History · Banking awareness

History of SBI

How India’s largest bank grew from the Bank of Calcutta in 1806 to the State Bank of India.

Key facts

• Founded1 July 1955
• HeadquartersMumbai
• ChairmanChalla Sreenivasulu Setty (since 28 Aug 2024)
• First ChairmanJohn Matthai
• Only woman ChairpersonArundhati Bhattacharya (2013–2017)
• TaglineThe Banker to Every Indian
• Largest shareholderGovernment of India

Timeline

1. 1806Bank of Calcutta

   SBI's oldest root. Renamed Bank of Bengal in 1809.

2. 1840 · 1843Bank of Bombay and Bank of Madras

   With the Bank of Bengal, these were the three Presidency banks.

3. 27 January 1921Imperial Bank of India

   The three Presidency banks merged into one.

4. 1951All India Rural Credit Survey Committee

   Chaired by A. D. Gorwala; its 1954 report recommended a State-sponsored bank for rural credit.

5. 1 July 1955State Bank of India formed

   Took over the Imperial Bank of India under the SBI Act, 1955. John Matthai was the first Chairman.

6. 1959Associate banks

   The SBI (Subsidiary Banks) Act, 1959 brought eight State-associated banks under SBI as subsidiaries.

7. 2008 · 2010First associate mergers

   State Bank of Saurashtra (2008) and State Bank of Indore (2010) merged into SBI.

8. 7 October 2013First woman Chairperson

   Arundhati Bhattacharya took charge; she served till October 2017 and is still the only woman to head SBI.

9. 1 April 2017Biggest merger

   Five associate banks (State Bank of Bikaner & Jaipur, Hyderabad, Mysore, Patiala, Travancore) and Bharatiya Mahila Bank merged into SBI.

10. November 2017YONO

    SBI launched YONO (You Only Need One), its digital banking app.

11. 28 August 2024C. S. Setty takes charge

    Challa Sreenivasulu Setty became the 27th Chairman, succeeding Dinesh Kumar Khara.