One of the major events from the history of bank of India

After 1926, this idea had just vanished but in 1931 it was again revived, and leading to that in 1934 we had the Reserve Bank of India act, so remember that the Reserve Bank of India act it was enacted in 1934 not 1935 then, because of that at on April 1, 1935, the Reserve Bank of India was actually formed, so the Act was in 1934 and the bank it was fully formed in 1935,

In 1949 the Reserve Bank of India was Nationalized, remember the first governor of The Reserve Bank of India was a British gentleman by the name of Osborne Smith and the first Indian governor of The Reserve Bank of India was C.D. Deshmukh, 1955 what happened is remember that at that point of time we had our Independence and there was a need to have a major banking setup which was owned by Indians for Indians so the government decided in 1955 to actually in act the State Bank of India csp act,

So after this Act was enacted Reserve Bank of India acquired the Imperial Bank and it came to be known as the State Bank of India on 1st July 1955 State Bank of India was born, remember a very interesting thing that nobody talks about is that the Reserve Bank of India had the majority shareholding, it was around 59.7 % and very recently in 2009 the government bought it back and that is how we now have the State Bank of India which is owned by the government of India and remember also the committee which had to recommend the setup of the State Bank of India it was the AD gorwala committee, so it’s a very important event in Indian banking history,

Second major event from the history of bank of India

The next major event happened in 1959 when the State Bank of India subsidiary Banks act was passed, So what did this act do, it actually allowed the eight banks of the princely states to be called SBI associate banks, this was very important because all these princely states had their State Banks,

The 8 state banks of princely states were State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner, State Bank of Jaipur, and State Bank of Indore these were the eight State Banks of princely states which we had at that point of time,

SBI State Bank of India associate banks so they were now subsidiaries of the State Bank of India, now also note that in 1963 State Bank of Bikaner and the State Bank of Jaipur was merged and it became the State Bank of Bikaner and Jaipur then what happened in 2008, State Bank of Saurashtra it was merged into the State Bank of India, in 2010 State Bank of Indore was again merged into the State Bank of India and in 2017 all the remaining banks that we had the five different banks plus one more bank which is the Bhartiya Mahila Bank all these six banks were now much into State Bank of India in 2017, so now we do not have any kind of these princely State Banks kiosk or associate banks, we only have this State Bank of India,

I hope you learned something from this article because I have covered the topics like Reserve Bank of India Act, Nationalization of reserve bank of India, Establishment of State bank of India, State Bank of India subsidiary Banks act, The 8 state banks of princely states and lastly the merger of the 8 state banks of princely states into state bank of India.