Question

Until 1955, The State Bank of India was known as ___.

Answer 1

Until 1955, The State Bank of India (SBI) was known as The Imperial Bank of India (IBI).

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Answer 2

Answer:

Until 1955, the "State Bank of India" was known as the Imperial Bank of India.

Explanation:

The colonial era witnessed three banks reserving the rights and access to circulating paper currency. These banks were Bank of Calcutta, Bank of Madras & Bank of Bombay.

It was only in 1861 when this right was transferred to the government. However, these banks joined forces in 1921 and established the Imperial Bank of India.

This bank operated independently without any government influence. Therefore in 1955 under the act, the name of the bank was changed and the control was transferred. This was meant as a move to transfer possession as well as make the bank accessible for every Indian.