Question

The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January?

• A. 1961
• B. 1956
• C. 1949
• D. 1921

Hint:

Remember: Presidency Banks (Bengal, Bombay, Madras) merged in 1921 → Imperial Bank of India → became State Bank of India in 1955.

Answer 1

The Correct Option is D

Step 1: The three presidency banks in India were Bank of Bengal (1806), Bank of Bombay (1840), and Bank of Madras (1843). Step 2: These banks were amalgamated into a single entity, the Imperial Bank of India, on 27 January 1921. Step 3: Later, in 1955, the Imperial Bank of India was nationalized and renamed the State Bank of India (SBI). \[ \boxed{1921} \]