SBI - State Bank of India

The State Bank of India (SBI) is a bank in India providing financial services to the country's public sector companies.

History

2023: Purchase of Canara Bank's stake in Russian Indo Bank

Indian Canara Bank in January 2023 announced the sale of a stake in Moscow Indo Bank for $14.67 million to the State Bank of India (SBI).

2022: Connecting to Western sanctions against Russian companies

On February 28, 2022, against the background of Russia's special operation in Ukraine, it was announced that the largest bank in India - State Bank of India - would not make payments to companies from Russia that fell under Western sanctions, writes the Indian Economic Times.

2019: Bank's customer accounts were publicly available

On January 31, 2019, it became known that state a bank India in State Bank of India (SBI) took measures to ensure safety an unprotected one servers that allowed anyone to access the financial information of millions of customers. SBI

On the server located data center in, Mumbai for data was stored two months from SBI Quick - communication systems between the bank and its clients. The system allows users to request data the status of their accounts through text messages or phone calls. SBI Quick is convenient for those who do not use or smartphones who have restricted access to. Internet

As it turned out, the SBI server was not protected, and anyone password could access its content. It is not known how long the server remained open, but this time was enough for it to be discovered by a security researcher who wished to remain anonymous.

The SBI Quick keyword linked to the bank account identifies the user's registered phone number and sends the balance information to it. SBI Quick can also be used to obtain data on the last five transactions, block a bank card, as well as to obtain information about loans for a car and housing.

An unprotected database allowed you to view in real time all text messages sent to users, including their phone numbers, balance sheet data and the last five transactions^[1].

2017

In 31.03.2017, the State Bank of India had 194 foreign offices in 36 countries.

2004: Establishment of Indo Bank in Russia as a joint venture with Canara Bank

Commercial Indo Bank LLC was established as a joint venture of the State Bank of India and Canara Bank and began functioning on February 2, 2004 on the basis of a license issued by the Central Bank of the Russian Federation number 3446.

The authorized capital of the Bank is $36.67 million. USA, of which 60% are investments of the State Bank of India, and 40% - Kanara Bank (both banks occupy leading positions in the banking system of India - 1 and 4 places, respectively).

Notes