Company History - State Bank of India

1955 -

On 1st July State Bank of India was constituted under the State Bank of India Act 1955, for the purpose of taking over the undertaking and business of the Imperial Bank of India. The Imperial Bank of India was founded in 1921 under the Imperial Bank of India Act 1920. The Bank transacts general banking business of every description including, foreign exchange, merchant banking and mutual funds. 1959 -

On September State Bank of India (Subsidiary Bank) Act was passed. On October State Bank of Hyderabad become the first subsidiary of SBI.

1960 -

During this period, State Bank of Jaipur, State Bank of Bikaner, State Bank of Indore, State Bank of Travancore, State Bank of Mysore, State Bank Patiala and State Bank of Saurashtra became subsidiaries of the bank.

1962 -

The Bhor State Bank Ltd was Amalgamated with the Bank bring the total number of minor State associated banks so amalgamated to five. A scheme for amalgamation of the Bank of Aundh Ltd., was also approved. On 20th August, the Unit Bank Ltd. Chennai was taken over by the Bank.

1963 -

In october Branch in London become bankers to the Indian High Commission, thereby taking over a function till then performed by the office of RBI. Of the other business transacted by the Branch, an important aspect was medium term loans mostly to Indian shipping companies.

1969 -

On November 8th the Bank of Behar Ltd was amalgamated.

1972 -

A merchant banking division was set up in the central office to cater to promotional needs of the corporate sector.

1977 -

During the year bank introduced the Perennial Pension Plan Scheme under which if the depositors make a regular monthly payment of a fixed amount for a period of 84 to 132 months, they become eligible from the 86th and 134th months respectively for getting a monthly pension of predetermined amount forever.

In order to meet all the developmental needs of the villages including their social and cultural needs, the bank launched an integrated rural developement programme, aimed at not only covering the credit needs of agriculture and agricultural activities and village industries, but also housing and social activities.

1980 -

Bank introduced the cash Certificate Scheme under which deposit certificate are issued for a fixed period on payment of the issue price specified for the respective maturity period and the face value corresponding to the issue price plus interest compounded at quarterly intervals is paid on maturity. The certificates are issued for the face value of Rs 100, Rs 1000, Rs 10,000 and Rs 50,000 maturing after 29,65,84 and 120 months.

1982 -

The Non-Resident Investment Cell was set up, which had streamlined the working operations of the non-resident investment sections at important centers.

1983 -

SBI launched self employment scheme, for providing self-employment to educated unemployed youth. Educated unemployed youths are encouraged to undertake self-employment ventures in industry, services and business.

1984 -

The bank provide need-based rehabitation assistance to large and medium sick industrial units.

1985 -

During the year, company set up a data bank of sick units available for taken over by healthy units. With effect from 26th August, the Bank of Cochin Ltd with 108 branches was also amalgamated with the Bank.

(i) All shares in the Capital of the Imperial Bank of India was vested in the RBI. The SBI was registered with an Authorised capital of Rs.20 crores, and an issued and paid up capital of Rs.562,50,000 divided into 562,500 shares of Rs.100 each.

(ii) Every person who on the 30th June, 1955, was registered as a holder of shares in the Imperial Bank of India was paid by the Reserve Bank of India.

44,37,500 No. of shares issued at a premium of Rs 160 per share.

1986 -

At the end of the year 324 sick units with an outstanding of Rs 1069 crores were assisted. Of these, 107 units were considered viable and 60 from them were placed under regular nursing programme.

On 1st August a new subsidiary named SBI Capital Market was functioning independently, took up leasing business and certain other new services.

100,00,00 No. of shares issued at a prem. of Rs 160 per share.

1987 -

Up to the end of the year the bank had sponsored 30 Regional Rural Banks covering 66 backward and underbanked districts in the country.

In terms of deployment, the advances portfolio of overseas offices rose to Rs 5,767 crores. Investments in inter-bank money markets and also in prime securities amounted to Rs 2,670 crores by the end of the year.

1988 -

During the year bank initiated UPTECH an Industrial Technology Group to direct and guide programmes aimed at facilitating technology upgradation.

Also a scheme to develop enterpreneurship among woman under the name "Stree Shakti" was launched. Several concessions in respect of margin and and rate of interest have been built into the package. Three pilot programmes were launched at Chennai, Calcutta, and Hyderabad.

On 20th September, the bank inaugurated `SBINET,' an integrated communication project aimed at improving customer service, operational efficiency and administrative convenience. The network has been designed to handle voice, fax data and manages through the trunk routes and exchanges in important centres.

The bank sponsored 30 RRB's covering 66 divisions in the country. 74 branches were opened raising the branch network to 2,306.

1989 -

SBICAP, in their capacity as Trustee and Manager of Mutual Fund, launched two scheme viz., Mangnum Monthly Income Scheme 1989 and Magnum Tax Service Scheme 1990.

During the same period SBI in association with Morgan Stanley Asset Management Inc. of USA, launched the India Magnum Fund.

1990 -

New products launched during the year included a Regular Income Scheme, offering an assured return in excess of 12% and the first Pure Growth Scheme aimed at capital appreciation. A Second offshore fund of US $ 12 million called Asian Convertible and Indian Fund was launched in association with Asian Development Bank, Manila.

