BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1961
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1956
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1949
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1921
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Detailed explanation-1: -The 3 banks Bank of Bengal, the Bank of Bombay and Bank of Madras were merged in 1921 to form the “Imperial Bank of India”. It acted as Central Bank of India (or) Quasi-central bank till the establishment of RBI in 1935. After India’s independence, Imperial Bank of India became the State Bank of India in 1955.
Detailed explanation-2: -The three Presidency Banks were at the helm of Indian banking till their amalgamation in 1921 into the Imperial Bank of India, which combined the role of a commercial bank and a central bank.
Detailed explanation-3: -The Presidency Banks were the Bank of Bengal, established on 2 June 1806, the Bank of Bombay (incorporated on 15 April 1840), and the Bank of Madras (incorporated on 1 July 1843). The Imperial Bank was 80% privately owned while the rest were owned by the state.
Detailed explanation-4: -– In 1921 these three banks (Bengal, Bombay, and Madras) combined, and a new bank was formed, Imperial Bank of India.