The State Bank of India (SBI) is not just the largest bank in India but also one of the oldest financial institutions in the country. With a deep-rooted history that spans over two centuries, the journey of SBI from its origin as the Bank of Calcutta to becoming the banking giant it is today is fascinating and rich with historical importance. In this article, we are providing detailed information about the old name of SBI, along with the history and other important details.
Introduction to the State Bank of India (SBI)
State Bank of India (SBI) is a Fortune 500 company, recognised as India’s largest public sector bank, with over 22,000 branches and over 62,000 ATMs across the country. Apart from India, SBI has its presence in over 30 countries, serving millions of customers with its financial services.
But did you know that the name State Bank of India was officially adopted only in 1955? Before that, the institution underwent several transformations and name changes to suit the emerging banking and economic landscape of the country.
State Bank of India Former Name
The State Bank of India (SBI), India’s largest public sector bank, was originally established as the Bank of Calcutta in 1806, making it one of the oldest banks in the country. In 1921, the Bank of Calcutta merged with the Bank of Bombay and the Bank of Madras to form the Imperial Bank of India, which served as a major banking institution during British rule. After India’s independence, the Imperial Bank of India was nationalized and renamed as the State Bank of India on 1st July 1955, following the enactment of the State Bank of India Act, 1955.
What is the Old Name of SBI?
SBI’s oldest name was the Bank of Calcutta, founded in June 1806 in Calcutta (now Kolkata) during the British colonial period. It was one of the first banks established by the British East India Company to meet its financial and trading needs in the region. Over the years, the bank underwent several name changes and reorganisations, eventually being called the Imperial Bank of India before being nationalised and renamed the State Bank of India (SBI) in 1955.
SBI was Established in Which Year
Let’s trace the chronological timeline of the old names of SBI:
| First Presidency Bank established in British India | Name | Details |
| 1806 | Bank of Calcutta | The second presidency bank was set up |
| 1809 | Bank of Bengal | Renamed from Bank of Calcutta |
| 1840 | Bank of Bombay | Merger of the Bank of Bengal, Bank of Bombay, and Bank of Madras |
| 1843 | Bank of Madras | The second presidency bank was set up |
| 1921 | Imperial Bank of India | First Presidency Bank was established in British India |
| 1955 | State Bank of India (SBI) | Merger of the Bank of Bengal, Bank of Bombay, and Bank of Madras |
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FAQ
The old name of SBI was the Bank of Calcutta, established in 1806.
It was renamed the Bank of Bengal in 1809.
The State Bank of India Act, 1955.
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