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Current Affairs-Topics
SBI Crowned Best Bank in India 2024: A Legacy of Excellence
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 IMF and World Bank Annual Meetings in Washington
- Chairman CS Setty received award for exceptional services and financial inclusion
- Global Finance's Best Bank Awards known for setting trusted standards in financial evaluation
- Recognition particularly significant amid global economic challenges
- Award ceremony part of the prestigious 31st Annual Best Bank Awards
Digital Transformation and Current Performance:
- Extensive network of 22,500+ branches and 62,000 ATMs
- Strong digital adoption through 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 world's 200th most valuable company by market cap
- Holds 23% market share by assets in India
- Controls 25% of total loan and deposits market
Historical Legacy and Evolution:
- Traces origins to 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 48th largest bank globally by total assets
- Places 178th in Fortune Global 500 list (2024)
- Recognized as Domestic Systemically Important Bank by RBI
- Tenth largest employer in India with 250,000 employees
- Logo designed by NID in 1971 with 14 Indian language logotypes
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