Question

What was the name of State Bank of India (SBI) before it was created by SBI Act?
A. Imperial Bank of Hindustan
B. Imperial Bank of Bengal
C. Imperial Bank of Madras
D. Imperial Bank of India

Answer 1

Answer:

Explanation:

D

Answer 2

Answer:

SBI was earlier known as the Imperial Bank of India.

Explanation:

SBI i.e. the State Bank of India is the oldest commercial bank in India.

History of SBI

• The three presidency banks i.e. the bank of Calcutta/ Bengal (1806), the bank of  Bombay (1840)and the bank of Madras (1843) were merged as the Imperial Bank of India on 27 January 1921.

• The Imperial Bank of India was the central bank for British India.

• Later, as per the SBI ACT of 1955, SBI replaced the Imperial bank of India with the Reserve Bank of India (RBI) acquiring a 60% stake in SBI.