Which is the oldest bank in India?

By Ritesh|Updated : September 5th, 2022

The oldest bank in India is the State Bank of India (SBI). The bank was founded as the Bank of Calcutta in 1806. In 1809, it adopted the name Bank of Bengal. To create the Imperial Bank of India, the Banks of Calcutta, Madras, and Maharashtra joined in 1921.

Features of the Oldest Bank in India

  • The Imperial Bank of India became the State Bank of India in 1955, a year after the country gained independence.
  • The Indian government nationalized the State Bank of India (SBI), a state-owned commercial bank and provider of financial services, in 1955.
  • SBI operates hundreds of branches in India and has offices in dozens of other nations, and the bank's main office is in Mumbai.
  • It was one of the three so-called presidency banks, the other two being the Bank of Bombay (established 1840) and the Bank of Madras (1843), jointly owned by the provincial government and private subscribers.
  • The presidential banks were combined to form the Imperial Bank of India (IBI) in 1921, becoming the biggest business in the nation.
  • IBI, renamed the State Bank of India in 1955, was jointly owned by the Indian government and the Reserve Bank of India, established in 1935.
  • 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 is India's oldest bank (SBI). The bank is also the largest in India, and in 1806, it was established as the Bank of Calcutta.

  • It took on the name Bank of Bengal in 1809.
  • The Banks of Calcutta, Madras, and Maharashtra merged to form the Imperial Bank of India in 1921.
  • In 1955, one year after the nation attained independence, the Imperial Bank of India changed its name to the State Bank of India.

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