SBI and associate banks that fall under SBI, together constitute the State Bank Group. All use the same logo of a blue keyhole and all the associates use the "State Bank of" name followed by the regional headquarters' name. This blue keyhole signifies security.
what Anaska said is absolutely correct. I believe the logo represents the common man in the center stating banking can fulfill the common man requirements.
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SBI Logo represents a common man as per official records. Read this story to know more about the logo logic of SBI: http://kiKKidu.com/sbi