The origin of State Bank of India dates back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. Subsequently, Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. Reserve Bank of India acquired controlling interest in the Imperial Bank of India and SBI was created in 1955 by an act of Parliament to succeed the Imperial Bank of India.

The SBI group, consisting of SBI, six associate banks and SBI Commercial and International Bank Ltd., is engaged in the business of commercial banking globally. The group has an extensive network, with over 20,000 branches and 189 foreign offices in 35 countries across the world. As of 31st March 2012, the group had assets worth USD 359 billion and deposits of USD 278 billion and capital & reserves in excess of USD 20.88 billion. The group commands nearly 22% share of the domestic Indian banking market with a customer base of over146 million. Over 70% of large Indian corporates and 50% of mid-sized corporates bank with SBI.