SBI - India's Largest Bank

by Antuan G. Wish en Francais

India is a nation of 1300 million people, and more than half are under 30 years old. The youth impulse is catapulting India into a world economic power; however, the country is grappling with historic problems of poverty and corruption. State Bank of India (SBI) is the country's oldest and largest bank. As a government-run entity, the bank serves a social mission, including supporting the "Digital India" initiative to transform India into a modern cashless society. SBI must also compete efficiently as a company, satisfy its shareholders and introduce new digital and mobile banking services that meet customer demand. To support these goals, SBI undertook its own digital transformation. By redesigning its IT stack for next generation growth, efficiency and agility, SBI is ready to help every Indian citizen participate in a thriving economy.

India is a nation of 1300 million people, with an average age of 27.6 years. This huge youth population is driving India's emergence as a regional and global power. Between 1997 and 2016, the average annual economic growth was 7%.

More information about the SBI bank, and if you want to log in to SBI, here: https://loginto.net/sbi-login/

However, poverty remains a problem in India and, until recently, many Indians lacked bank accounts and used cash for the vast majority of transactions. This is changing thanks to government initiatives to combat fraud, prevent the exploitation of workers in a black economy and promote digital efficiency. The goal: to bring all citizens into India's thriving economy.

In 2015, Prime Minister Narendra Modi launched the Digital India campaign to encourage the development of technology and make government services available to citizens online. In 2016, the country made a transition of 500 and 1000 rupees bills and minted new ones with a new design, which caused many citizens to open a bank account for the first time and learn about electronic payment systems.

In 2017, Modi continued the initiative by urging Indians to transform into a cashless or "less cash" society. He asked each young person to teach mobile banking and e-commerce technologies to at least 10 families, and urged daily wage earners to insist that they be paid through the banks.

State Bank of India (SBI) became one of the world's top 50 banks and in 2017 became a Fortune Global 500 company when it merged with five partner banks, with operations worldwide, an approximate size of 33 trillion rupees, 470 million customers, 25 000 branches, 54 000 ATMs and 277 000 employees.

The Indian subcontinent gave birth to one of the world's oldest civilizations; however, about half of the country's population is under 30 years of age.

SBI itself incorporates such complexities. More than two centuries old, the bank must reinvent itself if it is to be relevant to young customers who know about digital technology, who demand fast, reliable and secure mobile payment services. New business-to-business services require rapid time to market. SBI is listed and must operate competitively as a business to satisfy shareholders.

At the same time, the bank is 51% state-owned and committed to national citizen service policies. When the Government launched an initiative to ensure that every Indian has a bank account, 55% of that burden fell on SBI. Its base of bank accounts also grew when the partner banks merged with SBI. That base of accounts must be prepared to support continued growth both domestically and internationally.

Having evolved both from its roots in the 19th century, SBI is at the forefront of the country's digital transformation and operates as a modern, agile institution serving national prosperity.