During Kharif 1990, the bank introduced an agricultural credit card, known as SBI Green Card to give greater liquidity and flexibility to farmers in procuring agricultural inputs. The scheme was introduced on a pilot basis in 125 intensive centre branches.

As at on 31st March, SBIMF had over 3,40,000 Indian investors and about Rs 475 crores by way of investible domestic funds.

50,00,000 No. of shares issued at a prem. of Rs 160 per share. 1991 -

During February the bank set up a new subsidiary called the SBI Factors and Commercial Serviced Pvt. Ltd. for rendering factoring services to the industrial and commercial units in Western India.

1992 -

The bank sponsored 30 RRBs with a network of 3189 offices covering 102 backward and under banked districts of the country. A sum of Rs 15.25 crores was contributed towards the share capital of the RRBs.

During the period bank intoduced `Stockinvest' scheme. Also introduced a `Gyan Jyoti' that replaced earlier education loan schemes and offers substantial augmented assistance to students pursuing higher studies. Moreover dedicated NRI branches equipped with State-of-the-art technology was set up at Mumbai and Delhi to cater to the special needs of NRI residents.

1993 -

During the year as a part of its overseas expansion the bank established representative office in Tashkent.

During December, the bank issued 124,000,000 equity shares of Rs.10 each for cash at a premium of 90 per share of which 245,00,000 shares each were reserved for allotment on a preferential basis to Indian Financial Institutions and Indian Mutual Funds. Balance issued to the public.

Simultaneously it came out with another issue of 50,00,000 12% unsecured redeemable floating rate bonds in the nature of promisory notes of the face value of 1000 each. Oversubscription upon a further amount of Rs 500 crores (in all Rs 1000 crores) was to be allowed. The face value of each bond would be redeemed at par at the expiry of 10 years from the date of allotment. In the event that the State Bank decides to exercise its option to call up the bonds they would be redeemed at the rate of 5% at the end of 5th year, at 3% at the end of 7th year and 1% at the end of 9th year.

It was proposed to issue 1200,00,000 right equity shares of Rs.10 each at a premium of Rs.50 per share in the proportion of 3:5. Also another 120,00,000 equity shares of Rs.10 each were to be issued at a premium of Rs.50 per share to employees on an equitable basis.

250 sick units with the bank were referred to the BIFR including 31 public sector units. Approved rehabilitation packages being implemented in 85 units and 41 have been recommended to be wound up. The bank continued to be appointed as the operating agency and rehabilitation packages were submitted to BIFR in 48 cases.

Equity shares subdivided. 1418,50,000 No. of Equity Shares of Rs. 10 each issued at a prem. of Rs 90 per share to the public. Another 1319,78,726 shares of Rs 10 each offered at a prem. of Rs 90 per share on Rights basis and to employees.

1994 -

358 sick units with the bank were referred to the BIFR including 55 public sector units. Approved rehabilitation packages implemented in 87 units.

1,80,463 No. of Shares kept in abeyance were issued.

1995 -

351 sick units with the bank were referred to the BIFR including 66 public sector units. Approved rehabilitation packages implemented in 112 units.

683 No. of shares kept in abeyance were allotted.

1996 -

On 3rd October the Bank Issued 261,45,000 GDRs amounting to 5,22,90,000 equity shares. 1 GDR is issued to 2 equity shares. The issue price of GDR was US $ 14.15 per GDR.

1997 -

Shares issued to employees of the bank bearing distinctive numbers 46,26,00,001 to 47,46,00,000 will not be good delivery. The rights issue was for 12 crore equity shares at a premium of Rs.50 aggregating Rs.720 crore in addition to a further issue of 1.2 crore equity shares of Rs.10 at a premium of Rs.50 aggregating Rs.72 crore for State Bank employees. The price of the rights had been Rs.60 per share.

After SBI Capital Markets, Manila-based Asian Development bank will pick up 15 per cent equity stake in the new stock broking subsidiary of State Bank of India to be made operational by mid-1997. The balance 85 per cent will be subscribed to by SBI.

SBI Securities Ltd the 100 per cent stockbroking subsidiary of SBI, has recently received the much-awaited letter of incorporation from the Registrar of Companies. Following this, both SBI and ADB will pick up their respective shares in the new stockbroking firm. SSL will have an equity base of Rs.50 crore.

The State Bank of India has tied up with GE Capital to float a venture in Mumbai. State Bank signed the memorandum of understanding with GE Caps in March.

State Bank will tie up with either VISA or Mastercard or even both for the franchise network. GE Caps through this joint venture will be imparting technology, credit card expertise and payment card mechanism.

The Reserve bank of India has directed the SBI to set up a $300 million stand-by facility for the Indian oil corporation.

State Bank of India (SBI) signed an agreement with the National Securities Depository Ltd (NSDL) for dematerialisation of its shares. Besides, SBI has also become an equity stake holder in NSDL to the extent of 4.76%.

SBI Commercial and International Bank, has become the country's first public sector bank to introduce optical disk (OD) facilities for data storage.

1998 -

State Bank of India will kick-start its credit card business on July 1 by floating two joint ventures with GE Capital. The largest financial intermediary in the country will sign the joint venture agreement with GE Caps in the last week of January.

