Question

When was the State Bank of India nationalised?
1. 1955
2. 1969
3. 1959
4. 1964
5. 1975

Answer 1

Correct Answer - Option 1 : 1955

The Correct Answer is 1955.

• State Bank of India (SBI), a state-owned commercial bank and financial services company.
• The oldest commercial bank in India, SBI originated in 1806 as the Bank of Calcutta.
• Three years later the bank was issued a royal charter and renamed the Bank of Bengal. 
• ​The nationalization of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalized 14 banks then. 
• Before the steps of nationalization of Indian banks, only the State Bank of India (SBI) was nationalized.
• It took place in July 1955 under the SBI Act of 1955. Nationalization of Seven State Banks of India (formed subsidiary) took place on 19th July 1960.