Imperial Bank of India was rechristened SBI

Q.  Which bank was baptised as the State Bank of India?
- Published on 20 Jul 15

a. New Bank of India
b. Imperial Bank of India
c. Indian Bank
d. United Bank of India

ANSWER: Imperial Bank of India
The Imperial Bank of India was baptised as State Bank of India followed by the formation of 7 associate banks in 1959. Recognising the fact that banking plays a crucial role in the economic development of a country, the Government of India nationalised 14 major commercial banks in July 1969. Another six commercial banks were nationalised in April 1980 in order to bring commercial banks into the mainstream of economic development with definite social obligations and objectives.

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