The State Bank of India on Jan 27 kicked off its foray into the payment cards business with a joint venture agreement with US-based financial services giant, General Electric Capital Corporation (GE Capital).

State Bank of India (SBI) on June 24 signed an exclusive agreement with the world's largest payment system - Visa International - for payment cards in India. The agreement was signed in Mumbai between the SBI managing director, Mr O P Sethia, and the general manager and executive vice president (South East Asia) of Visa, Mr James G Murray.

1999 -

State Bank of India (SBI) has bagged the mandate to syndicate the $ 120 million loan for the National Thermal Power Corporation (NTPC).

The State Bank of India (SBI) proposes to take up the life insurance and general insurance business once the sector is opened up.

State Bank of India has tied up with its associate banks to market the SBI Card. The SBI has tied up with State Bank of Patiala in Chandigarh and State Bank of Mysore in Bangalore to help market its credit card.

SBI proposes to introduce a value-added service for cardholders whereby the credit card can also be used as an ATM card.

The State Bank of India will tie up with international investment banker Credit SuisseFirst Boston and three domestic public sector banks to form a gold assaying venture.

The State Bank of India (SBI) has decided to take over SBI Home Finance (SBIHF), with its assets and liabilities. Having the largest stake, SBI has been weighing various options for bailing out the joint venture company which has slipped into huge losses.

The State Bank of India (SBI) has signed up with Central Depository Services (I) (CDSIL) for the dematerialisation of its shares.

SBI shares have already been admitted as security with National Securities Depository (NSDL). Besides, SBI also has a stake (Rs 10 cr) in the equity of CSDL.

According to an agreement entered into with the development bank, State Bank of India (SBI) was to reduce its stake in its investment banking subsidiary to below 50 per cent by March 31.

The State Bank of India (SBI) has entered into an agreement with Moody's Investor Service and Icra, under which SBI will pick up Moody's 11 per cent stake in Icra in case the global rating firm wants to get out of its investment in India.

State Bank of India (SBI) has taken the lead in `convenience banking' by becoming the first public sector bank to offer its `savings bank' account holders the benefits of fixed deposits (higher interest rates) and current accounts (overdraft facility).

2000 -

The Bank has embarked upon the expansion of its ATM network in the twin cities of Hyderabad and Secunderfabad.

The Bank has become the first government owned financial institution to join the rank of companies declaring interim dividend.

The Bank has proposed to come out with an issue under private placement of unsecured, non-convertible, subordinated bonds in the nature of promissory notes of Rs 1 lakh each aggregating Rs 600 crores with an option to retain oversubscription of up to Rs 40 crores.

The Bank launched the "Metal (Gold) Loan Scheme" in Coimbatore. This is the third scheme to be introduced by SBI.

SBI is also forming a subsidiary - SBI Gold and Precious Metals Pvt. Ltd. with 50 per cent equity participation.

Mr. Vepa Kamesam, Deputy Managing Director, has been appointed as Managing Director with effect from 1st June.

SBI board cleared the setting up of a separate subsidiary for information technology.

KC Raut has recently taken charge as general manager at State Bank of India, Chennai.

The Bank has become the first public sector bank to offer fixed-rate home loans.

The State Bank of India has tied up with State Bank of Mysore to launch co-branded credit cards as part its strategy to collaborate with associate banks to expand its cardholder base.

Central Depository Services (India) Ltd has signed an agreement with State Bank of India as its Depository participant.

State Bank of India and the Exim Bank of the US have signed amemorandum of understanding, involving $500 million, to support the small and medium-sized ndian companies to purchase US goods and services.

Mr. Suresh Kumar Mehra, Workmen Directors, ceased to be a member of the Central Board of the bank effect from October 1, due to his retirement at the close of the business on September 30.

The Bank has launched an international credit cards for doctors, the frist of its kind in the country, offering facilities including special discounts on medical equipment and personal loans from GE countrywide.

The State Bank of India has introduced a new scheme to boost exports.

The CRISIL has assigned a triple-A (AAA) rating to the State Bank of India's Rs 3,000 crore bonds programme.

The Bank have decided to close down its fully-owned foreign subsidiary - SBI European Bank Ltd., in London.

Mr. S. Mukerji, Managing Director, of the bank retired from the bank on 30th of November.

State Bank of India Mutual Fund has launched the Magnum Gilt Fund, dedicated to investing in government securities.

2001 -

The Bank has signed an MoU with Cardif S.A. for the bank's life insurance business.

The Bank has introduced Voluntary Retirement Scheme for eligible employees, open from the 15th January 2001 to the 31st January 2001.

The Bank has incorporated a subsidiary `SBI Life Insurance Company Ltd.,' for doing life insurance business.

The Bank will install 10 more Automated Teller Machines in the north-eastern region in addition to the one already commissioned at Guwahati.

State Bank of India launched three more ATMs i n Bangalore.

Mr Y Radhakrishnan has been promoted to the post of managing director of State Bank of India.

SBI Cards has set up a special insurance cell in Ahmedabad for facilitating the claims of SBI cardholders affected by the tragic earthquake in Gujarat.

