Imperial Bank of India
 | This article includes a list of general references, but it lacks sufficient corresponding inline citations. (February 2019) |
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 | Bombay, Bombay Presidency , |
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.
Origin
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
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
.
Activities
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.
Milestones
- In 1924, at Apollo Street, currently called Mumbai Samachar Marg, Mumbai, a magnificent stone structure[2] with fretted windows, was constructed to house a branch of the Imperial Bank of India.
- In 1933, Sir Marwari community of Calcutta, became the first Indian to be appointed as the Chairman of the Imperial Bank of India.
Epilogue
The
Indian Government
.
Further reading
- The Evolution of the State Bank of India Volume III (The Era of the Imperial Bank of India, 1921-1955) Edited by State Bank of India (ISBN 0-7619-9696-6)
- Kumar Bagchi, Amiya. The Evolution of the State Bank of India Volume 1 – The Roots 1806-1876.
See also
- Indian banking
References
| International | |
|---|---|
| National | |
