Question

The three Presidency Banks (Bengal, Bombay, and Madras) merged to form which bank in 1921?

• A. Reserve Bank of India
• B. State Bank of India
• C. Imperial Bank
• D. Bank of India

Answer 1

Answer:

C. Imperial Bank

Banks

• Banks operate on the basis of general rules and regulations framed by the Reserve Bank of India.

• First modern bank in India- Bank of Hindustan (1770)

Presidency Banks established by the British East India Company

► Bank of Bengal

► Bank of Bombay

► Bank of Madras

• These three banks merged together in 1921 to form Imperial bank later in1955 it transformed into State bank of india (SBI)