State Bank of India: A Historical View

State Bank of India: A Historical View This article throws a light on history of State Bank of India a premier banking organization of India.

State Bank of India, Country's oldest bank is reputed and well known banking organization of India with its presence not only in India but across the globe. 
SBI currently (2012) has 173 foreign offices in 33 Countries across the world with more than 11000 branches in India.(see SBI network Map)
After explaining this I tried to represent SBI history in Picture..check here

Beginning Years

The beginning year goes to 1806, precisely 2 June 1806  when Bank of Calcutta is established in Calcutta. This bank was later renamed as Bank of Bengal in 1809. This marks the beginning of SBI roots.

Establishment of other Banks

Two more banks Bank of Bombay and Bank of Madras was established after Bank of Calcutta.Bank of Bombay was established on 15 April 1840 while Bank of Madras was established on 1 July 1843. These were the banks later amalgamated into today's State Bank of India.

Imperial Bank of India

Bank of CalcuttaBank of Bombay and Bank of Madras merged to form Imperial Bank of India on 27 January 1921.Total number of these three branches were 70 at the time of merger.

Takeover of Imperial Bank of India and Birth of State Bank of India

An act was passed in Parliament on May 1955 to take over the Imperial Bank and integrating it with the state owned or state associate banks. Based on this act "State Bank of India" was constituted on 1st July 1955. 

State Bank of India(Subsidiary Banks) Act

In 1955 State Bank of India(Subsidiary Banks) act was passed in Indian Parliament in 1959 which enables state bank to take over 8 former State-associated banks as its subsidiaries. These 8 banks later named as State bank Associate banks.


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