Imperial Bank of India

The Imperial Bank of India (IBI) was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955.

Origin

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).

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

• 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.

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...
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