This article includes a list of general references, but it lacks sufficient corresponding inline citations .(February 2019) |
Company type | Private (80%) |
---|---|
Industry | Banking, financial services |
Predecessor |
|
Founded | 27 January 1921 |
Founder | John Maynard Keynes |
Defunct | 1 July 1955 |
Fate | Nationalization into State Bank of India in 1955 |
Successor | |
Headquarters | , |
Area served | India |
The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central bank for India prior to the formation of the Reserve Bank of India (RBI) in 1935.
The Imperial Bank of India is started through the Kayasth Trading and Banking Corporation which worked to the monthly payment paid of teacher's of colleges and school and came into existence on 27 January 1921 through the reorganisation and amalgamation of the three Presidency Banks of colonial India into a single banking entity. The decision of his majesty's government was certainly influenced by the 1912 book "Indian Currency and Finance" authored by John Maynard Keynes. [1] The 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). The Imperial Bank was 80% privately owned while the rest were owned by the state. The First Governor of The Imperial Bank was Rajah Sir Annamalai Chettiar. [2]
The 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.
The Reserve Bank of India, which is the central bank of India, acquired a controlling interest in the Imperial Bank of India in 1955, which was renamed on 30 April 1955 to the State Bank of India. This transformation from the Imperial Bank of India to the State Bank of India was given legal recognition through an Act of the Parliament of India, which came into force from 1 July 1955. On that day, the bank had 480 branches and sub-offices, as well as three local head offices; slightly more than a quarter of the resources of the Indian banking industry was under its control and command. The branch network of the State Bank of India has since grown to 24,050 branches as of 31 March 2018. In 2007, the Reserve Bank of India transferred its stake in the State Bank of India to the Indian Government.
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market. It is also the tenth largest employer in India with nearly 250,000 employees. In 2024, the company’s seat in Forbes Global 2000 was 55.
Bank of Baroda is an Indian government Public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India. Based on 2023 data, it is ranked 586 on the Forbes Global 2000 list.
Indian Bank is an Indian public sector bank, established in 1907 and headquartered in Chennai. It serves over 100 million customers with 40,187 employees, 5,847 branches with 4,937 ATMs and Cash deposit machines. Total business of the bank has touched ₹1,221,773 crore (US$150 billion) as of 31 March 2024.
Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. During the nationalisation, IOB was one of the 14 major banks taken over by the government of India. On 5 December 2021, IOB got Degidhan Award 2020–21 by Ministry of Electronics and Information Technology for achieving second highest percentage of digital payment transaction among public sector banks.
Bank of Chettinad was a bank that originated in the Nattukottai Chettiar community.
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.
The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras. It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India, which later became the State Bank of India.
Diwan Bahadur Sir Satappa Ramanatha Muthiah Annamalai Chettiar, Raja of ChettinadKCSI better known as Raja Sir Annamalai Chettiar was an Indian industrialist, banker, educationist and philanthropist from Tamil Nadu. He was the founder of Annamalai University in Chidambaram and one of the founders of Indian Bank, along with his brother S. Rm. M. Ramaswami Chettiar.
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The Bank of Bombay was the second of the three presidency banks of the Raj period. It was established, pursuant to a charter of the British East India Company, on 15 April 1840.
George Town is a neighbourhood in Chennai, Tamil Nadu, India. It is near the Fort Saint George, Chennai. It is also known as Muthialpet and Parry's corner. It is an historical area of Madras city from where its expansion began in the 1640s. It extends from the Bay of Bengal in the east to Park town on the west. The Fort St. George is on the south, to Royapuram in the north. The Fort St. George houses the Tamil Nadu Legislative Assembly and the Secretariat. The High court of Tamil Nadu at Chennai, Dr. Ambedkar Law College, Stanley Medical College and Hospital are located here.
Diwan Bahadur Satappa Ramanatha Muthiah Ramaswami Chettiar was an Indian businessman from what is now the state of Tamil Nadu.
The Alliance Bank of Simla was a British-run though India-registered bank that commenced operations in Simla in 1874 under the management of James Lewis Walker. The bank was established to take over the business of the United Bank of India, established in 1866, which had operations in Simla and Umballa. Its board put the United Bank of India in voluntary liquidation on 21 March 1874, and Alliance Bank commenced operations two days later. After 49 years, Alliance Bank failed on 27 April 1923 due to speculation by its management. At the time that it failed it had 36 branches, including ones in Lahore, Lucknow, Peshawar, Rawalpindi, and Rangoon.
Nepal SBI Bank Limited (NSBL) is the first Indo-Nepal joint venture in the financial sector. Sponsored by three institutional promoters, namely the State Bank of India (SBI), Employees Provident Fund and Agricultural Development Bank of Nepal through a memorandum of understanding signed on 17 July 1992.
Sir Muthiah Annamalai Muthiah Chettiar, Rajah of Chettinad KCSI better known as RajahSir Muthiah Chettiar was an Indian Industrialist, banker, politician, philanthropist, and cultural activist who served as First Mayor of Madras city (1933) and Minister of Excise and Education (1936–37) in the provincial government of Madras Presidency.
Muthiah Chidambaram Muthiah Chidambaram Chettiar better known as M.CT.M.Chidambaram was an Indian industrialist and banker who founded the Indian Overseas Bank. He was a member of the M. Ct. family.
Sir Muthiah Chidambaram Muthiah Chettiar KCSI(8 February 1887 – 19 July 1929) better known as SirM.CT.Muthiah Chettiar was an Indian Industrialist and Banker who served as a director of the Indian Bank. He was the oldest grandson of S.RM. Muthiah Chettiar, the patriarch of the M. Ct. and S. Rm. families.
The S. Rm. family is an Indian family of businessmen, industrialists and bankers from the town of Kanadukathan in the Sivaganga district of Tamil Nadu, India. The family is named after its ancestor, the popular 19th-century Nagarathar banker S. Rm. Muthiah Chettiar. The head of the family holds the honorific title Raja of Chettinad. The M. Ct. family has descended from one branch of the S. Rm. family.
Lakshmi Vilas Bank was an Indian private sector bank established in 1926 in Karur, Tamil Nadu. As of November 2020, the bank had 566 branches in 19 states and 1 union territory. On 27 November 2020, the bank was merged into the Indian subsidiary of DBS Bank.