In 1955, the Imperial Bank of India was nationalised. The State Bank of India is the largest and oldest bank still in operation (S.B.I). In June 1806 it was founded as the Bank of Calcutta. It was renamed the Bank of Bengal in 1809. The Bank of Bombay and the Bank of Madras were the other two banks funded by a presidency government. The three banks merged in 1921 to form the Imperial Bank of India, which became the State Bank of India in 1955 after India's independence.
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