SBI has assigned the Delhi-based HCL Com Net to provide it ATM teller inter-connectivity which could involve investments running into several hundred crores.

SBI chief general manager Madhav M Mehta, who is currently the operational head in Gujarat, has been transferred to its corporate office in Mumbai as chief general manager (CGM).

July 3- Announces the launch of the SBI International card and the SBI Global Card for global travelers in India. SBI International cards and SBI Gold Cards would be accepted at over 20 million Visa outlets worldwide and one lakh outlets in India.

State Bank of India has embarked upon an ambitious Rs 800-crore technology upgradation programme. The bank has appointed KPMG, a consultant in computer technology, to provide inter connectivity networking to the computerised branches and also to the ATMs across the country enabling its customers to transact any kind of business from anywhere

State Bank of India was presented the award for JD Power Asia Pacific’s 2001 India Sales Satisfaction Index (SSI) and Consumer Financing Satisfaction (CFS)

State Bank of India has added three more ATMs to its network. The new ATMs were installed at SBI's Andheri (west),Goregaon (east),and Borivili (east) branches on September 22

State Bank Of India (SBI) has informed BSE that Shri K.J.Udeshi, ED, RBI has been nominated on the Central Board of the Bank as nominee of RBI in place of Dr.Y.V.Reddy, w.e.f. September 22, 2001 under Sec.19(f) of SBI Act.

State Bank of India has slashed the interest rate on home loans by 0.5 per cent to 12 per cent, effective from September 15.

IN A significant move, the State Bank of India has decided to distance itself from its subsidiaries - SBI Capital Markets, SBI Gilts, SBI AMC and State Bank of Credit and Commerce International. They will have the autonomy, independent chairmen and external executives at the senior management level at market-related salaries. At present, the SBI chairman is the ex-officio chairperson of all the subsidiaries, including the associate banks.

The new scheme will be aimed only at the award staff, a category that was included with officers in the January 2001 voluntary retirement scheme.

SBI Cards on July 3, announced the launch of the SBI International card and the SBI Global Card for global travelers in India.

- VRS implemented in which around 21,000 employees, including officers, were permitted to retire

- The Bank has crossed another milestone by making a successful foray into insurance. SBI is the only Bank to have been permitted a 74% stake in the insurance business. The Bank's insurance subsidiary, SBI Life Insurance Company, a joint venture with the Bank holding 74% and Cardif S.A., the Joint venture partner, the balance 26%, was incorporated to undertake life insurance and pension business. Cardif S.A. is a wholly-owned subsidiary of BNP-Paribas, which is the largest bank in France and one of the top ten banks in the world. Cardif S.A. is the largest bancassurance company in France.

- The bank's efforts to establish a world -class credit information bureau in India culminated in the successful setting up of the Credit Information Bureau (India) Ltd., a joint venture of the Bank with HDFC Ltd., Dun and Bradstreet Information Services India Pvt. Ltd. and Trans Union International Inc.

2002

- In order to reduce risk and develop a transparent and active debt market in general and government securities market in particular, the Clearing Corporation of India Ltd. has been set up in Mumbai with the Bank as the chief promoter.

-E K Thakur resigns from Directorship of SBI.

-TCS bags order of Rs 500 crore from SBI.

-SBI has informed that the following change in Directors. 1. Shri A C Kalita, Director on the Bank's Central Board ceased to be a Director on the Board wef May 13, 2002 on expiry of his term on May 12, 2002.2. Shri Y Radhakrishnan Managing Director & GE (CB) has relinquished office of the Managing Director as on June 30, 2002 and ceased to be Director on the Board wef July 01, 2002.

-State Bank of India has informed BSE that Mr D C Gupta IAS Secretary (Financial Sector), Ministry of Finance, Department of Economic Affairs, New Delhi has been nominated as Director on the Board of State Bank of India with effect from July 17, 2002 vice Mr S K Purkayastha.

-State Bank of India has informed BSE that Mr S Govindarajan, Managing Director & GE (NB) has relinquished office of the Managing Director as on July 31, 2002 and ceased to be Director on the Board w e f August 01, 2002.Further Mr P R Khanna, Director on the Bank's Central Board ceased to be a Director on the Board w e f August 20, 2002 consequent upon his resignation.

-State Bank of India has informed BSE that the Bank has decided to close SBI Securities Ltd (SBISL), a subsidiary of the Bank, following a Directive in this regard from the RBI.

-State Bank of India has informed that the Central Government appointed Mr A K Batra, Deputy Managing Director, State Bank of India as Managing Director, State Bank of India for the period from the date of his taking charge and upto August 31, 2003. Also, Mr P N Venkatachalam, Deputy Managing Director, State Bank of India, has been appointed as Managing Director, State Bank of India for the period from the date of his taking charge and upto March 31, 2004.

-State Bank Of India has informed that Shri Prithvi Raj Khanna and Shri Kumar Bery have been duly elected as Directors under Section 19(c) of SBI Act at the General Meeting of the -State Bank of India has informed that it has appointed Mr Ananta Chandra Kalita, as a Director on the Central Board of the Bank from amongst the employees of the Bank, who are workmen, for a period not exceeding six months commencing from October 03, 2002 or until his successor is appointed or till he ceases to be workmen employee of State Bank of India, or until further orders, whichever event occurs earlier.shareholders of the bank held on September 09, 2002.

