Epilogue
The Reserve Bank of India, which is the central banking organization of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India, and the Imperial Bank of India was christened on 30 April 1955 as the State Bank of India, and this transformation from the Imperial Bank of India to the State Bank of India was given legal recognition in terms off an Act of the Parliament of India, which came into force from 1 July 1955. The day on which the Imperial Bank of India (IBI) became the State Bank of India, IBI had 480 branches, sub-offices, and three local head offices; and had under its control and command slightly more than a quarter of the resources of the Indian banking industry. The branch network of State Bank of India has since grown to 9093 branches as on 31 March 2004. In 2007 Reserve Bank of India transferred its stake in State Bank of India to Government of India.
Read more about this topic: Imperial Bank Of India
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