Facts about Imperial Bank of India

  • The Imperial Bank of India (IBI) was one of the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into the State Bank of India in 1955.
  • Prior to the formation of the Reserve Bank of India (RBI) in 1934, IBI acted as central bank for British India.
  • IBI came into existence on 27 January 1921 through the reorganization and amalgamation of the three Presidency Banks (Bank of Bengal, Bank of Bombay and Bank of Madras)of colonial India into a single banking entity.
  • This decision was certainly influenced by the 1912 book “Indian Currency and Finance” authored by John Maynard Keynes.
  • In 1933, Sir Badridas Goenka, an important public figure and business tycoon of his time, and a prominent member of Marwari community of Calcutta, became the first Indian to be appointed as the Chairman of the Imperial Bank of India.
  • 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.

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