The ratings on State Bank of India (SBI) reflect the bank's market leadership in the Indian banking industry and its satisfactory financial profile, in particular its loan quality, profitability, and capitalization. SBI is the largest bank in India in terms of assets, loans, and deposits. We expect the bank's wide product suite, large client base, and extensive branch network to help maintain its leadership position despite growing competition. SBI continues to have a close link with the sovereign, and is systemically important, because it is the largest bank in India, accounting for 24.9% of the banking sector's deposits as of Sept. 30, 2009. It plays a key role in tax collection and payment systems, and is 59.7% owned by the
