In which year were the SBI subsidiaries nationalized?

Q.  In which year were the Subsidiaries of SBI nationalized?
- Published on 17 Feb 17

a. 1955
b. 1949
c. 1959
d. 1969

ANSWER: 1959
 
The State Bank of India (Subsidiary Banks) Act was passed in 1959.

The Act enabled the State Bank of India to make the eight former State-associated banks as its subsidiaries.

Out of 8, only 5 are still working and will soon be merged with SBI.

Note that, the current five associate banks are :
  • State Bank of Bikaner and Jaipur (SBBJ)
  • State Bank of Hyderabad (SBH)
  • State Bank of Mysore (SBM)
  • State Bank of Patiala (SBP)
  • State Bank of Travancore (SBT)

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