BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -During the British rule in India, The East India Company had established three banks: Bank of Bengal, Bank of Bombay and Bank of Madras and called them the Presidential Banks. These three banks were later merged into one single bank in 1921, which was called the “Imperial Bank of India.”
Detailed explanation-2: -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).
Detailed explanation-3: -The Bank of Madras established in 1843 was the third Presidency Bank.
Detailed explanation-4: -The Presidency Bank of Calcutta was founded on 2nd June 1806. It was the first bank of India and was renamed Bank of Bengal on 2nd January 1809.
Detailed explanation-5: -The Bank of Bombay and two other Presidency banks-the Bank of Calcutta and the Bank of Madras-were amalgamated and the reorganized banking entity was named the Imperial Bank of India on 27 January 1921.