BANKING AFFAIRS

Detailed explanation-1: -The creation of the State Bank of India in July 1955 followed the passage of the Imperial Bank of India into state ownership. The nationalization of the Imperial Bank represented the culmination of a protracted debate on its role in independent India.

Detailed explanation-2: -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).

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 State Bank of India or the SBI is a public-sector bank and financial service statutory body. It is the largest commercial bank in India in terms of assets, profits, deposits, number of branches and employees. The SBI came into existence on July 1, 1955. It has its headquarters in Mumbai, Maharashtra.