SBI’s e-Salute to Educational Institutions

Teachers’ Day, rather Teachers’ Week, was celebrated in a unique way by State Bank of India. Besides felicitations of distinguished teachers at around 400* centres across the country, the Bank presented its unique e-Collection and e-Payment products to the Educational Institutions. ‘StateBankCollect: Collect Fees online, even if your Institution does not have a website’ evoked a lot of interest.

Mr B. Sriram, Managing Director, SBI, informed that the Bank had started online collections in September 2003, with a few hundred SBI customers booking IRCTC tickets through Net Banking. This has grown to an average of 1.6 lac tickets per day booked online by our customers, using SBI Net Banking or ATM-cum-Debit card or mobile. ‘StateBankCollect’, a simplified electronic collection product, is most suited to Educational Institutions desirous of collecting fees online. With over 300 satisfied institutions, their students and the parents already using this multi-modal solution, e-Teams of SBI have, during the week, spread knowledge of this product to over 1000* institutions, from S V Arts & Commerce College in Kutch, Gujarat, to St. Stephen’s School in West Khasi Hills of Meghalaya.

About State Bank of India:

State Bank of India (SBI), with a 208 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, consumers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 58.60% ownership.

The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an Act of Parliament to succeed the Imperial Bank of India.

The State Bank Group consists of SBI and five associate banks. The group has an extensive network; with over 20,000 plus branches in India and another 190 foreign offices spread over 36 countries across the world. As of 31st March 2014, the group had assets worth Rs. 23,95,981 crores, deposits of Rs. 18,38,852 Crores and capital & reserves in excess of Rs. 1,47,371 crores. The group commands over 23% share of the domestic Indian banking market.