GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -The Imperial Bank of India was renamed as State Bank of India in .

Detailed explanation-3: -In 1955 the government of India and the country’s central bank, the Reserve Bank of India (founded 1935), assumed joint ownership of IBI, which was renamed the State Bank of India.

Detailed explanation-4: -The Imperial Bank of India was later nationalised in 1955 and was named The State Bank of India, which is currently the largest Public sector Bank.