OpenGuide-Banking In India was  attained since the Imperial Bank Of India.Subsequently State bank of India took birth so are  its subsidiaries.Banks and its nationalisation of 1969 are very important with respect to the topics of students of Banking,PSC and UPSC.Given below are the steps that took to the birth of SBI and nationalisation of banks.

(i)Three regional Presidency Banks of Bengal,Madras and Bombay were amalgamated into The Imperial Bank of India which came into existence on 27th January,1921.

(ii)Gorwala committee popularly known as the All India Rural Credit Committee was gave recommedations to Nationalize Imperial Bank of India after witnessing that large part of population were not covered by cooperatives.

(iii)In 1955 Imperial bank of india was nationalized and renaming it as State Bank  of India.

(iv)In 1960 eight banks that  situated in eight provinces were declared as subsidiaries of  State Bank of India.They are State Bank of Bikaner,State Bank of Jaipur,State Bank of Patiala,State Bank of Indore,State Bank of Hyderabad,State Bank of Mysore,State Bank of Saurashtra and State bank of jammu & kashmir.

(v)In 1963 State bank of Bikaner and Jaipur was amalgamated.

(vi)Later in 2008  State Bank of Saurashtra was merged with SBI

(vii)In 2008 Indore was merged with SBI.

(viii)The State Bank of bikaner & Jaipur,State Bank of hyderabad,State Bank of Mysore,State Bank of Patiala,State Bank of Travancore and Bharatiya Mahila bank were merged with SBI with  effect from 1st April,2017

Nationalization Of Commercial Banks

(i)14 Banks were nationalized in India in 1969

(ii)6 more Banks were nationalized in 1980

(iii)In 1991,Narasimharao commission was appointed and small banks were merged with big banks.New Bank of India was merged with punjab National bank

(iv)All the remaining associates of State Bank of India were merged on 1st April,2017