Which bank took over the undertaking of the Imperial Bank of India in 1955?
Question and options
Which bank took over the undertaking of the Imperial Bank of India in 1955?
Reserve Bank of India
Punjab National Bank
Bank of Hindustan
State Bank of India
Answer and explanation
Correct answer: D - State Bank of India
The State Bank of India Act, 1955 constituted the State Bank of India, which took over the undertaking of the Imperial Bank of India from 1 July 1955. The Reserve Bank of India is the central bank and took over no commercial bank, and Punjab National Bank remained a separate bank.