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State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India itself is the largest shareholder of this Fortune 500 company, with 57.62% ownership, and SBI was ranked 110th in The Forbes list of Global 2000 firms in May 2021.

Authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority and Financial Conduct Authority are available from us on request. State Bank of India is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects deposits held with our UK branches. Payments under this scheme are limited to £85,000 of your total deposits with us in the UK. In practice, this means that each eligible depositor will be compensated up to a maximum of £85,000 of their total deposits.

200 years of banking experience

In 1806, the Bank of Calcutta (later the Bank of Bengal) was founded and, in 1921, it merged with the banks of Madras and Bombay to form the Imperial Bank of India. In 1955, SBI was created by an act of Parliament to succeed the Imperial Bank of India. SBI London branch is celebrating its centenary presence in the U.K. in 2021.

Awards

To know about the awards won by State Bank of India, click here.

Our bank is your bank

SBI, the largest Indian Bank with 1/4th market share, serves over 450 million customers through its vast network of over 22,000 branches, 62617 ATMs/ADWMs, 71,968 BC outlets The Bank has successfully diversified businesses through its various subsidiaries i.e SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 229 offices in 31 foreign countries.

The State Bank of India with a history of 200 years is the largest commercial bank in India. The group is made up of banking and non- banking subsidiaries and joint ventures. As on 31st of March 2021, the group had assets worth USD 678.15 billion, deposits of USD 517.95 billion and capital & reserves in excess of USD 39 billion. The group commands more than 1/4th share of the domestic Indian banking market.

Our non-banking subsidiaries and joint ventures are market-leaders in key sectors, such as life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership.

These diverse retail and wholesale services are delivered by dedicated, highly skilled professional teams. And as you’d expect, we have relationships with thousands of local and international banks through SWIFT – enabling us to securely exchange financial-transaction data and manage trade-related banking business anywhere in the world.

Our Commitments and Supply Chain Management

Modern Slavery Statement of Compliance - State Bank of India UK (SBIUK) supports the Modern Slavery Act 2015 and the Government, by upholding human rights principles to ensure that slavery and human trafficking is not taking place within our directly employed workforce, or any of our outsource providers. We promote best practice in our supply chain and ensure that all our current and prospective outsource providers, working on behalf of State Bank of India, are conscious of our values and act in accordance with them.

We work closely with external suppliers, to purchase the goods and services required to run our business. In 2020, we will further review our supply chain management processes to identify if further action is needed to comply with the 2015 Modern Slavery Act.

This Tax Strategy is formulated around our clear Tax Principles.  These Tax Principles guide how we manage our tax affairs, for ourselves, our staff, suppliers, market counterparts and on behalf of our clients.  The Bank takes into account its stakeholders, including governments and communities, when making decisions related to its tax affairs. Importantly, the Bank plays an important role on behalf of governments as collector of taxes in relation to payments made to its customers and staff.

This document sets out SBI London Branch’s Tax Strategy as it relates to UK taxation and satisfies the requirement to publish a tax strategy under UK legislation, specifically Paragraph 22, Schedule 19 Finance Act 2016.  The document relates to the year ended 31 March 2022.

The SBI London Branch Tax Strategy, and associated Tax Principles, have been approved by SBI London’s Management Committee of the Branch. 

 

Tax Principles

The Bank is a signatory of HMRC’s Code of Practice on Taxation for Banks and our Tax Principles are framed in the spirit thereof.

    1. Our taxation approach is aligned with our purpose and values, having regard to building long-term shareholder value and maintaining our reputation as a responsible taxpayer.
    2. The Bank complies with the spirit as well as the letter of tax laws and fully meet our tax obligations.
    3. The Bank ensures that the tax risk appetite remains low and that any inherent tax risks are mitigated expeditiously.
    4. The Bank does not engage in tax planning other than that which supports its genuine commercial activity.

 

Governance and Tax Risk Management

The following apply in respect of the way SBI London Branch attends to its tax affairs, the risks associated with its tax affairs and the management of the relationship with HMRC.

  1. SBI London’s Management Committee of the Branch is accountable for the Tax Principles and governance thereof.
  2. The Senior Management of SBI London Branch are responsible for establishing and maintaining appropriate processes to ensure adherence with the Tax Principles in business decision-making.
  3. The Bank maintains effective internal controls over its tax affairs and has clear lines of accountability.  All tax management is subject to a robust and regular review and approval process.

 

The Bank has a well-resourced Finance Team and clearly assigned tax-related responsibilities for our finance professionals.  Such individuals have a strong understanding of the overall business operations to ensure completeness of information in tax filings. 

The appropriate use of external tax resources and advisers is a key part of the management of our tax risk.  Advisers are engaged to perform technical tax work, to provide opinions and deliver tax filings on our behalf.

In addition, the Bank is committed to combating financial crime including, money laundering and the facilitation of tax evasion.

 

Attitude to tax planning

The Bank does not undertake, nor facilitate, transactions which are designed to achieve tax results that are contrary to the intention of tax legislation. 

 

SBI’s strategy for managing risk with respect to tax planning is to ensure all transactions have a clear and appropriate / substantial business purpose and to obtain expert, objective advice and opinions on specific tax matters

The CFO has a responsibility to appraise potential tax-based decisions arising from the underlying focus on tax cost. 

The Management Committee has set specific criteria to be assessed in the decision-making process, these are:

  • Reputation; 
  • Commercial purpose; 
  • Technical analysis; 
  • Financial impact; and 
  • Operational capability. 

Level of acceptable tax risk

 

SBI London Branch has a low appetite for tax risk and is proactive in ensuring that it remains within this appetite level, escalating potential breaches at the earliest opportunity. 

Managing tax risk at SBI London Branch involves: 

  • Building and maintaining an awareness of tax risk within the organisation and an understanding of who owns it; and 
  • Operating a process by which tax risks are identified, measured, managed and reported. 

We manage operational tax risks by establishing and managing tax governance processes to ensure full compliance with relevant tax filing obligations and disclosures in all jurisdictions.

Working with the taxation authorities

The Bank is transparent in its interaction with taxation authorities and maintains an open and honest relationship based on collaboration and integrity.

Issues with taxation authorities are resolved in a timely manner and where a difference of opinion arises, the Bank works to resolve these quickly and efficiently.

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