-State Bank of India has informed BSE that Shri Janki Ballabh, Chairman has relinquished office of Chairman at the close of business hours on his attaining superannuation on October 31, 2002.

-State Bank of India has informed that Smt Vineeta Rai, Secretary (Banking & Insurance), Ministry of Finance and Company Affairs, Department of Economic Affairs (Banking Division), New Delhi has been nominated as Director of the Board with effect from October 30, 2002.

-State Bank of India has informed that the Central Government, after consultation with the Reserve Bank of India, appointed Shri A K Purwar, Deputy Managing Director, State Bank as Chairman, State Bank of India from the date of his taking charge of the post and upto May 31, 2003 i.e. date of his superannuation or until further orders whichever is earlier. Shri A K Purwar assumed the charge of Chairman, State Bank of India, on November 13, 2002.

2003- State Bank of India (SBI) and Maruti Udyog Ltd have announced a joint initiative aimed at making car finance affordable to middle and lower middle class customers. Customers will now have transparent car finance involving no hidden charges and pre-closure penalties, and also get the dealers' margins, Mr S.K. Bhattacharya, Chief General Manager, SBI, told newspersons. "It will help both the bank and Maruti to aggressively tap the Andhra Pradesh market," he said. SBI offers finance facility even for lifetime tax, insurance and accessories of the vehicle.

- State Bank of India has informed that the Bank has appointed Shri Ananta Chandra Kalita, Head Assistant, State Bank of India as a Director on the Central Board of the Bank amongst the employees of the Bank, who are workmen for a period of 3 years commencing from July 15, 2003 or until he ceases to be a workmen employee of the Bank or until further orders, whichever is earlier provided that he shall not hold the office continously for a period exceeding six year.

- SBI group's total profit identified at Rs 3,354 cr in '02

- Mr. D C Gupta nominated as Director on the Board of SBI

- SBI introduces IT upgradation plan with KPMG help

- SBI Cards and Payment Services Private Ltd, the credit card subsidiary of the State Bank of India, introduces two new schemes recently- SBI Advantage Card to the bank's fixed deposit customers and SBI International Card for its home loan borrowers

- Launches a new credit appraisal system targeting the small and medium enterprises (SME) for loans up to Rs 25 lakh

- SBI selects TCS to execute trade finance solution

- SBI and ICICI Bank among the top 100 banks in Asia in 2001 as per the study by Asian Banker Journal

- Introduces SBI Cash Plus, its Maestro Debit Card that allows customers to access their deposit accounts from ATMs and merchant establishments

2003

- Promotes three Chief General Managers (CGM) to the posts of Deputy Managing Directors (DMDs). They are: A D Kalmankar, CGM in charge of Staff College of Hyderabad, A K Das, CGM, Hyderabad; and R K Sinha, CGM, Chandigarh

- SBI appoints Mr. S K Bhattacharya as the new Chief General Manager for Hyderabad circle

- Increases its equity stake in Discount and Finance House of India Ltd (DFHIL) to 51%

- Ties up with Maruti Udyog Ltd. (MUL) for car finance

- Receives permission from Insurance Regulatory and Development Authority (IRDA) to sell healthcare products to individuals

- Increases its Equity Stake in DFHIL to 55.30%

- Starts new 'Plus schemes' loans such as Justice Plus intended for the judges and court employees, Police Plus for the police personnel, Teacher Plus for the teaching community and Doctor Plus for the medical practitioners

- Receives RBI licence to set up offshore banking units (OBUs) in special economic zones (SEZs)

- Launches SBI Bangalore card meant for a broad-based target audience in the 25 plus age group ranging from upwardly mobile professionals and middle class segments

- SBI unveils Hyderabad card, an exclusive initiative for the citizens of Hyderabad

- Ananta Chandra Kalita ceases to be a Director of SBI

- Christens the tieup with Maruti Udyog Ltd. as SBI-Maruti Finance

- Orders For 1,500 ATMs With NCR Corporation

- Orange, the cellular service operator of the Hutch group for the Mumbai circle, ties up with State Bank of India for prepaid card refill options

- Ropes in US-based consultant McKinsey & Co to undertake Business Process Re-engineering (BPR) exercise for the bank

- Launches charter for Small Scale Industries (SSIs)

- NPA (Non Performing Assets) slashed to 4.5 pc, writes off Rs 4,000 crore worth of assets

- Forays into stock market

- Stock price crosses the Rs 400 mark for the first time since listing on BSE

- Mr. A K Batra, Managing Director & Group Executive (Corporate Banking) of the Bank ceases to be a Director on the Board with effect from July 8, 2003

- Plans a new scheme to attract Resurgent India Bonds (RIB)

- N S Sisodia, Secretary (Banking & Insurance), Ministry of Finance and Company Affairs, Department of Economic Affairs (Banking Division), has been nominated as a Director on the Board of State Bank of India w.e.f. July 11, 2003

- Mr. Ananta Chandra Kalita, Head Assistant, State Bank of India, appointed as a Director on the Central Board of the Bank amongst the employees of the Bank

- Inks two important agreements with its employees' unions and officers' associations. According to the contract SBI's staff will be having no rights to interfere in bank's computerisation plans

- SBI, AirTel launch mobility service at Rs 299

- Central government nominates Mr. Arun Singh as a director on the board of the bank wef July 25, 2003 for a period of three years.

