WBCS.LIVE practice question

Which bank was formed by renaming the 'Imperial Bank of India' in 1955?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Reserve Bank of India
  2. State Bank of India
  3. Bank of India
  4. Central Bank of India

Correct answer and explanation

Correct answer: State Bank of India

Explanation: āœ… Correct Answer: B) State Bank of India šŸ“š Explanation: The State Bank of India (SBI) was created in 1955 under the State Bank of India Act to replace the Imperial Bank of India. The Imperial Bank itself had been formed in 1921 by merging the three Presidency Banks of Bengal, Bombay, and Madras. Today, SBI is the largest public sector bank in India and plays a crucial role in the country's financial stability.