 "SBI, State Bank Of India")
On Tuesday, July 1, the nation’s largest lender, the State Bank of India, will turn 70. Happy Birthday, SBI.
The roots of SBI lie in the first decade of the 19th century, when the Bank of Calcutta (later renamed the Bank of Bengal) was set up in June 1806. Its current avatar is the result of the conversion of the Imperial Bank of India, following recommendation of the All-India Rural Credit Survey Committee, via the State Bank of India Act, 1955. The mandate was to extend banking facilities to unbanked regions and serve the credit needs of rural India.
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