Yesterdate: This day from Kolkata’s past, January 27, 1921

On this day, the Bank of Calcutta and the two other Presidency banks, Bank of Bombay and Bank of Madras, were merged to form the Imperial Bank of India, an all-India bank.

The new bank performed like a regular commercial bank. Still, in the absence of a central banking institution till the founding of the Reserve Bank of India in 1935, it carried out a few functions usually carried out by a central bank.

On July 1, 1955, the Imperial Bank was nationalised to create the State Bank of India.

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