State Bank Of India Case Study

SECTION-1-

ld receive royalties from a government entity for the photos and videos you post on Fotolia, most government entities do not engage in buying products aHISTORY OF STATE BANK OF INDIA

The roots of the State Bank of India lie in the first decade of 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks were incorporated as joint stock companies and were the result of the royal charters. These three banks received the exclusive right to issue paper currency till 1861 when with the Paper Currency Act, the right was taken over by the Government of India. The Presidency banks amalgamated on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government participation.

 Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which isIndia's central bank, acquired a controlling interest in the Imperial Bank of India.

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