- State Bank of India along with ANZ Investment Bank have consummated 5 year syndicate loan facility of $100 million to Indian Petrochemicals Corporation (IPCL)

- Opens cheque clearing cente at Kolkata

- Inks pact with Mahindra & Mahindra (M&M) for co-branded tractor scheme SBI-Mahindra Tractor Plus

- Joins hands with Tractors and Farm Equipment Ltd (TAFE) for tractor loans

- Launches insurance scheme in Kerala

- Unveils new retail bank loan product Credit Khazana, which targets the bank's housing loan account holders

- Unveils online ticket reservation system 'e-Rail'

- Reserve Bank of India nominates Dr Rakesh Mohan, Deputy Governor, RBI, on the Central Board of the bank

- Appoints Mr C. Narasimhan as the Chief General Manager of the SBI's Kerala Circle

-Unveils Credit Khazana, retail bank loan product, to target the bank's housing loan account holders

- MRO-TEK Ltd has secured State Bank of India's order of Rs 15-crore to provide networking solutions of 2Mbps and 64 Kbps high-end leased line modems for SBI to connect more than 800 branches across the country.

-SBI joins hands with LIC to dentify long-term investment proposals for LIC

-Tied with bajaj Auto to finance its two wheelers.

-SBI granted Rs 125-cr loan to Nethaji Apparel park to set up units and buy machinery for the first batch of 54 garment plants in the 65-acre special apparel park.

-The bank has tied up with TVS motor company to finance two wheeler loans

-Tied up with apollo hospital enterprise to finance for the hospital treatement.

-The company launched mobile pre-paid cards recharge facility at its ATM's

-Tied up with ICICI Bank and HDFC for sharing ATM networks

2003-Bank has entered into MOU with both ICICI Bank and HDFC Bank for sharing Bank's ATM Network with them on bilateral terms.

-The Central Government after consultation with the Reserve Bank of India, appointed Shri Chandan Bhattacharya, Deputy Managing Director State Bank Of India as Managing Director State Bank Of India for the period from December 17, 2003 to January 31, 2005.

-The State Bank of India has announced a special package to BSNL employees by allowing concessional interest rates for different types of loans to be availed by the BSNL staff.

2004

-Former KCCI President nominated to SBI Bangalore Local Board

-State Bank Of India has informed that Reserve Bank of India has nominated Shri A V Sardesai, Executive Director, Reserve Bank of India on the Central Board of State Bank of India vice Dr. Rakesh Mohan.

-SBI sets up ATM counter in Ernakulam

-Bahrain Monetary Agency (BMA) grants in-principle licence to Statte Bank of India (SBI)

-SBI sets up India's first drive-in ATM in Hyderabad

-State Bank of India has entered into an alliance with HDFC Bank for sharing ATM networks to be operationalised from February 3, this year.

2004

-SBI unveils new branch in Manjeri

-Bank awarded special prize for lending to self help group run by women

-SBI unveils floating ATM

-State Bank of India appointed six new Deputy Managing Directors on February 11, 2004. The new DMDs are: Mr T.S. Bhattacharya, CGM, Product Development and Marketing, Mr M.M.Lateef, Managing Director, SBI Gilts, Mr Yogesh Agarwal, CGM, Chandigarh, Mr Krishnamurthy, CGM, Madras LHO and Mr R.Ramanathan, CGM, Technology and Mr Vijay Anand, CGM, Corporate Account group. These top level appointments follow the appointment of the new Managing Director for the bank, Mr Chandan Bhattacharya, in December.

-GAIL ties up SBI for e-banking system

-SBI join hands with Visa for travel card

-SBI enters into ATM sharing agreements with UTI Bank & HDFC Bank

-Signs a Memorandum of Understanding (MoU) under which the bank will provide term loans to farmers for purchasing capital inputs from Jain Irrigation Systems Ltd (JISL)

-Join hands with Siemens for financing the medical equipments sold by Siemens

-Joins hands with VST Tillers to launch SBI-VST Shakti, a new loan scheme for farm mechanisation programme

-Unveils Vishwa Yatra foreign travel card, a prepaid card which offers the traveller a convenient and secure way to carry cash

-Ties up with Same Deutz-Fahr India for tractor financing

-In ally with Sikkim govt to beef up SMEs

-The government has chosen State Bank of India (SBI) for channelising government credit to other countries which runs into billions of dollar

-SBI opens MICR cheque processing center

-Signs MoU with HMT Ltd. for financing their tractors

-State Bank of India deploys Flexcube as core banking solution at Frankfurt

-Mr Ashok K. Kini appointed as new Managing Director of State Bank of India with effect from April 1, 2004 to December 31, 2005

-SBI unveils Foreign Travel card in Orissa

-ICICI Bank, SBI, LIC in pact for Rs 20,000-cr projects

-Reliance Info in ATM pact with SBI

-State Bank of India, Bangalore Circle, has announced its tie-up with New India Assurance Company Ltd (NIAC), for distribution of NIAC's general insurance products in Karnataka

