what is the old name of state bank of india

The old name of the State Bank of India (SBI) was the “Imperial Bank of India.” It was founded in 1921 by amalgamating three presidency banks: the Bank of Bengal, the Bank of Bombay, and the Bank of Madras. 

In 1955, the Imperial Bank of India was nationalized and became the State Bank of India under the State Bank of India Act, 1955. This move aimed to centralize banking and create a single, powerful institution to serve the needs of the Indian economy. Since then, the State Bank of India has grown to become the largest commercial bank in India, playing a crucial role in the country’s financial sector and economic development.