BANKING AFFAIRS

Detailed explanation-1: -(SBI) is set for a major restructuring of its business in the UK from April, India’s largest state-owned bank has said. SBI’s UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England .

Detailed explanation-2: -The Imperial Bank of India (IBI) was one of the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into the State Bank of India in 1955.

Detailed explanation-3: -To behave according to the government’s broad economic policies. Providing financial assistance to cottage industries and small-scale businesses. To provide banking institutions with remittance services. To promote rural credit and stimulate savings by setting up local branches in rural and semi-urban areas.

Detailed explanation-4: -In 1955 the government of India and the country’s central bank, the Reserve Bank of India (founded 1935), assumed joint ownership of IBI, which was renamed the State Bank of India.

Detailed explanation-5: -Associate Banks of State Bank of India On 1st April 2017, SBI merged with 5 of its associate banks and one other bank. This brought into SBI the 50 largest banks in the world. These associate banks included State Bank of Jaipur, Bikaner, Mysore, Travancore, Hyderabad, and Patiala.