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1) 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.
Union Bank of India is a normal retail bank that provides all the banking facilities for its customers. They include:
- Savings/Current Accounts
- Fixed/Term Deposits'
- Loans
- Safe Deposit Lockers
- 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.
What are the achievements of UCO bank?
Uco bank is in the top 15 banks in india.
Which bank has the largest no of branch and ATM in India?
State bank of India
The largest public sector Commercial Bank of India is the?
State Bank Of India
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.
What is the font used in state bank of India logo?
State bank of India
State bank of India was founded in which year?
State Bank of India was found in 1806.
Which banks merged in state bank of India?
Associate Banks Like State Bank of Saurastra & State Bank of Indore have been merged with State Bank of India
Which is India's richest bank after RBI?
state bank of India
Which bank is fully gov in India?
state bank of india
Which is the India's largest business bank?
State Bank of India
In which bank to get GATE application form in Bangalore?
state bank of India state bank of India , St.Marks Road
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
