Question

In 1955, The Imperial Bank of India was renamed as?

• A. Union Bank of India
• B. Bank of India
• C. State Bank of India
• D. None of the above

Answer 1

Answer:

C. State Bank of India

Evolution of Banking in India:

• The first bank in India, the Bank of Hindustan was established in 1770 in Calcutta started by Alexander and Co. (failed 1832)

• Next came General Bank of India established in 1786.

• The East India Company established the Bank of Bengal in 1809.

• Bank of Bombay was established in 1840

• Bank of Madras was established in 1843,.

• These three banks were generally called Presidency Banks.

• These three banks were amalgamated in 1921 and the Imperial Bank of India was established.

• The imperial bank was nationalised in 1955 and renamed it as SBI. (July 1 1955 as per the recommendation of Gorwala committee)