State Bank India | State Bank of India - Roots

The State Bank of India traces its roots to the first decade of 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The government amalgamatted Bank of Bengal and two other Presidency banks, namely, the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras on 27 January 1921, and named the reorganized banking entity the Imperial Bank of India. All these Presidency banks were incorporated as joint stock companies, and were the result of the royal charters. The Imperial Bank of India continued to remain a joint stock company. Until the establishment of a central bank in India the Imperial Bank and its early predecessors served as the nation's central bank printing currency.

The State Bank of India Act 1955, enacted by the Parliament of India, authorized the Reserve Bank of India, which is the central banking organization of India, to acquire a controlling interest in the Imperial Bank of India, which was renamed the State Bank of India on 30 April 1955.

Timeline

• June 2, 1806: The Bank of Calcutta established.
• January 2, 1809: This became the Bank of Bengal.
• April 15, 1840: Bank of Bombay established.
• July 1, 1843: Bank of Madras established.
• 1861: Paper Currency Act passed.
• January 27, 1921: all three banks amalgamated to form Imperial Bank of India.
• July 1, 1955: State Bank of India formed; becomes the first Indian bank to be nationalised.
• 1959: State Bank of India (Subsidiary Banks) Act passed, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries.
• 1980s When Bank of Cochin in Kerala faced a financial crisis, the government merged it with State Bank of India.
• June 29, 2007: The Government of India today acquired the entire Reserve Bank of India (RBI) shareholding in State Bank of India (SBI), consisting of over 314 million equity shares at a total amount of over 355 billion rupees.

Source: wikipedia.org