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Mumbai, June 01, 2005 : On The Bank of Calcutta was set up to alleviate the financial stress
of the East India Company?s government, which had run into severe trouble with
wars raging against the Marathas, the French and the ruler of Mysore, Tipu Sultan. It was later
rechristened as the Bank of There were a few wealthy Indian customers as well. There was prince
Dwarkanath, poet laureate Rabindranath
Tagore?s grandfather. A rich local merchant, he had
interests in banking, insurance and coal mines. Records show he took a loan of Rs 60,000 in 1817. The East India Company also created the
Bank of Bombay in the Bombay Presidency in 1840 and the Bank of These presidency banks were always sticklers for rules. Said Willian Bentinck, the then
governor general of The Bank of In 1921 with the merger of the three presidency banks into the
Imperial Bank of On completion of 200 years, State Bank of India?s deposits have
growth over 14,000 times from 1905 levels to Rs
3,56,643 crore and advances by over 13,000 times to Rs 2,09,742 crore. So, how did the Imperial Bank become the State Bank of At that juncture, SBI had 219 branches and 14,682 employees, today it has about 14,000 branches and a staff
strength of 2 lakh (including its seven associate
banks). When the bank was nationalised, several European shareholders
exited the new entity, and the RBI?s stake soared to
97.1 per cent. One of the Indian shareholders who decided to maintain his stake
in State Bank of India was India?s foremost industrialist at the time, J R D Tata. Two centuries down the road, the bank, which was meant to fund the
wars of the |