The 2024 Banking on Climate Chaos report showed that State Bank of India provided US$ 33.688 Billion in financing to the fossil fuel industry between 2016 and 2023. In 2023 only, State Bank of India provided US$ 1.591 Billion for oil, gas and coal companies expanding fossil fuels. Find further details on State Bank of India fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of State Bank of India's fossil fuel policy below.

BankTrack assessed State Bank of India in its 2024 Global Human Rights Benchmark, where it achieved 1 point out of 15 and was ranked as a “laggard”. 

The bank scored 0 out of 3 points on the new “specific rights indicators”, which assess how banks address human rights defenders, Indigenous Peoples’ right to Free, Prior and Informed Consent and environmental rights in their policies and practices.

In addition, State Bank of India scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the “Accountability” section of this profile.

The table below shows BankTrack's assessment of how State Bank of India has implemented the UN Guiding Principles on Business and Human Rights. Please click on 'expand all details' and 'explanation' for further information on the methodology.

Our policy assessments are always a work in progress. We very much welcome any feedback, especially from banks included in the assessments. Please get in touch at humanrights@banktrack.org.

BankTrack is keeping track of the public response of the State Bank of India to Russia's illegal invasion of Ukraine. State Bank of India did not publicly condemn the war. State Bank of India is considered by Leave-Russia.org to be "continue operations" with its operations in Russia. We consider its exposure to Russia as limited, with over $10m of financial assets. For further details, see the table linked below.

Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that State Bank of India provided US$ 3.3 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on State Bank of India’s metallurgical coal financing and and how it compares to other large banks globally in the report.

Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of State Bank of India’s metallurgical coal policy below.

According to a report by Reclaim Finance, between 2016 and June 2023, State Bank of India provided $3.9 billion in finance to the fossil-steel industry, making it the 37th largest financier worldwide. Find further details on State Bank of India's steel financing and how it compares to other large banks globally in the report.