SBI, officially known as the State Bank of India came into being in the nineteenth century with the establishment of the Bank of Calcutta, which after a shortwhile was renamed as Bank of Bengal in 1809. The Bank of Bengal, Bank of Madras and Bank of Bombay which finally merged into the Imperial Bank of India are the forerunners of the modern State Bank of India. After the independence of India, need was felt for the development of the rural areas of the country. As all the private banks were catering to the urban population, there was a need for a state owned bank which irrespective of its profit serve the rural population of India.

In lieu with this an act was passed in May 1955 and on 1st July 1955, State Bank of India came into being by the merger of Imperial bank of India along with other state owned and state associated banks. Since then the bank has been a premier in terms of balance sheet size, number of branches, market capitalization and profits.

With more than ten thousand branches, 6500+ branches of its associate banks and around 8500 ATMs, SBI has an extensive network across the country. It is the only bank of India to have got a place in top 100 banks of world in Fortune Global 500 rating.

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