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In 1921, the Imperial Bank of India, the precursor to State Bank of India, was formed as the result of amalgamation of the Bank of Bengal and two other presidency banks, namely, Bank of Madras and Bank of Bombay. In 1955, it was abolished by an Act of Parliament, which handed over its assets and operations to a new entity called State Bank of India. As the government wanted more control over the credit delivery, it nationalized 14 largest commercial banks in India in 1969. The SBI has a sense of social responsibility and caters to various sections of the society.
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