The largest bank, and the oldest still in existence, is the State Bank Of India(S.B.I). It originated as the Bank Of Calcutta in June 1806. In 1809, it was renamed as the Bank Of Bengal. This was one of the three banks funded by a Presidency government, the other two were the Bank Of Bombay and the Bank Of Madras. The three banks were merged in 1921 to form the Imperial Bank Of India, which upon India's independence, became the State Bank Of India in 1955. In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. These are now called its associate banks. The Indian banking sector is broadly classified into Scheduled Banks and non-scheduled banks. The scheduled banks are those included under the 2nd Schedule of the Reserve Bank of India Act, 1934. The scheduled banks are further classified into: nationalised banks; SBI and its associates; Regional Rural Banks (RRB’s); foreign banks; and other Indian private sector banks.SBI group and nationalised banks are governed by different regulations. SBI is almost wholly owned by RBI while the subsidiary banks are wholly owned by SBI. On the other hand Nationalised banks are almost wholly owned by the government of India.
SBIN0010497
Uttarakhand
Dehradun
