State Bank of India (SBI) acquired a 76% stake from PT. Bank Indomonex on December 14, 2006, took over management control in June 2007 and operates in Indonesia as an SBI foreign subsidiary.

In June 2009, the Bank obtained the status of "DEVISA Bank" which has the right to conduct business in foreign exchange transactions. Then in 2009 the name of the bank was changed to Bank SBI Indonesia to reflect the new ownership of SBI. SBI has acquired another 23% shares, thereby increasing its shares to 99%.

This bank was originally established as a Market Bank in 1970 and is known as the Gunung Tampomas Jaya Market Bank. In 1986, Bank Pasar Gunung Tampomas Jaya was taken over by Ravindo Jaya Group and Mr. Ishwar T Daryanani. The Market Bank was later changed to a Commercial Bank in 1990 and its name was changed to PT. Indomonex Bank.

Currently Bank Indonesia SBI has 6 branch offices and 8 sub-branch offices spread across four major cities in Indonesia, namely, Jakarta, Bandung, Surabaya and Medan. Bank SBI Indonesia also has 2 cash points, one located at the Indian Embassy in Jakarta and another located on Jalan A. Yani, Medan. The Non-Operational Headquarters was moved to the city center located in the Graha Mandiri Building together with the Operational Headquarters in January 2009. Other branches in Jakarta are in Pasar Baru and Mangga Dua, while the supporting branch offices are in Sunter, Fatmawati, Kebon Orange, Jatinegara and Tanah Abang. The main branch in Surabaya is located on Jl. Rajawali and its two subsidiary branch offices are located on Jl. Nginden and Jl. HR. Mohamed. In Bandung, the branch office is located at Jl. Abdul Rivai and his subsidiary branch are on Jl. Stone Fruit.