SBI Named Best Bank of India 2024

SBI has been awarded 'Best Bank in India 2024' by Global Finance Magazine, recognizing its exceptional services and financial inclusion. The bank has a strong digital transformation, with over 22,500 branches and 62,000 ATMs, and has a market capitalization of over ₹8 trillion.

Global Recognition and Achievement:

SBI awarded 'Best Bank in India 2024' by Global Finance Magazine (US)
Award presented during the IMF and World Bank Annual Meetings in Washington
Chairman CS Setty received an award for exceptional services and financial inclusion
Global Finance's Best Bank Awards are known for setting trusted standards in financial evaluation
Recognition is particularly significant amid global economic challenges
The award ceremony is part of the prestigious 31st Annual Best Bank Awards

Digital Transformation and Current Performance:

An extensive network of 22,500+ branches and 62,000 ATMs
Strong digital adoption through the YONO platform
63% of new savings accounts opened digitally in Q1 FY25
Pre-approved personal loans worth ₹1,399 crore disbursed via YONO
Market capitalization crossed ₹8 trillion in June 2024
Ranks as the world's 200th most valuable company by market cap
Holds 23% market share by assets in India
Controls 25% of the total loan and deposits market

Historical Legacy and Evolution:

Traces its origins to the Bank of Calcutta, founded in 1806
Transformed from Imperial Bank of India to SBI in 1955
Merged with various princely state banks post-independence
Currently ranked the 48th largest bank globally by total assets
Places 178th in Fortune Global 500 list (2024)
Recognized as a Domestic Systemically Important Bank by the RBI
The tenth largest employer in India, with 250,000 employees
Logo designed by NID in 1971 with 14 Indian language logotypes

Final Thoughts

The recognition of SBI as the "Best Bank in India 2024" by Global Finance Magazine highlights the bank’s enduring legacy, strong digital strides, and pivotal role in India’s financial ecosystem.

From its historic roots to its modern digital-first approach through platforms like YONO, SBI continues to lead by example in both scale and innovation.

With a vast customer base, dominant market share, and consistent global recognition, the bank not only reinforces its status as a national financial pillar but also sets benchmarks in service excellence, inclusion, and resilience amid global economic shifts.

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