State Bank of India and its Associate Banks
On the recommendation of All India Rural Credit Survey Committee, Imperial Bank was nationalised to become State Bank of India on 1st July, 1955. Its 92% capital is owned by the Reserve Bank and 8% by the old shareholders of Imperial Bank and others. This bank is thus, not totally a Government Bank, but it is almost fully under the control of the government. On 1st January, 1997 on the direction of government of India and Reserve Bank.
Kashinath Seth Bank Ltd has been amalgamated with the State Bank in 2008 the government took over the stake held by the Reserve Bank of India. State Bank of India (SBI) was previously called Imperial Bank of India in 1921 which was created by amalgamation of 3 Presidency Banks viz, Bank of Bengal, Bank of Bombay and Bank of Madras. It was nationalised in 1955. SBI is ranked 292 in the fortune 500 companies.
State Bank of India Associate Banks:- State Bank of Hyderabad
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Bikaner and Jaipur
- State Bank of Travencore
Share Holding in State Bank of India:
Government of India held around 62% equity shares in SBI. Over 800000 individual shareholders hold approx 5.7% of its shares. Life Insurance Corporation of India is the largest non-promoter shareholder in the company with 10.9% shareholding.
|
Share Holders in State Bank of India
|
||
|
S.No
|
Shareholders
|
Shareholding
|
|
1
|
Promoters Government of India
|
62.31%
|
|
2
|
Insurance
Companies
|
11.90%
|
|
3
|
Foreign Institutional
Investors
|
09.79%
|
Functions of State Bank of India:
The function of State Bank of India can be grouped under two categories, viz., the Central Banking functions and ordinary banking functions. Central Banking Functions The SBI acts as agent of Reserve Bank of India at the places where the Reserve Bank has no branch.
General Banking Functions:
Based the specialised functions, the SBI renders the following functions under Section 33 of the Act
- Accepting deposits from the public under current, savings, fixed and recurring deposit accounts.
- Advancing, lending money and opening cash credits on the security of stocks.
- Investing funds on special type of securities.
- Discounting, Buying, accepting, drawing and selling of bills and other negotiable articles.
No comments:
Post a Comment