Is SBI a nationalized bank?
SBI got birth in the British Era. Its first parents were three presidency banks viz. Bank of Calcutta (later Bank of Bengal), Bank of Bombay and the Bank of Madras. In 1921, these three presidency banks were merged in one entity called “Imperial Bank of India”. The Imperial Bank of India was nationalized in 1955 and was renamed a State Bank of India. Thus, although SBI comes under the definition of nationalized banks; yet while classifying the commercial banks in India, RBI puts State Bank of India and its five associates under a separate category (SBI & Associates). Thus, Public Sector Scheduled Commercial Banks are of three categories in India viz. SBI & its five associates; 19 Nationalized Banks and two other Public Sector Banks viz. Bhartiya Mahila Bank and IDBI Bank.