Timeline of State Bank of India, Years, Events and Historical Achievements of SBI

July 6, 2025

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Year Description 1806 The Bank of Calcutta, later known as the Bank of Bengal, was founded as a joint-stock bank. 1809 The Bank of Calcutta was restructured and renamed as the Bank of Bengal. 1840 The Bank of Bombay was founded as the second presidency bank in British India. 1843 The Bank of Madras was established as the third presidency bank. 1921 The Bank of Bengal, Bank of Bombay, and Bank of Madras joined together to make a new bank called the Imperial Bank of India. 1955 The Imperial Bank of India was nationalized and became the State Bank of India (SBI).

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India’s Largest Bank – State Bank of India (SBI) celebrated 70th foundation day on 1st July 2025. SBI is now 70 years old and was established on 1 July 1955. Let’s have a look at the timeline of State Bank of India (SBI).

Year	Event/Description
1955	SBI formed. Addresses gap in Rural Finance
1962	Chinese Aggression: SBI Instalment credit scheme for defence SMEs
1968	Institutional financial support for Green Revolution
1973	First merchant banking division by any Indian Bank
1987	Establishment of SBI Mutual Fund, first non-UTI fund
1991	First BOP Crisis, First factoring company formed by SBI–SBI Factors
1992	SBI launches India Development Bond (IDB) to mobilise $1.6 billion
1998	SBI issues Resurgent India Bonds worth $4.3 billion
2000	– SBI launches India Millennium Deposits worth $5.5 billion – Liberalisation of insurance, SBI Life formed, 7th entrant in the business
2001	SBI launches new ATM and internet banking expansion
2002	SBI Cards becomes the first PSU bank partnered card to enter 1 million club of customers
2004	SBI launches a floating ATM in Kochi
2007	– End of PAYG Central Government pension in 2004: SBI Pension accorded licence services – SBI launches project for unbanked areas for taking financial inclusion to masses
2008	Global financial crisis: First domestic player to start custodial service
2009	Mobile banking, ATM expansion
2014	Launch of Jan Dhan Yojana and SBI leading role in PMJDY
2016	Paris Agreement 2015: First public sector bank in India to publish a sustainability report
2017	SBI YONO and start of aggressive digitisation
2020	Leads under Aatmanirbhar Bharat
2022	SBI Fund Management handles distress time in capital markets, SBI supports private bank in distress
2025	SBI crosses ₹1 lakh crore operating profit mark

SBI was not formed in 1955 but in 1806 as Bank of Calcutta.

Year	Description
1806	The Bank of Calcutta, later known as the Bank of Bengal, was founded as a joint-stock bank.
1809	The Bank of Calcutta was restructured and renamed as the Bank of Bengal.
1840	The Bank of Bombay was founded as the second presidency bank in British India.
1843	The Bank of Madras was established as the third presidency bank.
1921	The Bank of Bengal, Bank of Bombay, and Bank of Madras joined together to make a new bank called the Imperial Bank of India.
1955	The Imperial Bank of India was nationalized and became the State Bank of India (SBI).

Today, SBI is the largest public sector bank in India. Today, SBI has over 22,000 branches and over 63,000 ATMs. SBI posted a consolidated net profit of ₹77,561 crore (approximately $9.2 billion) in FY25. But did you know – how many branches SBI had in 1955? Let’s have a look at the data of SBI when it was established.

Category	Then (As on 01.07.1955)
Number of branches	477
Foreign Offices	8
Employee Strength	14,388
Total Business	₹327 crores
Net Profit	₹1 crore