How State Bank of India Came into Existence?

State Bank of India or SBI is a sleeping giant as it has roots way back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established.

It is interesting to note that In 1921, the Bank of Bengal and two other Presidency banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India.

In 1955, the controlling interest in the Imperial Bank of India was acquired by the Reserve Bank of India and the State Bank of India (SBI) came into existence by an act of Parliament as successor to the Imperial Bank of India . In the Indian Financial world, SBI is synonymous with trust and security.

Verdict

However this sleeping giant has to wake up as it has to progress further rather than disbursing pensions as it has become more or less a Junta bank where you find executives sitting with their hands full and a client has little space to move around. Oh God wake this sleeping giant and let it do some justice to its existence by giving some competition to private sector banks else they are eating its share in urban area. The clients go to them as they feel that they have minimum balance requirement bare minimum but the amount of man hours which is lost while waiting is just phenomenal.

Nonetheless the traders can bank on our sure tip of the day and can make money making a daily habit.