State Bank of India

Brief History of State Bank of India

Bank of Bengal established on 02 June 1806

Bank of Bombay established on 15 April 1840

Bank of Madras established on 01 July 1843

All 3 banks were established by Royal Charters and had the right to issue paper currency till 1861

All three banks, known as Presidency Banks, amalgamated on 27 January 1921 and the new entity was named Imperial Bank of India.

Pursuant to the State Bank of India Act 1955, the Reserve Bank of India acquired controlling interest in the Imperial Bank of India. On 01 July 1955, Imperial Bank of India became State Bank of India.

In 2007, the Government of India acquired the Reserve Bank of India’s stake in SBI as it was inconsistent for a regulator to own a bank.

Associate Banks merged with State Bank of India

#AssociateMerger Year
1.State Bank of Saurashtra2008
2.State Bank of Indore2010
3.State Bank of Bikaner and Jaipur2017
4.State Bank of Hyderabad2017
5.State Bank of Mysore2017
6.State Bank of Patiala2017
7.State Bank of Travancore2017