State Bank of India (SBI), with a 200 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 58.47% ownership.
State Bank of India, DIFC Branch, was established in January 2007, with a vision to synergize the trade and industrial business related banking requirements between India and the UAE. It was a Category 4 branch under the license of DFSA to begin with and has upgraded its license to Category 1 branch from October 2008.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an act of Parliament to succeed the Imperial Bank of India.
The SBI group has an extensive network, with over 22000 plus branches in India and another 206 offices in 36 countries across the world. As of 31st March 2018, the group had assets worth USD 530 billion, deposits of USD 415 billion and capital & reserves in excess of USD 33 billion. The group commands over 23% share of the domestic Indian banking market.
SBI's non-banking subsidiaries/ joint ventures are market leaders in their respective areas and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership, making the SBI Group a truly large financial supermarket and India's financial icon. SBI has arrangements with over 1500 various international / local banks to exchange financial messages through SWIFT in all business centres of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled teams of professionals.'
The branch is regulated by DUBAI FINANCIAL SERVICES AUTHORITY [DFSA] and operates under the guidelines laid out by DFSA.