Who was the founder of Imperial Bank of India which is now called the State Bank of India?

The Imperial Bank of India, which is now known as the State Bank of India (SBI), was founded by the efforts of the British government in India, primarily through the initiative of Sir William Peel and others associated with the British Imperial administration. The bank was established in 1906 as a result of the amalgamation of three banks: the Bank of Bengal (established in 1806), the Bank of Bombay (established in 1840), and the Bank of Madras (established in 1683).

In 1955, the Imperial Bank of India was nationalized and renamed as the State Bank of India, marking a significant transition in its operations from serving the British imperial interests to playing a vital role in the economic development of independent India. The formation of SBI was part of a broader effort to create a stronger banking infrastructure in India, ensuring access to banking services for a larger segment of the population.