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This list of banks that have merged to form the State Bank of India includes financial institutions that were at one point or the other merged with the State Bank of India or any of its subsidiaries. This list includes the banks which have been subsidiaries or associates of the State Bank of India.
Nepal SBI Bank Limited SBI owns 55% stake, while the state-owned Employees Provident Fund of Nepal owns 15% and the general public owns the remaining 30%. Nepal SBI Bank Limited has branches throughout the country. Commercial Indo Bank LLC, Moscow was established as a 60:40 joint venture between SBI and Canara Bank. In 2022, SBI acquired Canara ...
The consolidation of SBI-associated banks started first by State Bank of India merging its subsidiary State Bank of Saurashtra with itself on 13 August 2008. [4] Thereafter it merged State Bank of Indore with itself on August 27, 2010. [5]
The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter , it acted as the central bank for India prior to the formation of the Reserve Bank of India (RBI) in 1935.
The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India [5] was established in 1935, under the Reserve Bank of India Act, 1934.
The amalgamation is the first-ever three-way consolidation of banks in the country, with a combined business of Rs14.82 trillion (short scale), making it the third largest bank after State Bank of India (SBI) and ICICI Bank. [18] Post-merger effective 1 April 2019, the bank has become the India's third largest lender behind SBI and ICICI Bank. [19]
It was the premier bank of Kerala. Overall, As of 31 March 2015, SBT had a network of 1,157 branches and 1,602 ATMs, covering 18 states and three union territories. On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with SBI. [1] It finally merged with its parent bank on 31 March 2017.
From 1956 until 31 March 2017, it had been the largest associate bank of the SBI. After formation of Telangana in 2014, SBH was the lead bank of the newly created state. The State Bank of Hyderabad was merged with State Bank of India on 1 April 2017. SBH had over 2,000 branches and about 18,000 employees.