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History of Banks in India

Do you know which is the first bank in India? In the year 1683, The Madras bank, headquartered in Chennai (then Madras Presidency) is known to be one of the first banks of India. In 1720, East India Company founded Bank of Bombay which existed for 50 years. In 1770, Bank of Hindostan started its services in Loans and Deposits headquartered in Kolkata (then Calcutta) was founded by Alexander and Company, Limited.

State Bank of India (SBI) is the largest bank of India which started as Bank of Calcutta in 1806. It was renamed as Bank of Bengal in 1809. This was merged with Bank of Bombay and Bank of Madras in 1921 and was named Imperial Bank of India. Post-independence in 1955, it was renamed as State Bank of India.



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