Question

The imperial bank was nationalised in 1955 as per the recommendation of

• A. Gorwala committee
• B. Narasimham committee
• C. Khan committee
• D. Tarapore committee

Answer 1

Answer:

A. Gorwala committee

Evolution of Banking in India:

• The first bank in India, the Bank of Hindustan was established in 1770 in Calcutta started by Alexander and Co. (failed 1832)
• Next came General Bank of India established in 1786.
• The East India Company established the Bank of Bengal in 1809.
• Bank of Bombay was established in 1840
• Bank of Madras was established in 1843,.
• These three banks were generally called Presidency Banks.
• These three banks were amalgamated in 1921 and the Imperial Bank of India was established.
• The imperial bank was nationalised in 1955 and renamed it as SBI. (July 1, 1955 as per the recommendation of Gorwala committee)