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SBI: State Bank of India celebrated its 70th birthday on July 1. In SBI branches, this day is recognized as SBI Celebration Day. Understand the entire story.
July 1. In SBI branches, this day is recognized as SBI Celebration Day. The Bank of Calcutta, which was established in 1806, was the forerunner of SBI. It was eventually renamed Imperial Bank of India in 1955 after merging with the Banks of Madras and Bombay. Let's explore its illustrious past.
It was formerly known as the Bank of Calcutta.
Since June 2, 1806, while Kolkata was ruled by the British, State Bank of India, popularly known as SBI, has been in operation. In 1809, the Bank of Bengal replaced its previous name, the Bank of Calcutta. In India, it brought joint stock banking.
With the establishment of the Bank of Madras on July 1, 1843, and the Bank of Bombay in Mumbai on April 15, 1840, the nation's banking scene really started to take shape. These banks had some private finance in addition to being originally established for the East India Company. The Bank of Bengal, the Bank of Bombay, and the Bank of Madras combined to form the Imperial Bank of India on January 27, 1921.
SBI 70th Anniversary: State Bank of India, the oldest commercial bank in the nation, celebrated its 70th birthday today, July 1 pic.twitter.com/zsbfK8lROo
— 🤝Oysis Digital Shop 🪴 (@horo_oysis) July 1, 2024
1955 saw the founding of SBI.
After three banks merged to become the Imperial Bank of India in 1861, the bank was granted the authority to issue money. It carried on both during and after India's independence from British rule. The Imperial Bank was taken over by the Reserve Bank of India in 1955, and it was then renamed the State Bank of India (SBI).
On July 1, 1955, Imperial Bank of India's 480 offices were converted into SBI, marking the official launch of SBI. That year saw the passage of the State Bank of India Act, and October 1955 saw the establishment of State Bank of Hyderabad as SBI's first affiliate bank. Later, on September 10, 1959, the State Bank of India (Subsidiary Banks) Act was passed.
SBI is a top-tier bank.
Dinesh Kumar Khara is the CEO of State Bank of India, according to the website. In the nation, SBI operates 62,617 ATMs and more than 22,000 branches. Over 45 crore consumers nationwide are served by the bank. In 2017, State Bank of Mysore (SBM), State Bank of Patiala (SBH), State Bank of Travancore (SBT), State Bank of Bikaner and Jaipur (SBBJ), and State Bank of Hyderabad (SBH) amalgamated with State Bank of India (SBI). SBI has developed into one of the top banks in the world after its merger.
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