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The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter , it acted as the central bank for India prior to the formation of the Reserve Bank of India (RBI) in 1935.
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. [11]
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
The oldest bank in India is The Madras Bank (1683), followed by the Bank of Bombay, founded in 1720, which is then followed by the Bank of Hindustan, founded in 1770. Imperial Bank of India was succeeded by State Bank of India in 1955 and State Bank of Pakistan in 1948 respectively whose origins can be traced back to the Bank of Calcutta. It ...
The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India [5] was established in 1935, under the Reserve Bank of India Act, 1934 ...
Annamalai Chettiar was born on 30 September 1881 at Kanadukathan in the Sivaganga estate of the then Madura district in the Madras Presidency of British India. His father, S.R. Muthiah Chettiar was a noted banker. His brother Ramaswami Chettiar was one of the founders of the Indian Bank of which Annamalai Chettiar later served as a director ...
The Central Government entered the banking business with the nationalization of the Imperial Bank of India in 1955. A 60% stake was taken by the Reserve Bank of India and the new bank was named State Bank of India.
Joining the Bank of Bengal as a clerk in 1885, Warren rose to become its Secretary and Treasurer. When the Imperial Bank of India was formed on 27 January 1921 by the merger of the three presidency banks – the Bank of Bengal, Bank of Bombay and Bank of Madras, Warren became its first Managing-Governor. As head of the Imperial Bank of India ...