State Bank of India (SBI) is the largest state-owned banking and financial services company in India. The bank provides banking services to the customer. In addition to the banking services the bank through its subsidiaries provides a range of financial services which include life insurance merchant banking mutual funds credit card factoring security trading pension fund management and primary dealership in the money market. The Bank operates in four business segments namely Treasury Corporate/ Wholesale Banking Retail Banking and Other Banking Business. The Treasury segment includes the investment portfolio and trading in foreign exchange contracts and derivative contracts. The Corporate/ Wholesale Banking segment comprises the lending activities of Corporate Accounts Group Mid Corporate Accounts Group and Stressed Assets Management Group. The Retail Banking segment consists of branches in National Banking Group which primarily includes personal banking activities including lending activities to corporate customers having banking relations with branches in the National Banking Group. SBI provides a range of banking products through their vast network of branches in India and overseas including products aimed at NRIs. The State Bank Group with over 16000 branches has the largest banking branch network in India. The State bank of India is the 10th most reputed company in the world according to Forbes.The bank has 190 overseas offices spread over 36 countries. They have branches of the parent in Colombo Dhaka Frankfurt Hong Kong Johannesburg London and environs Los Angeles Male in the Maldives Muscat New York Osaka Sydney and Tokyo. They have offshore banking units in the Bahamas Bahrain and Singapore and representative offices in Bhutan and Cape Town.State Bank of India was incorporated in the year 1955. The Bank traces their ancestry to British India through the Imperial Bank of India to the founding in 1806 of the Bank of Calcutta making them the oldest commercial bank in the Indian Sub-continent. The Government of India nationalized the Imperial Bank of India in the year 1955 with the Reserve Bank of India taking a 60% stake and name was changed to State Bank of India.In the year 2001 the SBI Life Insurance Company was started by the Bank. They are the only Bank that have been permitted 74% stake in the insurance business. The Bank's insurance subsidiary 'SBI Life Insurance Company' is a joint venture with Cardif S.A in which Cardif holds 26% of the stake. During the year 2005-06 the bank introduced 'SBI e-tax' an online tax payments facility for direct and indirect tax payment. They also launched the centralized pension processing. The Bank made a partnership with Tata Consultancy Services for setup C-Edg Technologies and consulting services to the banking financial services and insurance industry. The bank was noted as 'The most preferred bank' in a survey by TV 18 in association with AC Nielsen-ORG Marg. Also the Bank was voted as 'The most preferred housing loan provider' in AWAAZ consumer awards for the year 2006. In the customer loyalty survey 2006-07 conducted by 'Business World' the Bank was ranked number one in all parameters of customer satisfaction service orientation customer care/ call center customer loyalty and home loans. SBI Funds was judged 'Mutual fund of the year' by CNBC/TV-18/CRISL. The Bank introduced new products and services such as web-based remittance instant fund transfer online-trading and comprehensive cash management. During the year 2007-08 the Bank launched 965 branches all over the country. They inaugurated a new state-of-the art Dealing Room with online connectivity to all active forex intensive Branches at Corporate Centre in Mumbai. They launched a new product Construction Equipment Loan to cater to construction Companies. Also they introduced new products such as SBI Reverse Mortgage Loan and SBI Home Plus in the areas of Home Loans.During the year the RBI transferred their entire shareholding in the Bank representing 59.73% of the issued capital of the Bank to the Government of India. The Bank acquired 92.03% of equity of Global Trade Finance Ltd. Consequently GTFL became a subsidiary of the Bank. They signed an MoU with the Indian railways for installing ATMs at 682 railway stations. In March 2008 the Bank opened their 10000th branch and became only the second bank in the world to have more than 10000 branches after China's ICBC. During the year 2008-09 the company launched Import factoring a new product in association with SBI Factors & Commercial Services Ltd. They increased the number of branches for retail sale of gold coins from 250 to 518. Also they re-launched Gold Deposit Scheme at 50 branches to mobilize gold from domestic market for deployment as metal loans to jewellers. During the year the Bank opened their 11111th Branch at Sonapur (Kamrup District) in Assam. They introduced three new products viz. SBI Special Home Loan SBI Happy Home Loan and SBI Lifestyle in response to the stimulus package announced by the Government of India. Also they entered into an exclusive arrangement with Tata Motors for handling the booking process of Tata 'Nano' cars.During the year the Bank launched on their web-site an on-line application form for registering Auto Loan enquiries and expeditiously monitoring and converting these leads into Auto Loans. Also they launched 'e-invest' for the ASBA (applications supported by blocked accounts) to aid investors for their equity subscriptions IPO and Rights applications.During the year the Bank set up a custodial services company namely SBI Custodial Services Pvt. Ltd. in joint venture with Societe Generale France. They signed letter of intent for setting up of joint venture