- SBI unveils new credit card in Ahmedabad

-State Bank of India joined the billion dollar club

-THE State Bank of India opened its 236th branch in the State at Tripunithura on June 16

-SBI inaugurates first Internet shoppe in Kochi

-State Bank of India has opened a fully computerised branch at Karunagappally in Kollam district

-L&T-John Deere Private Ltd has signed a memorandum of understanding (MoU) with State Bank of India for tractor finance

-Buys 10% stake in Multi Commodity Exchange of India Ltd. (MCDEX) for Rs 2.1 crore

-SBI join hands with Hero Honda to unveil co-branded credit card

-State Bank of India launched its first mobile ATM for increasing the banking convenience of its customers

-State Bank of India has signed a Memorandum Of Understanding (MOU) with the Societe Generale Asset Management of France (SGAM) for inducting Societe Generale Asset Management as a stake holding partner for SBI's mutual fund arm, SBI Fund Management Private Ltd (SBIFMPL)

-State Bank of India, (SBI) with a view to expand the ambit of its educational loan schemes, has unveiled a unique educational loan scheme, christened "Nursing Plus," for the nursing students of the country

-SBI forges alliance with Hero Honda

-SBI offers new scheme`School Plus' for schools

-SBI Card has launched 'Instant Card' offering customers in need of instant credit opportunity. With this, the customers will get an opportunity to get ready to use credit card within a few hours of filing in their application form

-SBI selects Finacle for international ops

-SBI enters ATM tie up with Andhra Bank

-SBI join hands with LIC for funding infrastructure projects

-Tata Motors on December 7, 2004, signs an MoU with State Bank of India (SBI)

-SBI partners with Eicher Motors on December 27, 2004

2005

-Raj Travels joins hands with SBI for travel loans

-SBI opens branch at Vadakara

-SBI join hands with Apollo Health to offer loans

-SBI rolls out new loan scheme

-SBI opens first branch in Lakshadweep island of Kavaratti

-SBI enters into agreement for bilateral sharing of ATMs with PNB on May 10, 2005

-SBI signs MOU with Corporation Bank for ATM sharing

-State Bank of India and 8 associate banks have entered into an agreement with Bharat Petroleum Corporation Ltd (BPCL) for enhancing card usage at fuel stations

-SBI launches new mortgage loan scheme for traders

-SBI launches SBI card in Madurai

-SBI inaugurates RBO in Thrissur

-SBI signed a memorandum of understanding with Small Industries Development Bank of India for co-financing small and medium enterprises in Andhra Pradesh, Tamil Nadu, Uttar Pradesh, Jammu & Kashmir, Jharkhand, Delhi and Bihar

-State Bank of India and Crisil have signed a memorandum of understanding under which latter will assign ratings to small-scale industries that are borrowers of SBI

-NSIC join hands with SBI to offer credit to SSI

2006

-SBI teams up with Nihilent to unveil feedback system

-Bhatt to become SBI's new MD

-State Bank of India (SBI) has informed that Shri. Yogesh Agarwal has been appointed as Managing Director on the Board of the Bank with effect from October 10, 2006 to the June 30, 2010

2007

-State Bank of India (SBI) has appointed Shri. S K Bhattacharya as Managing Director on the Board of the Bank with effect from October 08, 2007 to the October 31, 2010, as per the Notification dated October 08, 2007, by the Government of India.

- The State Bank of India (SBI) has become the first foreign bank to set up a branch in the Israel's diamond exchange. Besides diamonds, they also see huge potential in telecommunications, hi-tech, chemicals, textiles, agriculture and water management, food processing, pharma and health care.

2008

-State Bank of India (SBI) has informed that the Government of India in pursuance of clause (e) of Section 19 of the State Bank of India Act, 1955 (23 of 1955) has nominated Shri. Arun Ramanathan, Secretary, Ministry of Finance, Department of Financial Services, New Delhi as a Director on the Central Board of State Bank of India with effect from January 18, 2008, vice Shri. Vinod Rai.

-State Bank of India (SBI) has informed that the Central Government, in consultation with the Reserve Bank of India and in pursuance of clause (d) of Section 19 of the State Bank of India Act, 1955 (23 of 1955), has nominated Dr. (Mrs.) Vasantha Bharucha as a part-time non-official Director on the Central Board of State Bank of India for a period of three years with effect from February 25, 2008, vice Shri Piyush Goel.

- State Bank of India (SBI) has informed that the Central Government, in consultation with the Reserve Bank of India and in pursuance of clause (d) of Section 19 of the State Bank of India Act, 1955 (23 of 1955), has nominated Dr. Rajiv Kumar as part-time non-official director on the Central Board of Directors of State Bank of India for a period of three years with effect from September 08, 2008 or until further orders, whichever is earlier.

- State Bank of India (SBI) has signed a Joint Venture Agreement with Insurance Australia Group to form a Joint Venture Company which will be engaged in General Insurance business in India.

- State Bank of India has rolled out a micro insurance scheme 'Grameen Shakti', for its Self Help Group (SHG) members. The product was launched on Nov 26 at the Tamil Nadu Agricultural University. The bank is hopeful to cover at least five lakh SHG members by December 31.

