State Bank of India (SBI) has acquired 76% of shares of PT Bank Indomonex in 2006 and took over the management in 2007 and began operating in Indonesia as the subsidiary of SBI. In 2009, the Bank changed its name to Bank SBI Indonesia with the intention to reflect the new ownership of SBI. In the same year, Bank SBI Indonesia attained the status as the Foreign Exchange Bank, which is authorized to engage in the foreign exchange transaction business.

In 2013, SBI acquired the additional 23% shares from PT Ravindo Jaya, increasing its share ownership to 99%. Additional capital was infused in three tranches in order to be categorized as a BUKU 2 Bank in 2015, to comply with the local regulation. Further, there was an additional minimum core capital requirement by the regulator which is fulfilled by infusing capital by SBI in two tranches in 2021 and 2022 to reach the total capital of IDR 3 Trillion.