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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
This was at the time of the First Five-Year Plan, which prioritised the development of rural India. The government integrated these banks into the State Bank of India system to expand its rural outreach. In 1963 SBI merged the State Bank of Jaipur (est. 1943) and State Bank of Bikaner (est.1944). SBI has acquired local banks in rescues.
Stephen A. Rhoades, "Bank Mergers and Industrywide Structure, 1980–1994," Washington: Board of Governors of the Federal Reanuary 1996. ( Staff study 169 ) Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: Board of Governors of the Federal Reserve System, May 2004.
The remaining subsidiaries, namely the State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, and Bharatiya Mahila Bank were merged with State Bank of India with effect from 1 April 2017. Vijaya Bank and Dena Bank were merged into Bank of Baroda in 2018. [6]
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.
The merger will create a community bank with approximately $5.2 billion in assets.
The State Bank of India or SBI is an Indian multinational, public sector banking and financial services statutory body, headquartered in Mumbai. SBI is ranked as 216th in the Fortune Global 500 list of the world's biggest corporations of 2018.
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