In almost every business it is in, SBI is by far the biggest player. It is the largest mortgage lender (home loans), bigger than HDFC. It's the largest car financier (individuals) and the largest credit card issuer. It has nearly 175 million savings accounts (it opened nearly 29 million in FY13).

What is the importance of SBI?

SBI caters to the needs of both the government, central as well as the state. On behalf of the government, it receives the money and deposits it. It collects the charges on behalf of government like tax collection and other payments. It also grants advances and loans to the government.

Why is SBI so famous?

State Bank of India has a glorious history that goes back over 200 years. SBI is the largest banking and financial services organization in India with an asset base of over Rs. 2,000,000 Crores. ... SBI also has over 16,000 branches covering across the entire country.