GENERAL KNOWLEDGE

Detailed explanation-1: -The first savings bank was established in Maine in 1819: “The Institution for Savings for the Town of Portland and Vicinity", which lasted until 1843. A total of 25 savings banks were incorporated in Maine between 1820 and 1860. In 1859, Maine savings banks reached $1 million in deposits.

Detailed explanation-2: -This was one of the three banks founded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India’s independence, became the State Bank of India in 1955.