-The company has issued rights in the ratio of 1:5 at a premium of Rs.1580/- Per Share.

-State Bank of India Issues Rights in the Ratio of 1:5

2009

- State Bank of India yesterday slashed its benchmark lending rate by half a percentage point to 11.75 per cent. The Benchmark Prime Lending Rate (BPLR) was revised down by 50 basis points with effect from June 29, SBI informed the Bombay Stock Exchange. This move would benefit home, car and corporate loan customers

- State Bank of India on June 30 launched two new home loan products called as SBI Easy Home Loan and SBI Advantage Home Loan, with zero processing fees for both waived off till September 30. While SBI Easy Home is for loans amount up to Rs 30-lakh while the SBI Advantage Home is for loans above Rs 30-lakh, a press release issued here said.

- State Bank of India, entered into an agreement with the government of Gujarat to create a fund of Rs 5,000 crore for investing in equity of infrastructure projects.

2010

- State Bank of India, with a debit card base of over 70 million, comprising SBI Cash Plus, SBI Gold Debit Card and SBI Yuva Card, has added chip and PIN-based Platinum Debit Card to its bouquet on March 26.

- Mr Arun Kumar Agarwal has taken over charge as General Manager at State Bank of India, Kerala Circle. Until now, he has been General Manager at the Lucknow Circle of the bank. Mr Agarwal is Certified Associate of Indian Institute of Bankers and joined State Bank of India as a Probationary Officer in 1977. An expert in credit and foreign exchange, he has held several assignments ranging from Branch Manager to Regional Manager in the Patna and Delhi circles. He also served in the bank's foreign department at Kolkata handling investment of the FCNB portfolio, derivatives and correspondent relations. He has headed the Pune Module of the bank and has also served as the Deputy General Manager and Business Head for Network-1 of the Mumbai Circle.

- State Bank of India (SBI) has signed a pact with Unique Identification Authority of India (UIDAI) to work as a registrar for the UID registration of residents. It has become the first bank to take up registration work for the UIDAI project. As a registrar, SBI will capture through empanelled enrolment agencies, the biometric characters such as finger prints, iris and so on and send the information to UIDAI.

- Stata Bank of India (SBI) has come up with an exclusive branch in Hyderabad, for their ultra high networth individual (HNIs) which is by far is first of its kind in the country.

- State Bank of India acquired State Bank of Indore.

- SBI - Joint Venture agreement with State General Reserve Fund (SGRF), Sultanate of Oman

- State Bank of India has consortium of Elavon Incorporation, USA and Visa International, USA as its Joint Venture (JV) Partner for Merchant Acquiring Business.

- State Bank of India launched a special concessional banking scheme for the Air Force personnel.

- State Bank of India (SBI) has signed an agreement with Unique Identification Authority of India (UIDAI) in order to work as a registrar for the UID registration of residents.

2011

- State Bank of India, with a debit card base of over 70 million, comprising SBI Cash Plus, SBI Gold Debit Card and SBI Yuva Card, has added chip and PIN-based Platinum Debit Card to its bouquet on March 26.

- Witnessed a joint venture between the nation's largest lender, State Bank of India and the telecom lead, Bharti Airtel with an aim to provide the banking services amongst the unbanked population of the country.

- SBI - Acquisition of SBICI Bank

- State Bank of India shifted from Varma Chambers, Fort, Mumbai to the following address with effect from September 28, 2011.Shares & Bonds Dept., State Bank of India,Corporate Centre,8th Floor, State Bank Bhavan, Madam Cama Road, Mumbai - 400 021Telephone nos.: 022-22740841-48 (eight lines) Fax number(s): 022-22855348.

- P Choudhary has been appointed as the new chairman of State Bank of India after getting clearance from the government.

- Experian Credit Information Company of India Private Limited, the first CICRA licensed credit bureau in India on September 23, 2011 said it has signed a membership agreement with State Bank of India (SBI), the largest consumer lender in India to contribute data to Experian’s credit bureau and enhance the effectiveness of company's range of products and services.

2012

- State Bank of India signed a Preliminary Non-Binding Memorandum of Understanding with Russian Direct Investment Fund (RDIF), to facilitate advancing bilateral economic cooperation and trade between Russia and India aimed at exploring investment opportunities in both the countries.

- India's largest public sector lender, State Bank of India (SBI) has entered into an agreement with StarAgri Warehousing Ltd (StarAgri), India's leading agri-services & solutions provider, for Warehousing Receipt Financing and Collateral Management Services.

- SBI launched virtual debit cards to check online fraud and promote ecommerce

- SBI, ICICI Bank leading m-banking revolution in India. With the advent of smartphones and 3G services, the Mobile Banking (m-Banking) services have been fast catching up with Indian customers for conducting balance inquiries, account transactions, utility payments, and other banking activities using a mobile handset

- India's largest lender State Bank of India (SBI) has been planning to cut the processing and conversion fee for home loans to leverage the approaching festival season when Indians usually spur buying as businesses offer healthy discounts.

2013

- India's leading Public Sector lender the State Bank of India (SBI) is stepping up efforts to expand its presence in the world's second biggest economy with the lender set to launch its second branch in China.