History Of The State Bank Of India Ft. Vikrant Pande | The Awaara Musaafir Show | 51

The Awaara Musaafir Show

The origin of the State Bank of India goes back to the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). It was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.

When India attained freedom, the Imperial Bank had a capital base (including reserves) of INR 11.85 crores, deposits and advances of INR 275.14 crores and INR 72.94 crores respectively, and a network of 172 branches and more than 200 sub-offices extending all over the country. The All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank by taking over the Imperial Bank of India. Thus, an act was passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955.

Later, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries (later named Associates).

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