The history between India and South Africa dates all the way back to the 1860s. The majority of this population arrived in Natal, South Africa as farm labourers. Although they were given the opportunity to return home when their contracts were completed most preferred to stay on. Currently, this community numbers around 1.15 million of South Africa’s population. In India, population figures hover at over 1 billion people. The State Bank of India (SBI), established about 200 years ago, is considered to be the largest Indian commercial bank with regards to assets, deposits, profits, branches, customers and employees.
With a presence in numerous countries like Bahrain, China and Japan, total banking assets in in India are predicted to cross the US$ 28.5 trillion mark in 2025. India’s banking sector could become the fifth largest banking sector in the world by 2020 and the third largest by 2025. SBI is an active service provider in the national payment system, electronic fund transfers and ATM debit cards. It’s also planning to launch a contact-less or tap-and-go facility to make payments in India. The country has a vibrant high-tech sector and is becoming a global player in the technology industry.
The South African branch was opened with the original mission to be a business facilitator between the business community in South Africa and India and be a banking intermediary between banks in India and the business community in South Africa. The first South African branch was established in March 1997, with offices now extending to Cape Town, Durban, and Chatsworth.
SBI is planning to launch a contact-less or tap-and-go facility to make payments in India. This facility has been adopted in several countries, where customers can simply tap or wave their card over a reader at a point-of-sale terminal, which reads the card and allows transactions. SBI has an established list of business services and products in corporate finance, international trade, project finance, remittances and correspondent banking. Personal and corporate banking solutions are available for clients.
Contact SBI on: 0800 982 360.