SBI and Other Public Banks in India

The government owns and controls public banks for the benefit of the general people. These banks are particularly dependable financial organisations since the government owns more than half of them. They make loans and serve as a safe deposit box for the general public. Banks employ deposited public monies to produce lendable credit, which they then return to society in various forms, such as infrastructure development and low-interest loans to small enterprises.

The biggest public banks in India are as follows:

  1. State Bank of India (SBI)
  2. Indian Bank
  3. UCO Bank
  4. Central Bank of India
  5. Bank of Maharashtra
  6. Punjab National Bank (PNB)
  7. Bank of Baroda (BoB)
  8. Canara Bank
  9. Union Bank of India
  10. Bank of India (BoI)
  11. Indian Overseas Bank
  12. Punjab & Sind Bank
  13. IDBI Bank (partially government-owned)

When India launched on planned economic expansion immediately after independence, it, like any other country, needs a robust and efficient financial system to satisfy the diversified credit and development requirements. It employed a diverse pattern of economic development to attain this aim, as well as a financial structure to support it.

There are few parallels to its achievement in introducing banking to the masses and converting the financial sector into a strong instrument for influencing public policy in the world. The banking system’s quick development in terms of presence and penetration in the two decades after bank nationalisation in 1969 was noteworthy. By the 1990s, public sector banks dominated 90% of the banking industry in the country.

State Bank of India

The State Bank of India (SBI) is one of India’s largest state-owned financial organisations. The bank, headquartered in Mumbai, offers a diverse variety of goods and services to its customers, who include commercial firms, major corporations, governmental entities, and institutional clients. SBI is also one of India’s top banks in terms of market capitalization.

 The bank is descended from the Imperial Bank of India, which was created in 1806 by the merger of the Bank of Calcutta, the Bank of Madras, and the Bank of Bombay. The Imperial Bank of India was renamed the State Bank of India in 1955 after the Government of India acquired control, with the Reserve Bank of India (RBI) owning 60% of it.

In April 2017, associates banks of SBI, including State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and Bharatiya Mahila Bank, merged with State Bank of India, making it the largest consolidation exercise in the banking history of India.

After opening and account in India’s best Public Bank the bank physically will provide you a cheque book and your sbi passbook, but they also provide a plethora of services that include:

  1. ATM services: SBI provides the convenience of over 43,000 ATMs around the country. This implies that any State Bank ATM-cum-debit card may be used to make free transactions at State Bank Group ATMs. This comprises State Bank of India ATMs as well as those of its partner banks, which include State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore, according to SBI. 
  2. Safe Deposit Locker: SBI provides safe deposit lockers at many branches to protect valuables. The annual rent is based on the size of the locker and the centre in which the branch is located. The rent is paid in advance for the entire fiscal year. SBI stated that a copy of the locker agreement covering locker operation is delivered to the locker hirer at the time of locker assignment. The main advantage of using these services is that if one of the joint locker-hirers dies, the right to the contents of the locker does not immediately pass to the surviving joint locker-hirer/ nominee (s), unless there is a survivorship clause.
  3. Cards: SBI provides a variety of debit cards, including traditional debit cards, RuPay debit cards, silver international debit cards, global international debit cards, gold international debit cards, and platinum international debit cards.
  4. The National Pension scheme (NPS) is a defined contribution pension scheme adopted by the government as part of pension sector reforms, with the goal of providing social security to all Indian residents. The Pension Fund Regulatory and Development Authority (PFRDA) administers and regulates it. NPS has two account types: Tier 1 and Tier 2. Subscribers must contribute a minimum of $1,000 per year for the tier 1 account. According to SBI, there is no minimum contribution requirement for NPS tier-2 accounts.
  5. SBI green remit card: The SBI green remit card is a basic magstripe-based card that does not require a PIN. The device is intended to make non-home cash deposit transactions easier to route through a green channel counter (GCC)/cash deposit machine (CDM). This feature is available to all clients (remitters), notably non-account holders, who desire to remit money to an SBI bank account on a regular basis. According to SBI’s webpage, the transaction limit is 25,000 per transaction, with a monthly limitation of 100,000.
  6. Online Trading: SBI, in collaboration with SBICap Securities Limited, provides an online trading account that allows trading from the convenience of one’s own home or workplace over the internet. This business offers a 3-in-1 account that combines a savings bank account, a demat account, and an internet trading account.
  7. NO Queue Mobile App: SBI’s ‘NO Queue’ app allows you to reserve a virtual token from anywhere without having to physically visit the bank. Customers may use the ‘NO Queue’ app to book a virtual queue ticket for the nearest branch and receive real-time status notifications about their position in the line. To prevent large lines, one might electronically reserve a queue ticket.
  8. Foreign Inward Remittance: Using SBI’s overseas offices network and correspondent banking arrangements, customers can transfer remittances to India for credit to their bank account or for any family member in a simple manner. Remittance services are offered all around the world.
  9. Electronic fund Transfer: State Bank of India (SBI) offered various types of electronic fund transfer services, including RTGS (Real-Time Gross Settlement) with sbi rtgs charges, NEFT (National Electronic Funds Transfer), and IMPS (Immediate Payment Service).

Along with all these there are 257 sbiINTOUCH branches that are outfitted with cutting-edge digital technology. These sbiINTOUCH branches are in over 143 districts across the country. According to the lender, these futuristic branches provide consumers with banking through self-service kiosks as well as services from other SBI businesses like as life insurance, general insurance, mutual funds, credit cards, and online trading through SBI cap stocks.

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