Did you Know?
State Bank of India (in its previous form Imperial Bank of India) acted as a Central bank till the establishment of RBI in 1935.
SBI, the nation's largest lender, originated as Bank of Calcutta on 2 June 1806 with a capital of Rs 50 lakh, primarily to fund General Wellesley's wars against Tipu Sultan and the Marathas
It was renamed Bank of Bengal in January 1809 and opened branches at Rangoon (1861), Patna (1862), Mirzapur (1862),Benares (1862)
In 1823, the Govt. picked up a 20% stake in the bank and enjoyed the power to appoint its directors,giving the Bank the right to issue currency notesThis bank and two other Presidency banks Bank of Bombay (set up in 1842 with a capital of Rs 52 lakh) and Bank of Madras (July 1843, Rs 30 lakh) were merged on 27 January 1921 to form Imperial Bank of India.This was made State Bank of India on 30 April 1955 after RBI acquired a controlling stake in Imperial Bank of India.
Adding a fact : SBI has never made any loss any quarter in its 200+ years history.
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