The Bangalore branch of the bank started operations in the state of Karnataka in 1864 as the first non-seaport branch of the Bank of Madras in pre-Independent India. One of the three Presidency Banks under British rule, it later merged to form the Imperial Bank of India. Post-Independence in 1955, the Imperial Bank of India became the State Bank of India.
The SBI, Bangalore Circle, which contributes Rs 650 crore (US $16.46 million approximately) to the profits, functions as a 24x7 entity. With 350 branches across the state and an equal number of ATMs, it is poised to scale greater heights with newer initiatives in the near future to make banking a rewarding experience. Size and speed are evenly matched in SBI.
The bank has implemented progressive measures initiated by the Government by providing credit to underprivileged sections and acting as a catalyst in employment generation. Its commitment to social banking has won appreciation from NABARD (the National Bank for Agricultural and Rural Development) as the Best Bank in Karnataka to extend support to self help groups.The Bank has set up centralised loan processing cells in several places across the state - Bangalore, Mangalore, Hubli, Belgaum and Mysore for efficient credit delivery. With the assurance of “a scheme for every dream” these cells handle large volumes of personal housing, education, car and mortgage loans, besides credit requirements of small and medium enterprises. The bank’s Mid-Corporate Group handles the needs of large corporates and has been seeing sustained growth in recent years.
All branches in Bangalore Circle are on a core banking solutions platform and internet banking is offered to both retail and corporate customers. A single window system has also been introduced for customer services. Almost all its branches handle government businesses and are well equipped to handle foreign exchange transactions of individuals and corporates. SBI has introduced several technology based product offerings to retail customers, including online trading of stocks, payment of electricity bills through the bank’s ATMs, booking air, rail and bus tickets online or through ATMs or credit cards. It has recently developed a unique multipurpose combo card for university students, which combines the features of a debit card with ID and other features required by universities.
Please see their success story as featured and recognized by ‘Best of India’