GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State Bank of India
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United Bank of India
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Central Bank of India
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Punjab National Bank
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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 Government of India nationalized the Imperial Bank of India in year 1955 with Reserve Bank of India taking a 60% stake and name was changed to State Bank of India.
Detailed explanation-3: -The Bank of Madras merged into the other two presidency banks in British India, the Bank of Calcutta and the Bank of Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India in 1955.
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.