company for undertaking General Insurance Business. Also they divested 10% equity stake in its wholly owned subsidiary SBI Pension Fund Pvt. Ltd at cost in favour of its subsidiaries. In October 2008 the Bank signed an MoU with State General Reserve Fund (SGRF) of Oman for a general purpose private equity fund.State Bank of Saurashtra (SBS) a wholly owned subsidiary of the Bank amalgamated with the Bank with effect from August 13 2008. They signed a joint venture agreement with Insurance Australia Group for undertaking General Insurance business. Also they signed a joint venture agreement with Macquarie Capital Group Australia and IFC Washington for setting up an Infrastructure fund of USD 3 billion for investing in various infrastructure projects in India.During the year 2009-10 the Bank opened 1049 branches. In July 2009 SBI introduced 'SBI Loan to Affluent Pensioners' enabling the government pensioners to avail personal loans upto Rs 3 lakh. During the year the Bank designed a special package the Defence Salary Package for personnel of the three Armed Forces i.e. the Army Navy and Air Force who maintain their Salary accounts with them. In June 2009 the company increased their shareholding in Nepal SBI Bank Ltd to 55.02% and thus Nepal SBI Bank Ltd became a subsidiary of the Bank with effect from June 14 2009. In May 2010 the Bank selected consortium of Elavon Incorporation USA and Visa International USA as their joint venture (JV) partner for Merchant Acquiring Business. They set up a wholly owned subsidiary namely SBI Payment Services Pvt Ltd for conducting Merchant Acquiring Business. In August 2010 State Bank of Indore was amalgamated with the Bank as per the scheme of amalgamation approved by the Central Board.During the year 2010-11 the Bank introduced 2 new products namely 'Pushpa Ullas' and 'Arthias Plus' on pilot basis. They made substantial progress in establishing itself as a leading PE fund player of the country. Also they signed a Joint Venture agreement with State General Reserve Fund (SGRF) of Sultanate of Oman a sovereign entity to set up a general purpose private equity fund with an initial corpus of USD 100 million expandable further to USD 1.5 billion.During the year the Bank opened 576 new branches besides merger of 470 branches of erstwhile State Bank of Indore. Also they opened 14 foreign offices during the year taking the total to 156. In July 1 2010 the Bank launched their 'Green Channel Counter' at select branches across the country.In General Insurance business the Bank launched limited operations in April 2010 for the Corporate and Mid Corporate customers based at Mumbai and it was expanded to six other major locations in July 2010. In the Retail segment the Bank launched their Long Term Home Insurance business at Mumbai in October 2010 which was gradually extended to cover 56 RACPCs and RASMECCs. General Insurance SME business was launched on a pilot basis in Mumbai and Chennai in February 2011. During the first quarter of the financial year 2011-12 the Government of India issued the 'Acquisition of State Bank of India Commercial & International Bank Ltd. vide notification dated July 29 2011. Consequent to the said notification the undertaking of State Bank of India Commercial & International stands transferred to and vest in State Bank of India with effect from July 29 2011.In 2012 State Bank of India signed a Preliminary Non-Binding Memorandum of Understanding with Russian Direct Investment Fund (RDIF) to facilitate advancing bilateral economic cooperation and trade between Russia and India aimed at exploring investment opportunities in both the countries. State Bank of India (SBI) also entered into an agreement with StarAgri Warehousing Ltd (StarAgri) India's leading agri-services & solutions provider for Warehousing Receipt Financing and Collateral Management Services during the year under review. The bank launched virtual debit cards to check online fraud and promote ecommerce.In 2013 State Bank of India (SBI) inaugurated its 2nd branch in China in Tianjin a major port city in northeastern China. The bank introduced smart pre-paid card for students blue collar workers.In 2014 State Bank of In-dia launched new digital Online and self-service banking solutions with support from Accenture. The bank also unveiled 6 digital branches.In 2015 State Bank of India launched a RuPay Platinum debit card in association with National Payment Corporation of India (NPCI). The bank also introduced online facility for overdraft against FDs. SBI partners with Amazon. SBI entered into a MoU with PayPal an American online money transfer services provider firm for facilitating cross-border transactions. State Bank of India launched SBI eforex. SBI also launched an initiative to provide doorstep services and expedite home loans application process. State Bank of India jointly launched a cyber crime awareness campaign.On 26 March 2015 State Bank of India (SBI) announced that consequent upon the promulgation of the Insurance Laws (Amendment) Ordinance 2014 and subsequently passed by both the houses of parliament the Executive Committee of the Central Board (ECCB) of the bank has decided to initiate the necessary action as per JV agreement for dilution of SBI's stake in SBI General Insurance from 76% to 51% with corresponding increase of stake of IAG from 26% to 49% including appointment of a valuer to facilitate valuation and price discovery.On 31 March 2015 State Bank of India (SBI) announced that the Executive Committee of the Central Board (ECCB) of the bank has authorised divestment of SBI's stake in SBI Life Insurance Co. Ltd. by up to 10%.The Committee of Directors for Capital Raising of the bank at its meeting held on 1 April 2015 