31st Annual Best Bank Awards ceremony was held during World Bank and International Monetary Fund meetings in Washington DC
by Suman Gupta
Mumbai, October, 2024: The State Bank of India (SBI), was recognised as the ‘Best Bank in India’ for the year 2024 by Global Finance Magazine at its 31st Annual Best Bank Awards event which took place during the side-lines of International Monetary Fund (IMF)/ World Bank (WB) Annual Meetings 2024 at Washington DC, United States.
Shri C.S. Setty, Chairman of SBI, received the award in recognition of the Bank’s unwavering commitment to provide exceptional services and promoting financial inclusion nationwide by winning the trust of its customers.
For decades, Global Finance’s Best Bank Awards have set the trusted standard for evaluating the world’s financial institutions, making them invaluable to corporate decision-makers, especially as the global economy faces significant challenges. Recognizing top banks across Africa, Asia-Pacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America, Western Europe, and nearly 150 countries and regions—including eight U.S. regional markets—these awards are backed by 37 years of editorial accuracy and integrity.
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. 7.39 lakh crore. As of June 2024, the bank has a deposit base of over Rs. 49.01 lakh crore with CASA ratio of 40.70% and advances of more than Rs. 38.12 lakh crore. SBI commands a market share of 26.3% and 19.6% in home loans and auto loans respectively. SBI has the largest network of 22,500+ branches and 62,000+ ATMs / ADWMs in India with close to 83,000 BC outlets. The number of customers using internet banking and mobile banking stand at 128 million and 274 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q1FY25. YONO, which has more than 7.76 crore registered users, witnessed 34.9 lakh new YONO registrations in Q1 2025. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 1,399 crores through YONO during Q1 FY25. SBI also has the highest number of followers on Facebook and X amongst all banks worldwide.
