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