BANKING AFFAIRS

Detailed explanation-1: -The country’s largest lender, State Bank of India (SBI) has launched its first branch dedicated to start-ups in Koramangala, Bengaluru. SBI Chairman Dinesh Khara launched the branch in Koramangala near HSR Layout and Indiranagar which are the biggest start-up hubs in the city.

Detailed explanation-2: -The oldest commercial bank in India, SBI originated in 1806 as the Bank of Calcutta. Three years later the bank was issued a royal charter and renamed the Bank of Bengal.

Detailed explanation-3: -The Imperial Bank of India (IBI) was one of the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into the State Bank of India in 1955.

Detailed explanation-4: -The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809).