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
| # | Associate | Merger Year |
|---|---|---|
| 1. | State Bank of Saurashtra | 2008 |
| 2. | State Bank of Indore | 2010 |
| 3. | State Bank of Bikaner and Jaipur | 2017 |
| 4. | State Bank of Hyderabad | 2017 |
| 5. | State Bank of Mysore | 2017 |
| 6. | State Bank of Patiala | 2017 |
| 7. | State Bank of Travancore | 2017 |