Imperial Bank of India - Wikipedia Imperial Bank of India Imperial Bank of India Industry Banking, Financial Services Fate Transformed into the State Bank of India Predecessor Bank of Calcutta, Bank of Bombay, Bank of Madras Successor State Bank of India Founded 27 January 1921 Defunct 30 April 1955 Headquarters Bombay, Bombay State, India Area served India Seal of Imperial Bank of India. The Imperial Bank of India ( IBI ) was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955. Contents 1 Origin 2 Activities 3 Milestones 4 Epilogue 5 Further reading 6 See also 7 External links Origin The Imperial Bank of India came into existence on 27 January 1921 by J.M. Keynes. When the three Presidency Banks of colonial India, were reorganised and amalgamated to form a single banking entity. The three Presidency banks were the Bank of Bengal, established on 2 June 1806, the Bank of Bombay ( incorporated on 15 April 1840 ) and the Bank of Madras ( incorporated on 1 July 1843 ) Activities Imperial Bank of India performed all the normal functions which a commercial bank was expected to perform. In the absence of any central banking institution in India until 1935, the Imperial Bank of India also performed a number of functions which are normally carried out by a central bank. Milestones In 1924, at Apollo Street, currently called Mumbai Samachar Marg, Mumbai, a magnificent stone structure ( 1 ) with fretted windows, was constructed to house a branch of the Imperial Bank of India. In 1933, Sir Badridas Goenka, an important public figure and business tycoon of his time, and a prominent member of Marwari community of Calcutta, became the first Indian to be appointed as the Chairman of the Imperial Bank of India. Epilogue The Reserve Bank of India, which is the Central bank of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India, and the Imperial Bank of India was renamed on 30 April 1955 to the State Bank of India. This transformation from the Imperial Bank of India to the State Bank of India was given legal recognition in terms off an Act of the Parliament of India, which came into force from 1 July 1955. The day on which the Imperial Bank of India ( IBI ) became the State Bank of India, IBI had 480 branches, sub-offices, and three local head offices ; and had under its control and command slightly more than a quarter of the resources of the Indian banking industry. The branch network of State Bank of India has since grown to 9093 branches as on 31 March 2004. In 2007 Reserve Bank of India transferred its stake in State Bank of India to Government of India. Further reading The Evolution of the State Bank of India Volume III ( The Era of the Imperial Bank of India, 1921 - 1955 ) Edited by State Bank of India ( ISBN 0 - 7619 - 9696 - 6 ) THE EVOLUTION OF THE STATE BANK OF INDIA, Volume 1 -- The Roots 1806 - 1876 by Amiya Kumar Bagchi ( 2 ) See also Indian banking External links Picture of an IBI office Banking in India Central bank Reserve Bank of India Public sector banks Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Post Bank of India Punjab & Sind Bank Punjab National Bank State Bank of India Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank Private sector banks Axis Bank Bandhan Bank Catholic Syrian Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Nainital Bank RBL Bank ( Ratnakar Bank ) South Indian Bank Tamilnad Mercantile Bank Limited Yes Bank Small finance bank Ujjivan Small Finance Bank Equitas Small Finance Bank AU Small Finance Bank Fincare Small Finance Bank ESAF Small Finance Bank Cooperative banks Buldhana Urban Cosmos Bank Repco Bank Saraswat Bank Shamrao Vithal Co-operative Bank TNSC Bank Rajkot Nagrik Sahakari Bank Foreign banks ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Australia and New Zealand Banking Group Bank Maybank Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon The Bank of Tokyo - Mitsubishi UFJ Barclays Citibank India Credit Suisse DBS Bank Deutsche Bank HSBC Rabobank Royal Bank of Scotland Scotiabank Standard Chartered Regional Rural Banks Other Andhra Pradesh Grameena Vikas Bank Andhra Pragathi Grameena Bank Assam Gramin Vikash Bank Bangiya Gramin Vikash Bank Gramin Bank of Aryavart Kerala Gramin Bank North Malabar Gramin Bank Pallavan Grama Bank Pandyan Grama Bank Paschim Banga Gramin Bank Sarva UP Gramin Bank South Malabar Gramin Bank Uttar Bihar Gramin Bank Vananchal Gramin Bank Uttar Pradesh Allahabad UP Gramin Bank Baroda UP Gramin Bank Gramin Bank of Aryavart Kashi Gomti Samyut Gramin Bank Prathama Bank Purvanchal Bank Sarva UP Gramin Bank Payments bank Aditya Birla Payments Bank Airtel Jio Paytm India Post Payments Bank Defunct banks Alliance Bank of Simla Arbuthnot & Co Bank of Bombay Bank of Calcutta Bank of Chettinad Bank of Cochin Bank of Hindostan Bank of Madras Bank of Madura Bank of Rajasthan Bank of Thanjavur Bareilley Corporation Bank Bengal Central Bank Bharat Overseas Bank Bharatiya Mahila Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Commercial Bank of India Dass Bank Exchange Bank of India & Africa Global Trust Bank Grindlays Bank Hindustan Commercial Bank Imperial Bank of India ING Vysya Bank Lakshmi Commercial Bank Lord Krishna Bank Madhavpura Mercantile Cooperative Bank Mercantile Bank of India, London and China Miraj State Bank Nath Bank Nedungadi Bank New Bank of India Oriental Bank Corporation Oudh Commercial Bank Palai Central Bank Pandyan Bank Sikkim Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Saurashtra State Bank of Travancore Times Bank United Industrial Bank United Western Bank Interbank networks Cirrus NFS PLUS Electronic funds transfers BBPS IMPS NEFT RTGS UPI ( VPA ) AEPS BHIM Cards MasterCard Debit MasterCard Maestro RuPay Visa Visa Debit Visa Electron Visa payWave Related topics ATM usage fees in India De-Materialisation ( DEMAT ) Foreign Exchange ( FOREX ) Indian Financial System Code ( IFSC ) List of banks in India Prepaid Payment Instruments in India Institiutes Banks Board Bureau Banking Codes and Standards Board of India National Payments Corporation of India Protocol Bharat Bill Payment System Structured Financial Messaging System ( SFMS ) ATM networks BANCS Cashnet CashTree India 1 ATM ( White Label ATM ) Indicash ( White Label ATM ) MITR Payment service Atom BHIM BillDesk Chillr CitrusPay ( Lazy Pay ) Razorpay Tez Zeta India Digital wallets ABPB Wallet Amazon Pay Freecharge HDFC PayZapp ICICI pockets Mobikwik Oxigen Services Paytm PayU Payworld PhonePe SBI buddy Retrieved from `` https://en.wikipedia.org/w/index.php?title=Imperial_Bank_of_India&oldid=822310503 '' Categories : Banks established in 1921 Banks disestablished in 1955 Defunct banks of India 1921 establishments in India 1955 disestablishments in India Hidden categories : Use dmy dates from November 2015 Use Indian English from November 2015 All Wikipedia articles written in Indian English Pages using infobox company with unsupported parameters Talk Contents About Wikipedia हिन्दी Bahasa Indonesia Edit links This page was last edited on 25 January 2018, at 17 : 17 ( UTC ). 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Question: when was imperial bank was changed as sbi
Answer: 1955