Definition
The full form of SBI is State Bank of India. It is an Indian multinational, public sector banking and financial services organization. It is government-owned with headquarters in Mumbai, Maharashtra.
Key Takeaways
- The full form of SBI is State Bank of India. It is one of the most recognized and widespread banking institutions in India.
- SBI is publicly owned, founded in 1806 and is headquartered in Mumbai, Maharashtra. It offers a wide range of financial services such as personal banking, agricultural/rural banking, NRI services, and commercial and international banking.
- SBI is not only operative within India but has international presence too. It has branches and ATMs spread across the globe, making it one of the largest banking networks in the world.
Importance
SBI stands for State Bank of India and it is crucial in the financial world as it is the largest public sector bank in India.
It holds significant importance due to its widespread network, customer base, and the diverse range of financial services it offers including savings accounts, loans, investment options, insurance services, and digital banking.
It’s imperative for investors, analysts, and the general public to understand what SBI entails, given the bank’s vast influence on the Indian banking sector and overall financial stability.
Thus, the full form of SBI is vital for anyone interacting with India’s financial system.
Explanation
SBI stands for State Bank of India, which is a prominent governmental corporation focused on providing a broad range of financial services. It was initially established in July 1955 and is regarded as one of the largest and oldest banking institutions in India. The SBI operates on a global scale, including branches all across India as well as international branches in various countries.
Functioning under the RBI’s (Reserve Bank of India) jurisdiction, the SBI functions as an instrumental part of the Indian economy, providing key financial services to millions of citizens and contributing to the country’s economic growth. The purpose of the State Bank of India is multifaceted, catering to both individual and commercial financial needs. It offers a vast array of banking products and financial services which includes general banking, loans, insurance, credit cards, investment banking, mortgage loans, wealth management, to name a few.
Furthermore, SBI also provides services like net banking, mobile banking, app-based services, and many more in its pursuit to enhance customer service and satisfaction. By doing so, the SBI can meet diverse customer financial requirements, either for personal or business purposes. Therefore, SBI plays a vital role in serving the broad financial needs of individuals, businesses, and government entities in India and abroad.
Examples of Full Form of SBI
The term “Full Form of SBI” refers to the complete meaning of the acronym “SBI”. In finance, SBI usually refers to “State Bank of India”. Here are three real-world examples relating to the State Bank of India:
Mortgages: The State Bank of India provides home loans to customers in India. If an individual is looking to buy property or build a house, they may apply for a home loan from the State Bank of India, which could finance up to 80-90% of the property’s value.
Business Operations: For businesses based out of India or are looking to expand in India, they may turn to the State Bank of India for their banking needs. This could include anything from loan facilities, business accounts or even cash management services.
Digital and Foreign Transactions: With the advent of digitization of finance, the State Bank of India offers online banking services to its users to transfer funds, check account balance, etc. In addition, SBI plays a major role in facilitating foreign transactions as it handles a large part of international remittences to India.
FAQs about Full Form of SBI
What is the full form of SBI?
SBI stands for State Bank of India.
What type of bank is SBI?
SBI is a public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra, India.
When was SBI founded?
SBI was founded on 1 July 1955.
What services does SBI provide?
SBI provides a variety of services including personal banking, agricultural/rural, NRI services, SME, and corporate services among others.
Is SBI a nationalized bank?
Yes, SBI is a nationalized bank. It belongs to the government of India.
Related Entrepreneurship Terms
- State Bank of India: SBI is the acronym for the State Bank of India, which is one of the most prestigious public banking institutions in India.
- Public Sector Bank: A term used for a bank in which a majority stake (i.e. more than 50%) is held by the government. SBI is one of the largest public sector banks in India.
- Reserve Bank of India: The RBI is India’s central banking institution, which controls the issuance and supply of the Indian Rupee. SBI is registered with the RBI.
- Banking Regulation Act, 1949: An Act to consolidate and amend the laws relating to banking in India under which SBI operates.
- NPA (Non-performing Asset): NPA refers to a loan or advance for which the principal or interest payment remained overdue for a period of 90 days. Banks like SBI are required to classify NPAs further into Substandard, Doubtful and Loss assets.
Sources for More Information
Sure, here are four reliable sources:
