abhishreshthaa
Abhijeet S
1806: The Bank of Calcutta is established as the first Western type bank.
1809: The bank receives a charter from the imperial government and changes its name to Bank of Bengal.
1843: Another sister bank is formed: Bank of Madras, which, together with Bank of Bengal and Bank of Bombay become known as the presidency banks, which had the right to issue currency in their regions.
1861: The Presidency Banks Act takes away currency issuing privileges but offers incentives to begin rapid expansion, and the three banks open nearly 50 branches among them by the mid1870s.
1876: The creation of Central Treasuries ends the expansion phase of the presidency banks.
1921: The presidency banks are merged to form a single entity, Imperial Bank of India.
1955: The nationalization of Imperial Bank of India results in the formation of the State Bank of India, which then becomes a primary factor behind the country's industrial, agricultural, and rural development.
1969: The Indian government establishes a monopoly over the banking sector.
1972: SBI begins offering merchant banking services. 1986: SBI Capital Markets is created.
1995: SBI Commercial and International Bank Ltd. are launched as part of SBI's stepped-up international banking operations.
1998: SBI launches credit cards in partnership with GE Capital.
2002: SBI networks 3,000 branches in a massive technology implementation.
2004: A networking effort reaches 4,000 branches.
1809: The bank receives a charter from the imperial government and changes its name to Bank of Bengal.
1843: Another sister bank is formed: Bank of Madras, which, together with Bank of Bengal and Bank of Bombay become known as the presidency banks, which had the right to issue currency in their regions.
1861: The Presidency Banks Act takes away currency issuing privileges but offers incentives to begin rapid expansion, and the three banks open nearly 50 branches among them by the mid1870s.
1876: The creation of Central Treasuries ends the expansion phase of the presidency banks.
1921: The presidency banks are merged to form a single entity, Imperial Bank of India.
1955: The nationalization of Imperial Bank of India results in the formation of the State Bank of India, which then becomes a primary factor behind the country's industrial, agricultural, and rural development.
1969: The Indian government establishes a monopoly over the banking sector.
1972: SBI begins offering merchant banking services. 1986: SBI Capital Markets is created.
1995: SBI Commercial and International Bank Ltd. are launched as part of SBI's stepped-up international banking operations.
1998: SBI launches credit cards in partnership with GE Capital.
2002: SBI networks 3,000 branches in a massive technology implementation.
2004: A networking effort reaches 4,000 branches.