2405:201:3000:5B6B:5414:FC77:6683:F570 at 14:25, 4 October 2021

2021-10-04T14:25:06Z

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{{Inline citations|date=February 2019}}
{{Use dmy dates|date=January 2021}}
{{Use Indian English|date=January 2021}}
{{Infobox company
| name = Imperial Bank of India
| logo = SBI_Imperial_bank_seal.jpg
| logo_caption = [[Emblem]] of the Imperial Bank of India
| former_name =
| type = [[Privately held company|Private]] (80%)
| industry = [[Banking]], [[financial services]]
| fate = Nationalization into [[State Bank of India]] in 1955
| predecessor =
* [[Bank of Calcutta]]<br/>(1806 {{endash}} 1921)
* [[Bank of Bombay]]<br/>(1840 {{endash}} 1921)
* [[Bank of Madras]]<br/>(1843 {{endash}} 1921)
| successor = [[State Bank of India]]
| foundation = {{start date and age|1921|01|27|df=yes}}
| founder = [[John Maynard Keynes]]
| defunct =
| location_city = [[Bombay]], [[Bombay Presidency]]
| location_country = [[British India]]
| area_served = India
| products =
| parent =
| subsid =
| homepage =
}}

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. Initially, as per its royal charter, it acted as the central bank for [[British India]] prior to the formation of the [[Reserve Bank of India]] (RBI) in 1935.

==Origin==

The Imperial Bank of India came into existence on 27 January 1921 through the reorganisation and amalgamation of the three Presidency Banks of [[British Raj|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]].<ref>{{Cite journal|url=https://www.jstor.org/stable/2222811|jstor=2222811|title=The Imperial Bank of India|last1=Howard|first1=H. F.|journal=The Economic Journal|year=1921|volume=31|issue=122|pages=147–171|doi=10.2307/2222811}}</ref> 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.

==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 bank|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<ref>{{Cite web|url=http://www.tribuneindia.com/2005/20050626/spectrum/|title=The Sunday Tribune - Spectrum Index}}</ref> with fretted windows, was constructed to house a branch of the Imperial Bank of India.
* In 1933, Sir [[Badridas Goenka]], an important public figure and business tycoon of his time, and a prominent member of [[Marwaris|Marwari community]] of [[Kolkata|Calcutta]], became the first Indian to be appointed as the Chairman of the Imperial Bank of India.

==Epilogue==
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|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]].

==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}})
*''{{cite book |title=The Evolution of the State Bank of India Volume 1 — The Roots 1806-1876 |first=Amiya |last=Kumar Bagchi |url=http://www.hindu.com/br/2007/04/03/stories/2007040300301600.htm}}

==See also==
*[[Indian banking]]

==References==
{{Reflist}}

{{Banking in India}}
{{SBI}}

[[Category:Banks established in 1921]]
[[Category:Banks disestablished in 1955]]
[[Category:Defunct banks of India]]
[[Category:1955 disestablishments in India]]
[[Category:Indian companies established in 1921]]
[[Category:Banks based in Mumbai]]

Imperial Bank of India - Revision history

2405:201:3000:5B6B:5414:FC77:6683:F570 at 14:25, 4 October 2021