•SBI - State Bank of India. •It is a multinational banking and financial services company based in India. •It is a government-owned corporation with its headquarters in Mumbai, Maharashtra •The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. •The establishment of the Bank of Bengal marked the advent of limited liability, joint-stock banking in India. •A major change in the conditions of operation of the Banks of Bengal, Bombay and Madras occurred after 1860. •The presidency Banks Act, which came into operation on 1 May 1876, brought the three presidency banks under a common statute. •The presidency Banks of Bengal, Bombay and Madras with their 70 branches were merged in 1921 to form the Imperial Bank of India. •The Imperial Bank had a capital base of Rs.11.85 crores, deposits and advances of Rs.275.14 crores and Rs.72.94 crores respectively and a network of 172 branches and more than 200 sub offices extending all over the country at the time of freedom. •An act was accordingly passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955.
Posted on: Thu, 26 Sep 2013 15:54:17 +0000
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