INDIA'S LARGEST BANK: The year 2003 has been exceptional for State Bank of India, as the largest commercial bank in India saw its market cap surge to Rs 28,341 crore (Rs 283.41 billion) by the end of last year.
The bank registered a gain of 89.5 per cent, or Rs 13,384 crore (Rs 133.84 billion), in its market cap during the year. Its market cap was pegged at Rs 14,957 as on January 1, 2003.
The State Bank of India was constituted through an Act of Parliament in May 1955.
The reach of the bank is phenomenal as it has presence in every nook and corner of the country. Around 46 per cent of its branches are in rural areas, while 27 per cent are in semi-urban areas. While 16 per cent of its branches are located in urban areas, 11 per cent are in metropolises.
Left: SBI headquarters in Mumbai.
Inset: A K Purwar, Chairman, SBI.