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The Department of Posts has brought out a commemorative postage stamp on the occasion of bicentennial year of the State Bank of India. The stamp in the denomination of rupees fifteen will be released by Shri Dayanidhi Maran, Minister of Communications & Information Technology, here tomorrow. It is pertinent to mention that the State Bank of India, within a period of 5 years of its creation, had doubled its network with the opening of 416 new branches. Today the State Bank of India, with 9000 branches, functions in a decentralised manner with 14 Local Head Offices and 50 Zonal offices. The State Bank of India is the only Indian bank, to be among the top ten banks of the world. The State Bank of India has been actively participating in the employment generation and poverty alleviation schemes sponsored by the Government such as Swarnjayanti Gram Swarozgar Yojna, Prime Minister's Rozgar Yojna, scheme for liberation and rehabilitation of scavengers, etc.
The origin of State of Bank of India dates back to 2nd June 1806 when it started with the name of "Bank of Calcutta" later re-christened as the Bank of Bengal in the year 1809 and thus became the first of the Presidency Banks under the East India Company. The Presidency Banks of Bombay and Madras were established in 1840 and 1843 respectively which heralded the onset of modern banking in India. These banks continued to issue currency notes till the Government took over this function in 1862. They were given formal central bank status from the year 1866 till 1935 when the Reserve Bank of India was created. Under the Imperial Bank of India Act, the three Presidency Banks were amalgamated in 1921 to form the Imperial Bank of India, which was nationalised on 1st July 1955, resulting in the creation of the present day form of the State Bank of India. The State Bank has particularly been serving through its rural and semi-urban network, promoting agriculture and small scale industries.
In 1959 and 1960 the State Bank of India acquired eight banks, two of which were later merged into one. These seven Associate Banks today form an important part of the State Bank Group. The activities of State Bank of India not only touch every one in the country but also lend strength to Indian economy on a global platform.
RM/AMA- 300805 State Bank of India
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