On this day, Bank of Calcutta, the precursor of State Bank of India, was established by the British East India Company. It would be renamed Bank of Bengal after a brief period. Bank of Bombay started on April 15, 1840, and Bank of Madras on July 1, 1843.
These operated as unit banks initially and took to branch banking in 1862. Their branches were established at several ports and trade centres in British India.
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The three banks were merged on January 27, 1921, to form Imperial Bank of India, an all-India bank. On July 1, 1955, as the premier commercial bank of the country, Imperial Bank of India was nationalised and named State Bank of India.
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