The Imperial Bank of India was Established by J. M. Keynes and came into existence on 27 January 1921. It was formed by merging three Presidency Banks (Bank of Bengal, Bank of Bombay, Bank of Madras) of colonial India. In the year 1955 The Reserve Bank of India acquired the controlling interest in the Imperial Bank of India rename it as State Bank of India. It was done through in terms of an Act Passed by the Parliament of India, which came in to force from 1 July 1955. he day on which the Imperial Bank of India (IBI) became the State Bank of India, IBI had 480 branches, sub-offices, and three local head offices; and had under its control and command slightly more than a quarter of the resources of the Indian banking industry. In 2007 Reserve Bank of India transferred its stake in State Bank of India to Government of India.
Civil Services
