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: -Imperial Bank of India converted to a state owned institution, State Bank of India on July 1, 1955.

Detailed explanation-3: -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-4: -[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-5: -The Reserve Bank of India, which is the central bank of India, acquired a controlling interest in the Imperial Bank of India in 1955, which was renamed on 30 April 1955 to the State Bank of India.