The Imperial Bank of India
) was the oldest and the largest commercial bank
of the Indian subcontinent
, and was subsequently transformed into State Bank of India
The Imperial Bank of India came into existence on 27 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 2 June 1806, the Bank of Bombay
(incorporated on 15 April 1840) and the Bank of Madras
(incorporated on 1 July 1843).
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.
- In 1924, at Apollo Street, currently called Mumbai Samachar Marg, Mumbai, a magnificent stone structure 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.
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... Read More