CURRENT AFFAIRS

Detailed explanation-1: -The oldest bank still in existence in India is the State Bank of India. It was originated in the Bank of Calcutta in June 1806.

Detailed explanation-2: -The first bank of India was the “Bank of Hindustan”, established in 1770 and located in the then Indian capital, Calcutta.

Detailed explanation-3: -The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in Faizabad.

Detailed explanation-4: -[10th September, 1959.] An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.

Detailed explanation-5: -The promoters placed 55,000 shares privately, and issued 45,000 to the public by way of IPO on 3 October 1906; the bank commenced operations on 1 November 1906. The lead promoter of the Bank of India was Sir Sassoon J. David (1849–1926).