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SBI celebrates 70 years since its formation in 1955

SBI celebrates 70 years since its formation in 1955:

July 1 marks a historic milestone in India’s financial landscape as the State Bank of India (SBI) celebrates its 70th anniversary. Established in 1955, SBI is more than a banking institution—it’s a symbol of India’s economic journey and a trusted partner in national development. From financing small farmers to funding global corporations, SBI’s reach spans both geography and generations. The roots of SBI date back to 1806, with the founding of the Bank of Calcutta, followed by the Bank of Bombay (1840) and Bank of Madras (1843). These merged in 1921 to form the Imperial Bank of India After independence, in line with the First Five-Year Plan’s emphasis on rural development, the Imperial Bank was nationalised on July 1, 1955 through the State Bank of India Act. This move laid the foundation for India’s largest public sector bank.