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SBI stands for State Bank of India, which is a government-owned multinational bank that was founded in 1955 and is the result of the nationalization of eight regional banks. Since then, SBI has grown to become a major financial institution in India, offering a wide range of banking and financial services to individuals, businesses, and government entities. Some of the services provided by SBI include personal banking, corporate banking, investment banking, wealth management, insurance, and credit cards. SBI has a large network of branches and ATMs across India and also operates in several other countries around the world. As part of the placement drive at the regional college of management, Bhubaneswar, a significant number of students have been hired by the firm as employees in a diverse range of roles.
The primary purpose of SBI is to provide banking and financial services to individuals, businesses, and other organizations in India and around the world. It offers a wide range of services, including savings and deposit accounts, loans and mortgages, investment and insurance products, credit cards, and other financial services. It also offers specialized services such as wealth management, foreign exchange services, and international banking services. It plays a crucial role in promoting financial inclusion and economic development in India, especially in rural areas and among the underprivileged sections of society. It works towards providing access to banking services and financial literacy to all sections of society.
SBI has a strong financial position with a robust balance sheet and a diverse portfolio of products and services. It’s financial value is reflected in its market capitalization, which as of February 2023, is over INR 4 trillion (approx. USD 54 billion). The social value is reflected in its efforts towards promoting financial literacy, supporting education, healthcare, and community development initiatives.
Its core value lies in its ability to serve as a custodian of public funds, provide financial stability, and support economic growth.
The hiring procedure of SBI, or State Bank of India, typically involves the following steps: