Imperial Bank of India

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The Imperial Bank of India (IBI) was one of the oldest and the largest commercial bank 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

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.

• 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