FM Nirmala Sitharaman unveils Rs100 commemorative coin, marking a centenary milestone of SBI's iconic Horniman Circle branch, a Grade 2A heritage structure and the oldest building in South Mumbai
Finance Minister, Smt. Nirmala Sitharaman unveils commemorative coin of Rs. 100 on occasion of 100 years centenary of SBI Horniman circle branch in Mumbai on Monday
FinTech BizNews Service
Mumbai, November 18, 2024: Honouring the rich legacy of the State Bank of India, the Minister of Finance and Corporate Affairs of India, Smt. Nirmala Sitharaman unveiled a specially minted Rs100 commemorative coin to mark the centenary of SBI’s iconic Horniman Circle Branch. Alongside the coin launch, she also unveiled the 5th edition of The Evolution of the State Bank of India, chronicling a transformative era in the bank’s journey between 1981 and 1996. The event was graced by the presence of the Secretary of the Department of Financial Services (DFS), Shri M. Nagaraju, among other dignitaries.
The iconic Horniman Circle Branch celebrates its centennial year, a Grade 2A heritage structure and a cornerstone of India’s banking history. Established in 1863 as part of the Bank of Bombay, the branch has been a nodal hub that has been offering key government schemes. Known for its colonial architectural grandeur and efficient service delivery, the branch has consistently upheld its commitment to financial inclusion and nation-building. The release of a commemorative coin honours its rich history and enduring role in driving economic progress, blending tradition with modern utility as a thriving centre of commerce and service excellence.
Speaking on the occasion, Minister of Finance and Corporate Affairs of India, Smt. Nirmala Sitharaman said, “SBI’s remarkable journey, culminating in the centennial celebration of its iconic branch, reflects an extraordinary legacy of growth and service. From 100 branches at the time of the 1920 amalgamation to 22,640+ branches today, with plans to add 500 more in FY 2025, SBI continues to expand its reach. The bank operates 63,000+ ATMs, engages 80,300 banking correspondents, and serves over 50 crore customers. Its digital prowess is demonstrated by 132 million and 287 million internet banking, YONO, and YONO Lite app users. SBI commands a 25% share in debit card spending, 22% in mobile banking transactions, and a 29% ATM footprint. SBI’s contributions go far beyond statistics—it has transformed India’s banking landscape by adopting cutting-edge digital technology and ensuring financial inclusion. Its journey of bridging tradition with modernity is reflected in the preservation of heritage branches, while its flagship digital platforms, like YONO, showcase India’s fintech capabilities on a global stage. SBI’s pivotal role in initiatives such as Jan Dhan Yojana, PM Suraksha Yojana, and Atal Pension Yojana highlights its success in bringing banking to citizens in even the remotest corners of the country.”
Shri C.S. Setty, Chairman of SBI, added, “As SBI reflects on its illustrious legacy, we take pride in being a cornerstone of India’s financial growth, driving economic progress while pioneering transformative banking innovations that have redefined the industry. As SBI embarks on a new era, this milestone is a testament to our enduring legacy and reinforces our unwavering dedication to serving the diverse financial needs of every Indian, making us truly ‘The Banker to Every Indian’.”
The 5th edition of The Evolution of the State Bank of India focuses on SBI’s pivotal role during rapid transformation in the financial sector. It captures the Bank’s innovative response to the financial disintermediation of the mid-1980s, including establishing key non-banking subsidiaries such as SBI Capital Markets Ltd., SBI Mutual Fund, SBI Factors and Commercial Services Ltd., and SBI Funds Management Ltd. It also highlights technological advancements, including the launch of SBI’s first fully computerized branch in 1992, and the organizational restructuring in 1995 that positioned the bank to address the challenges of globalization, competition, and deregulation.
About State Bank of India
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also one of the largest mortgage lender in the country which has so far fulfilled the home buying dreams of around 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 7.64 lakh crore. As of September 2024, the bank has a deposit base of over Rs. 51.17 lakh crore with CASA ratio of 40.03% and advances of more than Rs. 39.20 lakh crore. Ranked as the 4th most trustworthy bank in the world by Newsweek, SBI commands a market share of 27% and 19.2% in home loans and auto loans respectively. SBI has the largest network of 22,640+ branches and 63,000+ ATMs / ADWMs in India with close to 80,300 BC outlets. The number of customers using internet banking and mobile banking stand at 132 million and 287 million respectively. With SBI’s digital strategy right on track – the bank witnessed 61% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q2FY25. YONO, which has more than 8.1 crore registered users, witnessed 37 lakh new YONO registrations in Q2FY25. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 1,253 crores through YONO during Q2FY25. SBI also has the highest number of followers on Facebook and X amongst all banks worldwide.
