Oct
1950 |
Department of Banking
Development created together with the new post of Executive
Director. |
1951 |
Reserve Bank of
India (Amendment) Act, 1951 enabled the Bank to become Banker to
Part B states after executing agreements with them. |
|
First Five Year Plan
launched. |
1 Jan
1952 |
Bill Market Scheme introduced to
enable banks to obtain advances from the Reserve Bank against self
liquidating bills. It was aimed at allowing currency to expand to
meet seasonal requirements. |
1 Aug 1952 |
State Financial
Corporations Act, 1951 came into effect. It Enabled state
governments to establish Financial corporations for meeting the
credit needs of medium and small scale industries. Bank’s Holdings
of the capital of SFCs taken over by the IDBI in 1976. |
Aug
1954 |
All-India Rural Credit Survey
Committee Report submitted. Its recommendations led to bringing
rural credit onto the centre stage of central bank activism. Led to
the formation of the State Bank of India. |
14 Sep 1954 |
Bankers’
Training College to provide training to banking personnel
established at Bombay (Mumbai) inaugurated. |
1 Apr
1955 |
Hali Sicca Rupees which had a
circulation of about OS 48 crores ceased to be legal tender in the
erstwhile Hyderabad State. These were replaced by Indian
Rupees. |
1 Jul 1955 |
Imperial Bank of
India converted to a state owned institution, State Bank of India on
July 1, 1955. One of the immediate objectives was to establish
additional branches particularly at district headquarters. It was
also expected to provide remittance and other facilities to
co-operative and other banks and attempt to mobilise rural
savings. |
|
Second Five Year Plan
commences |
17 May 1956 |
Selective Credit
Controls were deployed for first time. |
6 Oct
1956 |
System of Note Issue changed
from Proportional Reserve System requiring the Reserve Bank to
maintain 40% gold and forex reserves against note issue to a minimum
reserve system. This was to enable the expanding currency
requirements of the economy to be met. |
14 Jan 1957 |
Resignation of
Governor, Sir Benegal Rama Rau. |
14 Jan
1957 |
K.G. Ambegaonkar appointed
governor till February 28th. |
1 Mar 1957 |
HVR Iengar
appointed governor |
31 Oct
1957 |
Minimum reserves against note
issue relaxed further. |
1959 |
State Bank of
India (Subsidiary Banks) Act, 1959 made the banks of the erstwhile
Princely Sates of India the subsidiaries of the State Bank of India.
These were The Bank of Bikaner, The Bank of Jaipur, The Bank of
Indore. The Bank of Mysore, The Bank of Patiala, The Bank of
Hyderabad, The Bank of Saurashtra and The Bank of Travancore were
made subsidiaries of The State Bank of India. The Bank of Bikaner
and The Bank of Jaipur were amalgamated in 1963 to form the State
Bank of Bikaner and Jaipur. |