Which is the Oldest Bank in India?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Oldest Bank in India is the State Bank of India (SBI). The bank was established in 1806 as the Bank of Calcutta. In 1809, it adopted the name Bank of Bengal. The Bank of Calcutta, Madras, and Maharashtra joined in 1921 to form the Imperial Bank of India. In the year 1955, the Imperial Bank of India became the State Bank of India.
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Oldest Bank in India
The Indian government nationalized the State Bank of India (SBI), a state-owned commercial bank and provider of financial services, in 1955.
- In 1955, the Imperial Bank of India changed its name to the State Bank of India.
- The main office of SBI is located in Mumbai, and the bank has hundreds of branches throughout India and offices in dozens of other countries.
- It was one of the three presidency banks, the other two of which were jointly owned by the provincial government and individual shareholders and founded in 1840 and 1843, respectively.
- In 1921, the presidential banks merged to form the Imperial Bank of India (IBI), which went on to become the biggest company in the country.
- IBI, which was renamed the State Bank of India in 1955, was jointly owned by the Reserve Bank of India, which was founded in 1935, and the Indian government.
- Four years later, the State Bank of India (Subsidiary Banks) Act converted the banks that distinct princely states had previously run into SBI subsidiaries.
Summary:
Which is the Oldest Bank in India?
State Bank of India (SBI) is the oldest bank in India. The Bank of Calcutta, which was founded in 1806, is the biggest bank in India. In 1809, it adopted the name of Bank of Bengal. In order to create the Imperial Bank of India, the Banks of Calcutta, Madras, and Maharashtra merged in 1921.
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