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The passbook, which was around the size of a passport, ensured that customers had control over their own information, and was called a "passbook" because it was used as a way to identify the account holder without needing further identification. It also regularly passed between the bank and the account holder for updating. [1]
Banks found innovative ways of adding to their income from savings accounts. For every passbook, which was a essential physical book that the customers update to keep a record of all account transactions, the customers were asked to pay 25 paise. It is now usually given free of cost.
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. [11]
The SBI Library has around 5000 rare books and journals relevant to Indian economic history. The diverse collection includes past banking acts, laws, regulations, reports and commentaries which not only reflect the commercial ambitions of the English East India Company but also highlight the origins and economic trajectory of the State Bank of India.
Passbook loans are paid back in regular, monthly installments (payments) like other lending options. As you make these payments toward the loan, the bank will release the same amount from your ...
Yono Lite is a mobile banking application from the State Bank of India. [ 7 ] [ 8 ] Earlier, it was available as "SBI Anywhere Personal" but it was rebranded as "Yono Lite" in 2018, after the introduction of YONO app. [ 9 ] In 2021, Yono Lite saw several updates to protect its users from digital frauds.
In the United Kingdom, all banks and building societies are required by law to provide a bank statement on paper or in another durable medium to customers, [5] unless where the customer has a passbook, is a customer of an online only bank or has elected not to receive paper statements. [6]
SBI is listed on the first section of the Tokyo Stock Exchange and Osaka Securities Exchange. [ 3 ] In 2022, the company entered into a comprehensive capital and business alliance with Sumitomo Mitsui Financial Group (SMFG) (commonly known as the "SMBC-SBI Alliance"), and received investment from SMFG.