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: -State Bank of India (SBI), state-owned commercial bank and financial services company, nationalized by the Indian government in 1955.

Detailed explanation-3: -The All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank by taking over the Imperial Bank of India. Thus, an act was passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955.

Detailed explanation-4: -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-5: -This was done with the help of states. Subsequently, SBI was formed four years later in 1955. The objective of both these committees was the same. Later in 1959, an act was passed which enabled SBI to form eight subsidiaries into one.