What was the State Bank of India called before it was created through SBI Act?

a. Bank of Hindustan

b. Bank of Madras

c. Imperial Bank of India

d. Imperial Bank of Calcutta

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ANSWER: Imperial Bank of India

Explanation:

The Imperial Bank of India was baptized as State Bank of India followed by the formation of 7 associate banks in 1959.

Recognizing the fact that banking plays a crucial role in the economic development of a country, the Government of India nationalized 14 major commercial banks in July 1969.

Another six commercial banks were nationalized in April 1980.