Which is the oldest bank of India

SBI is such a bank in which the government has the maximum stake or we can say that SBI is a government bank. SBI is one of the oldest bank in India. But probably now many questions are arising in your mind about SBI. Which is the oldest bank of India?

First of all, how is SBI the oldest bank while SBI was started in 1955. And before this many banks were established like BOB, HDFC, Axis etc.

SBI was not established suddenly in 1955, but the foundation of SBI had already been laid in 1806. And from 1806 to 1955 many changes took place in that bank. After changing in many forms, today that bank is providing banking service in India under the name of SBI and SBI is the oldest bank in India.

Which is the oldest bank of India?

However, as far as India’s oldest bank is concerned, “The Bank of Hindustan” was the oldest bank in India. Which was established in 1770 but this bank was closed in 1832.

Which is the second oldest bank of India?

And the oldest second bank of India was “General bank of India”. It took place in 1786 but could not increase its business and was closed in 1791.

Both these banks were the oldest banks in India but they were closed within a few years. Which are not present in the present time, and after that now the era of SBI started.

  • SBI is the result of integration of three different banks.
  • “Bank of Culcutta” was established on 2 June 1806 and this is the first bank of India.
  • Bank of Bombay was established on 15 April 1840
  • And Bank of Madras was established on 1 July 1843.
  • All these banks did individual business for a long time. And on January 28, 1921, the integration of these three banks took place and a new bank was established by their integration. Whose name was “Imperial bank of India”.
  • Although many other banks had been established before the “Imperial Bank of India” bank formed by their integration. And those banks were also doing their business.
  • But we will call “Imperial Bank of India” as the oldest bank of India. Because this bank was formed from the integration of the oldest bank and on 1 July 1955, the Indian government started controlling the imperial bank of India with 61.58% share .
  • This was the time when imperial bank of India had completely become SBI. The imperial bank of India was known to be operated with a new name “SBI” which was being operated by the Indian government. And doing it this time also.

SBI is the second oldest bank in India

“Imperial Bank of India” was established by the integration of Bank of Culcutta, Bank of Bombay, Bank of Madras.

And in 1955, the Indian government introduced SBI, a new form of imperial bank of India with a 61.58% stake, that is, SBI was established on 1 July 1955.

During the establishment of SBI, there were a total of 480 branches, which were not made by SBI, but belonged to the imperial bank of India. But after its conversion to SBI, the entire property of imperial bank was used as SBI.

So you have come to know that which is the oldest bank of India, because SBI is formed by integration of the oldest bank of India. And till the establishment of SBI, there were many changes in it, about which you have got complete information above.

In this article you learned which is the oldest bank in India. We hope this information will prove useful for you.

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