Important Points

Important Points about SBI

SBI is one of the big four banks of India, along with ICICI bank, Punjab National Bank and Bank of Baroda

SBI had 14,816 branches in India as on 31 March 2013

SBI is the first bank to open branch in China

15000^th branch of the State Bank of India (SBI) at Sooranam (Tamil Nadu)

SBI has 21, 500 branches (including Assosiate Banks )

SBI has 99, 345 offices in India

SBI has 27000+ ATM and SBI Group (including Assosiate Banks ) has 32752 ATMs.

On October 7, 2013, Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bankSBI has become the first bank to install an ATM at Drass in the Jammu & Kashmir Kargil region. This was the Bank’s 27,032nd ATM on 27 July 2012.

Study about Fund Transfer Systems here

First bank established in India: Bank of Hindustan in 1770

Second bank: General Bank of India, 1786

Oldest bank in India originated in the Bank of Calcutta in June 1806 which was still in existence – State Bank of India

State Bank of India merged with three banks namely Bank of Bengal, Bank of Bombay and Bank of Madras in 1921 to form the Imperial bank of India which was converted as State Bank of India

First Indian bank got ISO: Canara Bank

First India bank started solely with Indian capital investment is PNB (Punjab National Bank)

Founder of Punjab National Bank is Lala Lajpat Rai

Reserve bank of India (RBI) was instituted in 1935

First governor of RBI: Mr.Osborne Smith

First Indian Governor of RBI: Mr. C D Deshmukh

First bank to introduce savings account in India: Presidency Bank in 1833

First bank to introduce cheque system in India: Bengal Bank in 1833

Study about Banks in India here

First bank to introduce internet banking: ICICI bank

First bank to introduce mutual fund: State Bank of India

First bank to introduce credit card in India: Central Bank of India

Which cards are known as plastic money – Credit Cards.

Open market operations are carried out by – RBI

Capital market regulator is – SEBI

Largest Commercial bank in India – State Bank of India

The International Bank for Reconstruction and Development (IBRD) is known as – World Bank

India’s First Financial Archive has been set up at – Kolkata

CRR, SLR, Repo Rate, Reverse Repo rate are decide by RBI

Savings banks interest rates, fixed deposit interest rates, Loan Rates etc. are decided by individual banks

The bank which has launched Mobile Bank Accounts in association with Vodafone’s m –paisa – HDFC Bank

Minimum money transfer limit through RTGS: 2 Lakhs

Maximum money transfer limit through RTGS: No Limit

Minimum & Maximum money transfer limit through NEFT: No Limit

NABARD was established in – July, 1982

Largest Public sector bank in India – SBI

Largest Private sector bank in India – ICICI Bank

Largest Foreign bank in India – Standard Chartered Bank

First Indian bank to open branch outside India i.e. London in 1946: Bank of India

First RRB named Prathama Grameen Bank was started by: Syndicate Bank

Some Financial Institutions

Non Banking Financial Company (NBFC): These are companies which have functions similar to banking like accepting deposits and making loans. However they do not have license for banking, although they are regulated by RBI.

Deposit Insurance & Credit Guarantee Corp.(DI&CGC) : It is a wholly owned subsidiary of RBI which provides an insurance cover of Rs.1lakh per depositor per bank in case of bank failure.It also provides guarantee of repayment amount in default of small loans given by banks.

Export Credit Guarantee Corporation of India (ECGC):  ECGC is a Govt. body which provides export credit insurance facilities to exporters and banks in India. It encourages Indian exporters by giving them credit insurance covers.

Banking Codes and Standards Board of India: It is a industry watch dog set up by RBI to monitor and assess the compliance with codes and minimum standards of service to individual customers, as prescribed by the RBI.

Credit Information Report: A Credit Information Report is a factual record of a borrower’s credit payment history compiled from information received from different credit grantors. Its purpose is to help credit grantors make informed lending decisions-quickly and objectively.

Credit Rating: Credit Rating is an assessment of the probability of default on payment of interest and principal on a debt instrument. In simple words, it ranks the company or country’s ability to meet their debt obligations.

Securities Exchange Board of India (SEBI): It is regulatory authority of stock exchanges and protects investors from Fraudulent dealings. It was established in April 1988 and awarded statutory status by Act of parliament in 1992.

Chairman: UK Sinha

Head quarters : Mumbai

Insurance Regulatory & Development Authority (IRDA) : It is apex body formed under Sec.4 of IRDA Act 1999 to  protect the interests of the policyholders to regulate promote and ensure orderly growth of the insurance industry in India

Financial Stability & Development Council : This is the apex financial regulator of our country. Headed by Finance Minister, it coordinates and regulates to four financial regulators of the country i.e. RBI,SEBI,IRDA and PFRDA to ensure that all of them operate and function in harmony to promote the growth and stability of Indian Economy.

Indian Banks Association (IBA) : It is the official association of all the banks operating in India. It acts as a bridge between banks on one hand and government and staff unions on the other. Presetly Mr. K.R. Kamath, CMD of Punjab National Bank is Chairman of IBA.

By:-Lokesh kumar