Fortune Global 500 Ranking - 2008

In 2008 SBI was ranked 380 from a rank of 495 in 2007.^[3] As per fortune 500-2008 following are the data for SBI in $ million.

Revenues: 22,402.2

Profits: 2,225.0

Assets: 255,854.9

Stockholders' Equity: 15,263.3

Subsidiaries and Joint Ventures

n addition to the foreign branches above, SBI has these wholly owned subsidiaries and joint ventures:

• Nepal State Bank Limited is an Indo-Nepalese joint venture between State Bank of India, the Employees Provident Fund, and the Agricultural Development Bank of Nepal. It commenced operations on July 7, 1993, and now has 21 branches throughout Nepal.
• SBI Mauritius is an offshore bank, incorporated in 1990.
• Indian Ocean International Bank (Mauritius) has been operating in Mauritius since 1978. SBI acquired a majority stake in the bank in April 2005. The bank is is a commercial bank with 11 branches in major cities/towns in Mauritius, including Rodrigues.
• SBI Canada has been operating for more than a decade and has a number of branches in the Toronto and Vancouver areas.
• State Bank of India established SBI California in 1982. The bank has six branches within the state.

Foreign Branches

SBI has branches in these countries:

• Australia
• Bahrain
• Bangladesh
• Belgium
• Canada
• France
• Germany
• Hong Kong
• Israel
• Japan
• People's Republic of China
• Republic of Maldives
• Singapore
• South Africa
• Sri Lanka
• Sultanate of Oman
• The Bahamas
• United Arab Emirates
• U.K.
• U.S.A
• MTP Kit Online

Foreign Offices

The Israeli branch

State Bank of India is present in 32 countries, where it has 84 offices serving the international needs of the bank's foreign customers, and in some cases conducts retail operations. The focus of these offices is India-related business.

Associate banks

There are seven other associate banks that fall under SBI. They all use the "State Bank of" name followed by the regional headquarters' name. These were originally banks belonging to princely states before the government nationalized them in 1959. In tune with the first Five Year Plan, emphasizing the development of rural India, the government integrated these banks with the State Bank of India to expand its rural outreach. The State Bank group refers to the seven associates and the parent bank. All the banks use the same logo of a blue keyhole. Currently, the group is merging all the associate banks into SBI, which will create a "mega bank", and one hopes, streamline operations and unlock value.

• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of Indore
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Saurashtra
• State Bank of Travancore

State Bank of India

State Bank of India (SBI) (LSE: SBID) is a Public Sector Banking Organisation (PSB), in which the Government of India is the biggest shareholder. It is the largest bank in India and is ranked at 380 in 2008 Fortune Global 500 list, and ranked 219 in 2008 Forbes Global 2000. Measured by the number of branch offices, SBI is the second largest bank in the world. SBI traces its ancestry back to the Bank of Calcutta, which was established in 1806; this makes SBI the oldest commercial bank in the Indian subcontinent. SBI provides various domestic, international and NRI products and services, through its vast network in India and overseas. With an asset base of $126 billion and its reach, it is a regional banking behemoth.

In recent years the bank has focused on four priorities, first, reducing its huge staff through the Golden handshake scheme known as the Voluntary Retirement Scheme, second, computerizing its operations, third, implementation of Business Process Re-Engineering(BPR), and fourth, trying to change the rude attitude of its staff through a program aptly named 'Parivartan' or 'change'. On the whole, the Bank has been successful in the first three initiatives but has failed in Parivartan.