| Imperial Bank Of India |
Article Index for Imperial |
Limousines in Imperial |
Website Links For Imperial |
Information AboutImperial Bank Of India |
| CATEGORIES ABOUT IMPERIAL BANK OF INDIA | |
| companies established in 1921 | |
| banks of india | |
|
ORIGIN The Imperial Bank of India came into existence on 27th January 1921 when the three Presidency Banks of Colonial India , were reorganized and amalgamated to form a single banking entity. The three Presidency banks were the Bank Of Bengal , established on 2nd June 1806 , the Bank Of Bombay (incorporated on 15 April 1840 ) and the Bank Of Madras (incorporated on 1st 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
EPILOGUE The Reserve Bank Of India , which is the Central Banking Organization of India, in the year 1955 , acquired a controlling interest in the Imperial Bank of India and the Imperial Bank of India was christened on 30th April 1955 as the State Bank of India, and this transformation from the Imperial Bank of India to the State Bank of India was given legal recognition in terms an Act of the Parliament Of India , which came into force from 1st 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 31st March 2004 . FURTHER READING
SEE ALSO EXTERNAL LINK Picture of an IBI office |
|
|