State Bank of India revolutionizes agricultural and industrial development in Bihar.
The State Bank of India was established in 1955 by taking over the assets of the Imperial Bank of India. The Imperial Bank, formed in 1921, had special powers and privileges in the banking sector. With the establishment of the Reserve Bank of India in 1935, the Imperial Bank's role changed. There were calls for nationalization of the bank, which eventually led to the creation of the State Bank of India in 1955. This new bank aimed to provide better services to the nation by amalgamating certain state-owned banks with the Imperial Bank.