters of the State Bank of India is located in the Deccan region of the country in Mumbai. State Bank of India is the oldest bank in the country. It was established in the year 1806 under a royal charter. This bank was first known as the Bank of Calcutta, and later it was renamed to Bank of Bengal. After a few years, the Bank of Bombay and Bank of Madras were also established in the country. These three banks were known as the presidency banks. In 1921, these three banks were merged with the Imperial Bank of India. After which, it became the largest bank in the country. After Independence, in 1955, the Government of India and the Reserve bank took joint ownership of the Imperial Bank of India. They renamed it the State Bank of India.
List of Associates of State Bank of India
The State Bank of India merged with five banks in 2017. Up to October of the year, these banks functioned as individual units. This was a merger that the Government of India approved.
Five banks merged with the State bank of India. They are:
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
Impact on State Bank of India
Merging itself with the State Bank of India significantly impacted the bank. Firstly, the addition of these banks led to the State Bank of India becoming the largest bank in the country. Additionally, the State Bank of India share price increased tremendously. State Bank of India’s stake in State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore increased to more than 70% in each of these banks. The other two banks, State Bank of Hyderabad and State Bank of Patiala, are unlisted. The most important outcome of this outcome is that it helped strengthen the country’s banking sector. These five banks becoming a part of the State Bank of India is a step that has led to the consolidation of banking in the country’s public sector.
Conclusion
State Bank of India and its associates have merged to form one of the largest banks in the world. It’s essential to learn and understand one of the most important banks of the country. The next time you use or see a State Bank of India atm, you will remember everything about the bank.
