Establishment of State Bank Of India

Hii sir, I Wants to Know the Year of Establishment of State Bank Of India Will you Please Tell Me ?

[pawan]

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra The Bank Was Founded in the Year 1922 .

About the Establishment
The roots of the State Bank of India lie in the first decade of the 19th century, when the Bank of np later renamed the Bank of Bengal, was established on 2 June 1806

The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843).

All three Presidency banks were incorporated as joint stock companies and were the result of royal charters. These three banks received the exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the right was taken over by the Government of India.

The Presidency banks amalgamated on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government participation.

Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India s central bank, acquired a controlling interest in the Imperial Bank of India.

On 1 July 1955, the imperial Bank of India became the State Bank of India. In 2008, the Government of India acquired the Reserve Bank of India s stake in SBI so as to remove any conflict of interest because the RBI is the country s banking regulatory authority.