The oldest commercial bank in the country, State Bank of India, SBI, is celebrating its 66th year today. SBI descends from the Bank of Calcutta founded in 1806 through the Imperial Bank of India.
The Bank of Madras merged into the other two presidency banks, the bank of Calcutta and the bank of Bombay to form the Imperial Bank of India which in turn became the State Bank of India on this day in 1955.
SBI is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai.
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