BANKING AFFAIRS

Detailed explanation-1: -[8th May, 1955.] An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto.

Detailed explanation-2: -State Bank of India (SBI) is the oldest commercial bank in India. It was constituted under the State Bank of India Act, 1955 (Act No. 23 Of 1955). It is an Indian Multinational public sector bank and financial services statutory body with its headquarter in Mumbai, Maharashtra.

Detailed explanation-3: -State Bank Of India Act Regulation, 1955.

Detailed explanation-4: -[10th September, 1959.] An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.