State Bank of India (SBI) - Important Points
All about State Bank of India:
- State Bank of India is the largest Indian banking and financial services company by yearly turnover and total assets.
- The headquarters of SBI is in Mumbai, India.
- SBI is a State owned Bank.
Presidency Banks during British Raj:
- Bank of Bengal was established in 1806 in Kolkata. It was the first presidency bank of India.
- Two other presidency bank was established, Bank of Bombay in 1840 and Bank of Madras in 1843.
- These three banks were private shareholders’ bank.
- East India Company also contributed to the share capital of each of them.
- The bulk of the share capital had come from private shareholders mostly Europeans.
- These banks were given monopoly of Govt. Banking- After 1823
- These three banks received the exclusive right to issue paper currency in 1861 with the Paper Currency Act
- Presidency Banks were amalgamated into the Imperial Bank of India (IBI) which was established in 27 January 1921
- According to the parliamentary Act, State Bank of India Act (1955), Imperial Bank of India (IBI) was acquired by the Reserve Bank of India.
- On 30 April 1955 RBI renamed Imperial Bank of India (IBI) as State Bank of India.
- State Bank of India (Subsidiary Banks) Act passed in 1959.
- In 1959, eight banks were converted as associate banks of SBI
- State Bank of Bikaner
- State Bank of Jaipur
- State Bank of Hyderbad
- State Bank of Indore
- State Bank of Mysore
- State Bank of Saurashtra
- State Bank of Patoila
- State Bank of Travancore
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- Pure banking nothing else
- The Banker to every Indian
- The Nation banks on us
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