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Jordan1) Borrows money:- The Bank borrows money from the public by accepting deposits such as current account deposits, fixed deposits and savings deposits.
(2) Lends money:- It lends money to merchants and manufacturers for short periods. It also lends to farmers and co-operative institutions. It lends mostly on the security of easily realizable commodities like rice, wheat, cotton, oil-seeds, cloth, gold and government securities. The Bank can lend against agricultural bills upto a maximum period of fifteen months and incase of other bills upto a maximum period of six months.
(3) Banker's Bank:-The State Bank of India acts as the banker's bank. In discharging this responsibility, the bank provides loans to commercial bank when required and also rediscount their bill. It also acts as the clearing house of the commercial bank
Some of the achievements of State Bank of India are:
a. Largest Bank in India
b. Bank that has more than 16000 branches in India (more than 26000 if we include associate banks)
c. Bank with the most number of ATMs in India - 21000 (more than 45000 if we include associate banks)
d. The 29th most reputed company in the world according to Forbes
e. The oldest commercial bank in operation in the Indian subcontinent
f. The Indian bank with most number of overseas branches (131 across 32 countries)
g. etc.
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When Imperial Bank was named as State Bank Of India?
State Bank of India was originally called the Imperial Bank of India and was established in the year 1806 when the British ruled India. Later when India got its independence, the government of India, took over control and was nationalized and renamed to State Bank of India.on 1st July, 1956, Imperial bank was named as State Bank of India.
State bank of India was founded in which year?
State Bank of India was found in 1806.
Which is the India's largest business bank?
State Bank of India
What are the nationalized bank in India?
Allahabad Bank Bank of Baroda State Bank of India State Bank of Hyderabad ICICI Bank Axis Bank Andhra Bank
What is the name of the largest bank in India?
The largest bank in India is State Bank of India. State Bank of India is a government bank. The Government of India owns the bank and controls the functioning of the bank. All employees of SBI are considered government employees and they are directly answerable to the government of India.
