Categories: Banking

State Bank of India (SBI) celebrates 67th Foundation Day

The oldest commercial bank in the country, State Bank of India, is celebrating its 67th year on 1st July. SBI descends from the Bank of Calcutta founded in 1806 through the Imperial Bank of India. The Bank of Madras merged into the other two presidency banks, the bank of Calcutta and the bank of Bombay to form the Imperial Bank of India which in turn became the SBI in 1955.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

History of SBI

  • In the 19th century, three presidency banks were incorporated. The three presidency banks were the Bank of Madras (established on 2nd June 1806), the Bank of Bombay (incorporated on 15 April 1840), and the Bank of Madras (incorporated on 1 July 1843).
  • These three presidency banks were joint-stock companies. These presidency banks were consolidated on 27 January 1921 and the new entity was named Imperial Bank of India. Even after the consolidation, it remained as the joint-stock company but without government participation.
  • RBI in 1955 acquired a controlling interest in the Imperial Bank of India. On 1st July 1955, the imperial bank of India became the State Bank of India. To avoid any conflict of interest since RBI is the country’s banking regulatory authority, the government of India in 2008 then acquired the Reserve Bank of India’s stake in SBI.

Important takeaways for all competitive exams:

  • SBI Chairperson: Dinesh Kumar Khara.
  • SBI Headquarters: Mumbai.
  • SBI Founded: 1 July 1955.

Find More Banking News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.

Recent Posts

December 25th Current Affairs Challenge

Exams such as SSC, Banking, Railways, and state-level tests offer paths to prestigious positions in…

23 mins ago

What is the Old Name of Mysore?

Mysore, a city in the southern state of Karnataka, India, is famous for its rich…

14 hours ago

India Squad For Champions Trophy 2025

The upcoming Champions Trophy 2025 marks the ninth edition of the ICC Champions Trophy, featuring…

14 hours ago

ICC Champions Trophy Schedule 2025 Announced- India vs Pakistan

The 2025 ICC Champions Trophy is set to mark the ninth edition of this prestigious…

14 hours ago

Who is Known as the Father of Indian Nuclear Program?

India's nuclear program focuses on using nuclear energy for peaceful purposes, like producing electricity and…

14 hours ago

What is the Other Name of Sambhal District of Uttar Pradesh?

Uttar Pradesh, located in northern India, is the country's most populous state. Known for its…

16 hours ago