A State of India is not necessarily the country of India. Do you know about that?
Before discussing about the State Bank of India, which is one of the known banks in India; we must first understand the political history of India and how the country is divided.
Actually, this country is a Union of twenty states and seven territories. Each state is autonomous and headed by a governor, while the union territories are directly administered by the President through an appointed administrator by himself.
India as a country received its independence only in 1947 from the British government. Before the independence of India, the name of the country meant any community or kingdom that existed between Myanmar and China in the east and up to Afghanistan in the west.
India’s desire for independence was brought about by the oppression of the British and the need to change the Indian traditions.
At present, India is the largest democratic country worldwide with the most numbers of people. There are still numerous political issues in India, but will these problems; India was able to survive and continuously developing to be a successful and economically stable country.
Goa – the Richest State of India
Goa is the twenty-fifth State of India and the richest in terms of per capita income.
In terms of infrastructure, Goa is the best and also the state with the best quality of life. It is also one of the best travel destinations due to its ecological and development diversity, luscious landscape, and rich culture.
The per capital income of Goa is three times higher than the average per capital income of India as a whole.
This is a good factor; however the state still has many concerns when it comes to its financial aspect.
Generally, for a state to function well, all sectors should be balanced. This means that even the financial system should be able to sustain the economic growth of the state.
In the absence of a well-functioning and stable financial system, the state’s development will be hampered.
Goa, even if a rich state still needs to improve its financial and banking system.
A State of India Bank
A State of India Bank that has a broad administrative network to manage its network of branches in and out of India is the State Bank of India.
This bank has one hundred fifty seven foreign branches in thirty two countries worldwide.
Throughout India, it has fourteen Local Head Offices and fifty seven Zonal Branches that are strategically located at the key areas.
The Different Services and Products of the bank include among others:
Personal Banking – Personal banking includes deposits, personal finance, car loans and bank cards.
The different cards that SBI offer are the MasterCard and Visa Classic State Bank Debit Cards, MasterCard and Visa Silver International State Bank Debit Cards, MasterCard and Visa Gold International State Bank Debit Card, MasterCard and Visa Platinum International State Bank Debit Cards, SBI YUVA International Debit Cards, Vishwa Yatra State Bank Foreign Travel Cards, State Bank Visa Gift Cards, eZ-Pay State Bank Cards, State Bank Virtual Cards, MasterCard and Visa State Bank Pride Cards, and the MasterCard and Visa State Bank Premium Cards.
Agricultural and Rural Services – This division offers micro credit, agricultural banking, and regional rural banks for the development and improvement of different states and territories.
International Accounts – These accounts are very important especially for the development of trade and commerce. The services under this division are trade financing, correspondent banking, and merchant banking.
Corporate Banking – Under corporate banking, the major services are corporate accounts, project financing, medium corporate group financing, and other products and services catering to the corporate needs of businesses.
Government Business – Government business handles the Public Provident Funds, government accounts, and the SBI e-Tax.
Bank Services – SBI bank services include Mobile Banking, Internet Banking, ATM Services, State Bank MobiCash, and the Demat Services.
NRI Services – These services cater to Indians within the country and even outside of the country through the wide networks of domestic branches and foreign offices.
SME – With SBI – State of India, small-medium enterprises are given opportunities to avail of the bank services for their financial needs.
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