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Imperial Bank of India

Emblem of the Imperial Bank of India
Company type	Private (80%)
Industry	Banking, financial services
Predecessor	Bank of Calcutta (1806 – 1921) Bank of Bombay (1840 – 1921) Bank of Madras (1843 – 1921)
Founded	27 January 1921; 103 years ago (1921-01-27)
Founder	John Maynard Keynes
Defunct	1 July 1955; 69 years ago (1955-07-01)
Fate	Nationalization into State Bank of India in 1955
Successor	State Bank of India State Bank of Pakistan
Headquarters	Bombay, Bombay Presidency, India
Area served	India

The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central bank for India prior to the formation of the Reserve Bank of India (RBI) in 1935.

Origin

The Imperial Bank of India is started through the Kayasth Trading and Banking Corporation which worked to the monthly payment paid of teacher's of colleges and school and came into existence on 27 January 1921 through the reorganisation and amalgamation of the three Presidency Banks of colonial India into a single banking entity. The decision of his majesty's government was certainly influenced by the 1912 book "Indian Currency and Finance" authored by John Maynard Keynes. The Presidency Banks were the Bank of Bengal, established on 2 June 1806, the Bank of Bombay (incorporated on 15 April 1840), and the Bank of Madras (incorporated on 1 July 1843). The Imperial Bank was 80% privately owned while the rest were owned by the state. The First Governor of The Imperial Bank was Rajah Sir Annamalai Chettiar.

Activities

The Imperial Bank of India performed all the normal functions which a commercial bank was expected to perform. In the absence of any central banking institution in India until 1935, the Imperial Bank of India also performed a number of functions which are normally carried out by a central bank.

Milestones

• In 1924, at Apollo Street, currently called Mumbai Samachar Marg, Mumbai, a magnificent stone structure with fretted windows, was constructed to house a branch of the Imperial Bank of India.
• In 1933, Sir Badridas Goenka, an important public figure and business tycoon of his time, and a prominent member of Marwari community of Calcutta, became the first Indian to be appointed as the Chairman of the Imperial Bank of India.

Epilogue

The Reserve Bank of India, which is the central bank of India, acquired a controlling interest in the Imperial Bank of India in 1955, which was renamed on 30 April 1955 to the State Bank of India. This transformation from the Imperial Bank of India to the State Bank of India was given legal recognition through an Act of the Parliament of India, which came into force from 1 July 1955. On that day, the bank had 480 branches and sub-offices, as well as three local head offices; slightly more than a quarter of the resources of the Indian banking industry was under its control and command. The branch network of the State Bank of India has since grown to 24,050 branches as of 31 March 2018. In 2007, the Reserve Bank of India transferred its stake in the State Bank of India to the Indian Government.

Further reading

• The Evolution of the State Bank of India Volume III (The Era of the Imperial Bank of India, 1921-1955) Edited by State Bank of India (ISBN 0-7619-9696-6)
• Kumar Bagchi, Amiya. The Evolution of the State Bank of India Volume 1 — The Roots 1806-1876.

See also

• Indian banking

References

1. Howard, H. F. (1921). "The Imperial Bank of India". The Economic Journal. 31 (122): 147–171. doi:10.2307/2222811. JSTOR 2222811.
2. "S. Rm. M. Annamalai Chettiar", Misplaced Pages, 7 August 2024, retrieved 7 August 2024
3. "The Sunday Tribune - Spectrum Index".

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Defunct banks	Merged PSB New Bank of India Dena Bank Vijaya Bank Allahabad Bank Andhra Bank Corporation Bank Oriental Bank of Commerce United Bank of India Syndicate Bank SBI Bank of Bombay Bank of Calcutta Bank of Madras Imperial Bank of India State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Saurashtra State Bank of Travancore Bharatiya Mahila Bank Rescued Global Trust Bank (OBC) Lakshmi Vilas Bank (DBS) Nedungadi Bank (PNB) United Western Bank (IDBI) United Industrial Bank (Allahabad Bank) Punjab and Maharashtra Co-operative Bank (Unity SFB) Acquired Bank of Madura Bank of Rajasthan Bengal Central Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Grindlays Bank National Bank of India ING Vysya Bank Mercantile Bank of India, London and China Lord Krishna Bank Times Bank Vysya Bank PSB Bharat Overseas Bank Pandyan Bank Wound up Bank of Chettinad Dass Bank Failed Alliance Bank of Simla Arbuthnot & Co Commercial Bank of India Exchange Bank of India & Africa (New) Oriental Bank Corporation Oudh Commercial Bank Madhavpura Mercantile Cooperative Bank Liquidated Bengal Bank (1784) Bank of Bombay (1720) Bank of Hindostan General Bank of India General Bank of Bengal and Bihar Nath Bank Palai Central Bank The Commercial Bank (1819) The Calcutta Bank (1824) The Union Bank (1828) The Government Savings Bank (1833) The Bank of Mirzapore (1835) Travancore National and Quilon Bank
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