SBI's balance sheet size bigger than GDP of 175 countries: Data

New Delhi, July 1 (IANS) The State Bank of India (SBI) currently adds 1.1 per cent of global GDP and 16 per cent of India's GDP, the nation's largest bank said on Tuesday, adding that in all the government-sponsored social security schemes implementation, the bank now holds more than 25 per cent share.

In the Pradhan Mantri Jan-Dhan Yojana (PMJDY), the SBI has opened 15 crore accounts, has enrolled 14.6 crore people under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), 6.7 crore under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and 1.73 crore in Atal Pension Yojana (APY).

The bank constitutes 40 per cent profit of all public sector banks (PSBs) in FY25 and a 2.53 per cent contribution in corporate income tax (AY26), according to the report.

"With 52 crore-plus customers, SBI is larger than the population of the United States of America and the third most populous country on Planet Earth. The SBI's balance sheet size is bigger than the GDP of 175 countries," revealed the data shared by the bank.

The balance sheet of the nation’s largest financial institution has soared to Rs 66 lakh crore in its 70th year of operation.

The SBI YONO app registrations have reached 8.8 crore, and are growing, making the SBI the 18th most populous nation in terms of YONO customers, according to the bank.

Finance Minister Nirmala Sitharaman congratulated the SBI on completing 70 years of service to the nation.

"With over 23,000 branches, 78,000 Customer Service Points (CSPs) and 64,000 ATMs, SBI’s footprint today is formidable and it is truly the Banker to every Indian. The digital transformation it has achieved in the last decade has been immensely beneficial to its customers," she said in a post on social media platform X.

The SBI has also been instrumental in supporting 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 lakhs of artisans across various schemes, the Finance Minister said.

Meanwhile, SBI Mutual Fund, India’s leading asset management company, on Tuesday announced the launch of SBIMF SmartAssist, an AI-powered conversational assistant available on WhatsApp.

Designed to simplify every stage of the mutual fund journey, SmartAssist helps users learn about mutual funds, invest, and manage their portfolios — all through a simple, WhatsApp chat-based experience.

"With the launch of SmartAssist – our AI-powered WhatsApp chatbot, we are bringing the power of AI directly to our investors, making mutual fund investing more intuitive and accessible. This is a significant step in our journey to enhance investor experience and adopt tech for growth and efficiency," SBI Mutual Fund MD and CEO Nand Kishore said.

--IANS

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