GK
IMPORTANT ACTS OF THE PARLIAMENT OF INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1957
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1958
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1959
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1960
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Detailed explanation-1: -[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-2: -In 1959, State Bank of India (subsidiary) act was passed. As per the act, seven subsidiary banks of the State Bank of India (SBI) were nationalized as a major process of nationalization.
Detailed explanation-3: -In year 1959 State Bank Of India was given control of 8 state associated Banks like State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Travancore (SBT), State Bank of Saurashtra (SBS) and State Bank of Indore (SBI-Indore).
Detailed explanation-4: -The first nationalized bank in India-SBI under the SBI Act of 1955. Seven subsidiaries bank of State Bank became Nationalized on 19th July 1960. Seven subsidiaries of SBI are: State Bank of Bikaner and Jaipur.