State Bank of India Bangalore

The Bangalore branch of the bank started operations in the state of Karnataka in 1864 as the first non-seaport branch of the Bank of Madras in pre-Independent India. One of the three Presidency Banks under British rule, it later merged to form the Imperial Bank of India. Post-Independence in 1955, the Imperial Bank of India became the State Bank of India.

The bank started off in premises rented for just Rs 85 (US $2) per month; it moved to its current location, a colonial bungalow called Hopeville, which was set in a 12 acre plot of land nestled between St Mark’s Road and Residency Road in the Bangalore Cantonment. The bank bought the property from Maj Gen Charles James Green of the British army for a princely sum of Rs 30000 (US $753) in 1868.

The property is a landmark in the area and the original structure is one of the well-preserved heritage buildings in Bangalore. It exists alongside modern additions in the grounds like the Specialised Personal Banking Branch, which came up in 1971 and the local head office which was built in 1993.

The SBI, Bangalore Circle, which contributes Rs 650 crore (US $16.46 million approximately) to the profits, functions as a 24x7 entity. With 350 branches across the state and an equal number of ATMs, it is poised to scale greater heights with newer initiatives in the near future to make banking a rewarding experience. Size and speed are evenly matched in SBI.

Take, for instance, the clearance of a loan of Rs 4048 crore (US $1 billion) for the Indian conglomerate Tata Steel in just five minutes to help it clinch the Rs 48594 (US $12 billion) takeover of the Anglo-Dutch steel giant Corus. With the largest network of branches in the country, the bank has transactions exceeding Rs 38000 crore (US $10 billion). With over 10000 fully computerised branches and over 7900 ATMs, and 83 overseas offices in 32 countries, its credit growth has been around 30 per cent each year for the last three years.

The bank has implemented progressive measures initiated by the Government by providing credit to underprivileged sections and acting as a catalyst in employment generation. Its commitment to social banking has won appreciation from NABARD (the National Bank for Agricultural and Rural Development) as the Best Bank in Karnataka to extend support to self help groups.The Bank has set up centralised loan processing cells in several places across the state - Bangalore, Mangalore, Hubli, Belgaum and Mysore for efficient credit delivery. With the assurance of “a scheme for every dream” these cells handle large volumes of personal housing, education, car and mortgage loans, besides credit requirements of small and medium enterprises. The bank’s Mid-Corporate Group handles the needs of large corporates and has been seeing sustained growth in recent years.

All branches in Bangalore Circle are on a core banking solutions platform and internet banking is offered to both retail and corporate customers. A single window system has also been introduced for customer services. Almost all its branches handle government businesses and are well equipped to handle foreign exchange transactions of individuals and corporates. SBI has introduced several technology based product offerings to retail customers, including online trading of stocks, payment of electricity bills through the bank’s ATMs, booking air, rail and bus tickets online or through ATMs or credit cards. It has recently developed a unique multipurpose combo card for university students, which combines the features of a debit card with ID and other features required by universities.