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On 1 July 1955, the Imperial Bank of India became the State Bank of India. In 2008, the Government of India acquired the Reserve Bank of India's stake in SBI to remove any conflict of interest because the RBI is the country's banking regulatory authority. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act.
Yono Lite is a mobile banking application from the State Bank of India. [7] [8] Earlier, it was available as "SBI Anywhere Personal" but it was rebranded as "Yono Lite" in 2018, after the introduction of YONO app. [9] In 2021, Yono Lite saw several updates to protect its users from digital frauds. [10]
Rank Name of the Bank Year of Founding Year of Closing Fate Headquartered in References [1]; 1: The Madras Bank (1683) 1683: 1843: Merged with the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank to form the Bank of Madras in 1843
In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. However the merger of these associated banks with SBI went into effect on 1 April 2017. In 1969, the Government of India nationalised 14 major private banks; one of the big banks was Bank of India.
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2010s, this has become the most common way that ...
The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [ 1 ] The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks.
An online bank works like your everyday bank, only without the network of physical locations you'll find with a banking chain like Chase or Capital One. With an online bank, your banking tasks are ...
The chairperson of the State Bank of India is the chief executive officer of India's largest scheduled commercial bank and the ex-officio chair of its Central Board of Directors. Since its establishment in 1955 by the government of India , the State Bank of India has been headed by twenty-seven chairpersons.