Global Finance magazine ranks SBI as India's best bank

State Bank of India (SBI) has been named the best bank in India in 2024 by Global Finance magazine at its 31st annual Best Bank Awards, held during the annual meetings of the IMF and World Bank in Washington. According to PTI, The award, which recognised the bank's commitment to exceptional service and financial inclusion across India,  was received by SBI chairman C S Setty.

Global Finance's Best Bank Awards are highly regarded in the financial sector, serving as a benchmark for evaluating institutions worldwide. This recognition is particularly valuable for corporate decision-makers amid ongoing global economic challenges.

48th largest bank in the world

The SBI, headquartered in Mumbai, is the largest public-sector bank in India, holding a 23% market share by assets and a 25% share of total loans and deposits. It ranks as the 48th largest bank globally by total assets and is the only Indian bank on the 2024 Fortune Global 500 list, positioned at 178th overall. With nearly 250,000 employees, it is also the tenth-largest employer in India.

The bank's network includes over 22,500 branches and 62,000 ATMs, which supports its mission to serve a diverse customer base. According to the bank, in a move to enhance digital banking, SBI’s YONO platform has facilitated the opening of 63% of new savings accounts digitally in the first quarter of FY25. Additionally, pre-approved personal loans amounting to ₹1,399 crore were disbursed through YONO. 

The chairman has also highlighted plans to target the country’s unbanked population, indicating SBI's focus on expanding its reach in a competitive market.