merge of Indian banks

On this day in 1921, the foundation was laid of India’s largest nationalised bank – the State Bank of India. It grew out of the Imperial Bank of India.

The Imperial Bank of India was formed by merging the three Presidency Banks of Bombay, Calcutta and Madras, then at the helm of Indian banking. It was a quasi-central bank in British-India till the Reserve Bank of India was set up in 1935.

The Imperial Bank was established on the recommendations of world-renowned economist John Maynard Keynes. He was on a British government committee to study the currency and exchange system in India.

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