Is SBI's Balance Sheet Size Greater Than the GDP of 175 Countries?
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Synopsis
Discover how the State Bank of India (SBI) not only surpasses the GDP of 175 nations but also plays a pivotal role in India's economy. With a remarkable customer base and innovative digital solutions, SBI continues to be a cornerstone of financial support in India.
Key Takeaways
- SBI contributes 1.1% to global GDP.
- 16% of India's GDP is contributed by SBI.
- Over 15 crore accounts opened under PMJDY.
- 40% of PSB profits come from SBI.
- SBI's balance sheet exceeds the GDP of 175 countries.
New Delhi, July 1 (NationPress) The State Bank of India (SBI) contributes 1.1 percent to global GDP and 16 percent to India's GDP, as reported by the nation’s largest bank on Tuesday. Notably, SBI now commands over 25 percent share in the implementation of government-sponsored social security schemes.
Under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), SBI has successfully opened 15 crore accounts and has enrolled 14.6 crore individuals in the Pradhan Mantri Suraksha Bima Yojana (PMSBY), 6.7 crore under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and 1.73 crore in the Atal Pension Yojana (APY).
The bank is responsible for 40 percent of the profits generated by all public sector banks (PSBs) in FY25 and contributes 2.53 percent of corporate income tax (AY26), according to the data.
With over 52 crore customers, SBI surpasses the population of the United States, making it the third most populous entity on Earth. Notably, the bank's balance sheet size exceeds the GDP of 175 countries, as indicated by the information released.
In its 70th operational year, SBI's balance sheet has reached an impressive Rs 66 lakh crore.
The SBI YONO app has recorded registrations of 8.8 crore and continues to grow, positioning SBI as the 18th most populous nation in terms of YONO users.
Finance Minister Nirmala Sitharaman praised SBI for its 70 years of dedicated service to the nation.
“With over 23,000 branches, 78,000 Customer Service Points (CSPs), and 64,000 ATMs, SBI has established a formidable presence, truly becoming the Banker to every Indian. The digital advancements achieved over the past decade have greatly benefited its customer base,” she expressed on social media platform X.
SBI has played a vital role in aiding 1.5 crore farmers, 1.3 crore Self-Help Groups (SHGs) led by women, 32 lakh street vendors under PM SVANidhi, 23 lakh MSMEs, and countless artisans across various initiatives, as highlighted by the Finance Minister.
In a significant development, SBI Mutual Fund, a leading asset management company in India, unveiled the SBIMF SmartAssist on Tuesday, an AI-driven conversational assistant accessible via WhatsApp.
SmartAssist aims to streamline the entire mutual fund journey, offering users insights on mutual funds, investment options, and portfolio management through a simple chat interface on WhatsApp.
“With the introduction of SmartAssist, we are leveraging AI to enhance our investors' experience, making mutual fund investments more intuitive and accessible. This marks a significant leap in our journey towards utilizing technology for growth and efficiency,” stated Nand Kishore, MD and CEO of SBI Mutual Fund.
Point of View
It's crucial to recognize the transformative impact the State Bank of India has had on the financial landscape of the country. Its contributions not only bolster India's economy but also enhance the lives of millions. With a commitment to innovation and service, SBI exemplifies how a public institution can lead in both economic growth and social responsibility.
NationPress
01/07/2025
Frequently Asked Questions
What is the current contribution of SBI to India's GDP?
SBI currently contributes 16 percent to India's GDP.
How many accounts has SBI opened under PMJDY?
SBI has opened 15 crore accounts under the Pradhan Mantri Jan-Dhan Yojana (PMJDY).
What percentage of profits do SBI account for in public sector banks?
SBI constitutes 40 percent of the profits of all public sector banks (PSBs) in FY25.
How many customers does SBI have?
SBI has over 52 crore customers.
What is SBI's balance sheet size?
SBI's balance sheet size has reached Rs 66 lakh crore.
