BANKING AFFAIRS

Detailed explanation-1: -State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.

Detailed explanation-2: -SBI is an Indian multinational, public sector banking and financial services statutory body, fostering the nation’s 2.6 trillion-dollar economy and serving the hopes of its vast population. For SBI, the interests of the common man havealways remained at the core of its business.

Detailed explanation-3: -SBI is one of the most well-known banks in the country and since it is run by the Central Government, individuals employed by the various central government institutions and departments reap the most benefits from their salary accounts.

Detailed explanation-4: -The Corporate Centre is in Mumbai and 17 Local Head Offices and 101 Zonal Offices are located at important cities spread throughout the country.

Detailed explanation-5: -Public sector or nationalised banks After independence, the government of India started the nationalisation of the Imperial Bank of India in 1955 to enter the banking business. The Reserve Bank of India took 60% of the share and renamed it the State Bank of India.