Question

Old name of State Bank of India is
1. British Bank of India
2. Imperial Bank of India
3. Federal Bank of India
4. East India Bank

Answer 1

Correct Answer - Option 2 : Imperial Bank of India

The correct answer is the Imperial Bank of India.

• The old name of the State Bank of India was Imperial Bank of India.

• Banking in India:
  • The first bank of limited liability managed by Indians was Oudh Commercial Bank founded in 1881.
  • Later, Punjab National Bank was established in 1884.
  • The Banking Companies Act was passed in February 1949, which was subsequently amended to read as Banking Regulation Act, 1949.
  • The Imperial Bank was established in the year 1921 by merging three main Presidency Banks.
  • The Imperial Bank was nationalized in 1955 on the recommendation of the Gorewala Committee and renamed as State Bank of India.
  • ​State Bank of India:
    • Its headquarters is in Mumbai, Maharashtra.
    • Chairperson is Dinesh Kumar Khara.

• Reserve Bank of India (RBI):
  • RBI was set up on the basis of the Hilton Young Commission recommendation in April 1935, with the enactment of the RBI Act, 1934.
  • The headquarters of RBI is in Mumbai.
  • Current Governor is Shaktikanta Das.