70 Years of SBI: Reflecting a Legacy of Banking, Nation-Building and Public Trust

On July 1, 2025, the State Bank of India (SBI), India’s largest lender and a symbol of economic stability completed 70 years since its formation from the Imperial Bank of India in 1955.

SBI’s evolution spans both geographic scale and operational transformation. From a colonial-era amalgamation of the three Presidency Banks into the Imperial Bank of India, to the rebirth as SBI in 1955, it has stood as a pillar in the country’s banking, welfare, and digital journeys.

As the elephant turns 70, the question that headlines the celebration is simple but powerful, “Who says the elephant can’t dance?”, a phrase used by senior business journalist Tamal Bandyopadhyay in his Business Standards column to capture the essence of SBI’s transformation into a digitally agile and resilient institution.

Digital Dominance and Profit Surge
In FY 2024–25, the bank posted a net profit of ₹77,561 crore, placing it among India’s top three corporates in earnings, alongside Reliance Industries and ONGC. It manages ₹49.16 trillion in deposits, ₹33.4 trillion in advances, and has a workforce of 2.36 lakh employees. With over 22,542 branches across India and abroad, SBI’s banking touch is truly national and increasingly, global.

A Journey from 480 to 22,542 Branches
When the State Bank of India was incorporated on July 1, 1955, it began with just 480 branches. Today, the bank operates more than 22,542 branches across India and in 36 countries around the world. To put that into perspective, if you were to visit one SBI branch every single day, it would take you over 61 years to see them all. This extraordinary scale reflects the bank’s unmatched presence in the lives of Indians, both at home and abroad.

SBI has adapted to changing banking trends with a focus on innovation and customer reach.

Whether it was rolling out India’s first floating ATM on Dal Lake, supporting farmers through Simplified Accounting Branches, or installing the country’s first banking hotline in 1983 between Delhi and Mumbai, the bank has consistently stayed ahead of the curve.

Marking the occasion online, SBI’s official social media handle shared a tribute to its 70-year journey reflecting on its transformation from a traditional lender to a tech-driven financial giant.

Image: Finance Minister Nirmala Sitharaman’s tweet congratulating and appreciating the SBI bank for completing 70 years.

In the digital age, YONO (You Only Need One), SBI’s flagship app launched in 2017 has become a one-stop solution for banking, investments, and lifestyle services. With over 115 million downloads, it anchors more than 98% of SBI’s customer transactions, revealing the scale of digital transformation.

SBI has also taken bold steps in climate consciousness, with its in-house cloud “Meghdoot” and sustainability goals targeting carbon neutrality by 2030 and Net Zero emissions by 2055.

Reaching India’s Last Mile
Its contribution to education and housing is unmatched, 1 in every 3 education loans and India’s largest home loan portfolio worth ₹8.31 trillion as of March 2025. From Nancowry in the Nicobar Islands, where SBI runs a branch requiring tribal permits and days of travel, to Vypeen in Kerala, home to India’s first floating ATM launched in 2004, SBI’s reach exemplifies its commitment to serve every corner of the country as documented in its official Vintage SBI book.

Historically, SBI has played a critical role in post-war recovery, sanitation schemes (1977), and rural development, including the Gramodaya Project and specialised start-up branches launched in 2022.

While the bank has restructured itself for agility with internal initiatives like “Super SBI – Great to Greater”, its leadership continuity remains rooted in public trust. Giants like Dr. John Matthai, R.K. Talwar, and J.R.D. Tata has helped shape its inclusive character.

Yet, challenges remain. As Business Standards columnist Tamal Bandyopadhyay points out, issues of board independence, PSU governance, and customer acquisition still need attention. SBI must also compete with agile private lenders and digital-first fintechs in a rapidly changing financial ecosystem.

From issuing ₹100 coins on its bicentennial to helping preserve the Taj Mahal through Project Uptech, SBI has not just banked for India, it has stood with India.

As the bank moves forward into its platinum decade, the core promise it carries is unchanged: To serve every Indian—now and for generations to come.