Read more on what a stock split is here
The development will help the bank to increase the liquidity of its stocks and will increase broader investor participation, specifically retail participation.
"The central board of the bank at its meeting held on September 24, 2014 has considered and accorded its approval to reduce the face value of equity shares of the bank from Rs 10 per share to Rs 1 per share and to increase the number of issued shares in proportion thereof," SBI said in a filing to Bombay Stock Exchange.
The board has also approved to arrange to mirror the reduction in face value of equity shares in existing GDR programme, the bank said in the communication to BSE.
Meanwhile, shares of bank ended Wednesday's trading at Rs 2487.40 apiece, down 2.68 per cent from previous close on BSE.