considered and accorded approval to allot 10.04 crore equity shares on preferential basis to Government of India (GoI) at an issue price of Rs 295.59 per share aggregating Rs 2969.99 crore.The Committee of Directors for Capital Raising of the bank at its meeting held on 29 September 2015 considered and accorded approval to allot 19.65 crore equity shares on preferential basis to Government of India (GoI) at an issue price of Rs 274.37 per share aggregating Rs 5392.99 crore.On 21 December 2015 State Bank of India announced that the Committee of Directors duly authorized by the Board authorized the bank to raise up to Rs 12000 crore by way of issue of Basel III compliant Tier II bonds at par through private placement.State Bank of India and Reliance Industries Limited (RIL) signed the shareholders agreement on 30 June 2016 for setting up Payments Bank. The Subscription and Shareholders' Agreement was signed by RIL as promoter with a 70% equity contribution and SBI as joint Venture partner with 30% equity contribution. The Payments Bank will leverage SBI's nationwide distribution network and risk management capabilities alongwith the substantial investments made by RIL in its retail and telecom businesses. On 4 July 2016 State Bank of India announced that it has sold 5% stake in National Stock Exchange of India Limited (NSE) constituting 22.50 lakh equity shares of NSE to Veracity Investments Limited a Mauritius based FII at Rs 4050 per share for a total consideration of Rs 911.25 crore. Post this transaction SBI holds 5.19% stake in NSE while its subsidiary SBI Capital Markets Limited holds another 4.33% in the NSE.The Committee of Directors for Capital Raising of the bank at its meeting held on 24 August 2016 authorized the bank to raise up to Rs 11100 crore Additional Tier 1 capital by way of issue of Basel III compliant Perpetual Debt instrument in USD and/or INR at par through private placement to overseas and/or Indian investors.The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) at its meeting held on 14 October 2016 approved to dilute up to 5% stake of SBI in its subsidiary SBI Life Insurance Company Limited to a non-promoter entity.On 25 October 2016 SBI announced that it has issued and allotted 25000 AT1 Basel III compliant Non-convertible Perpetual Subordinated Unsecured Debt instrument in the nature of debenture of face value Rs 10 lakh each at par through private placement bearing coupon at 8.39% p.a. payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 2500 crore in third tranche.The Executive Committee of the Central Board (ECCB) of State Bank of India at its meeting held on 9 December 2016 approved divestment of 3.9 crore equity shares constituting 3.9% stake in SBI Life Insurance Company Ltd. at a price of Rs 460 per share subject to all regulatory approvals.On 17 January 2017 SBI announced that it has concluded the issue of USD 500 million Fixed Rate Senior Unsecured Notes having a maturity of 5 years at a coupon of 3.25 percent payable semi-annually under Regulation-S. The bonds will be issued through the bank's London Branch and listed on Singapore Stock Exchange.The Committee of Directors for Capital Raising of State Bank of India considered and approved on 20 January 2017 by circulation the allotment of 21.07 crore equity shares at an issue price of Rs 269.59 per share on preferential basis to Government of India aggregating Rs 5680.99 crore.The Executive Committee of the Central Board of State Bank of India at its meeting held on 15 March 2017 accorded approval for infusing additional capital of up to Rs 1160.04 crore in credit card joint venture companies viz. SBI Cards & Payment Services Ltd. and GE Capital Business Process Management Services Ltd. through purchase of equity shares from GE Capital so as to increase the bank's stake in both the companies to 74%. SBI merged five of its associate banks viz. State Bank of Bikaner & Jaipur State Bank of Mysore State Bank of Travancore State Bank of Patiala and State Bank of Hyderabad and Bhartiya Mahila Bank with itself with effect from 1 April 2017. In February 2017 the Union Cabinet approved the acquisition by State Bank of India of its subsidiary banks namely State Bank of Bikaner and Jaipur State Bank of Mysore State Bank of Travancore State Bank of Patiala and State Bank of Hyderabad.On 8 June 2017 State Bank of India (SBI) announced closure of qualified institutional placement of equity shares. The bank successfully raised about Rs 15000 crore from issue of 52.21 crore equity shares at a price of Rs 287.25 per share to qualified institutional buyers. The Central Board of State Bank of India at its meeting held on 27 December 2017 accorded approval to raise Additional Tier 1 capital by way of issuance of Basel III compliant debt instrument in USD and/or INR to the tune of Rs 8000 crore from domestic/international market including rupee denominated Masala Bonds till 31 March 2018. The Executive Committee of the Central Board of State Bank of India at its meeting held on 8 January 2018 approved long term fund raising in single or multiple tranches up to USD 2 billion under Reg-S/144A through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2018 and FY 2019.The Executive Committee of Central Board of State Bank of India at its meeting held on 17 January 2018 approval the proposal for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market in FY 2018 and FY 2019.The Committee of Directors for Capital Raising of State Bank of India at its meeting held on 16 February 2018 accorded its approval for preferential allotment of 29.25 crore equity shares at Rs 300.82 per share (including a premium of Rs 299.82 per share) to Government of India (GoI) aggregating Rs 8800 crore.