India’s Banking Giant, the State Bank of India (SBI) has launched SBI eforex, an Internet-based platform that enables customers to book their foreign exchange transactions online. By using this smart platform, the bank customers can obtain forex rates without having to physically visit the branch. SBI eforex is an advanced platform with highly robust security features.
The SBI eforex is designed in such a way that it is highly user-friendly, fast and convenient. Other advantages include it is a highly flexible and offers many facilities to the customers to customize and set their own limits for deal size, daily transaction limits etc.
Under the forex segment, SBI had recently launched ‘Fx Out’ which enables sending of foreign currency remittances from any its branches in India.
Facts about State Bank of India
- The first presidency of SBI was established in Kolkata in 1806 during the British Raj and was named as Bank of Bengal.
- First Bank to introduce Mutual Fund in India: State Bank of India.
- After independence, RBI acquired the then Imperial Bank of India under the parliamentary Act, State Bank of India Act 1955.
- The Imperial bank of India was renamed as State Bank of India on 30th April 1955.
- State Bank of Bikaner and State Bank of Jaipur merged as State Bank of Bikaner and Jaipur in 1963.
- State Bank of Saurashtra and State Bank of Indore merged with parent SBI in the year 2008 and 2010 respectively.
- Arundhati Bhattacharya now serves the State Bank of India MD and Chairman and she is one of the Forbes’ top 100 powerful women in the world.
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