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After PNB ( Punjab National Bank ) and Jammu and Kashmir Bank now it is Axis Bank has hike Prime lending rate ( PLR ) by 50 points after Central Bank the Reserve Bank of India (RBI) outlined strict measures to fight inflation by tightening liquidity.

Axis Bank's announcement was the latest in a series of banks going for PLR hike Wednesday as it revised its rate to 15.75 percent from 15.25 percent.

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State Bank of India History

1806: On June 2, the Bank of Calcutta was established.
1809: On January 2, the Bank of Calcutta changed its name to the Bank of Bengal.
1840: On April 15, the Bank of Bombay was established.
1843: On July 1, the Bank of Madras was established.
These three banks — Bank of Bengal, Bank of Bombay, and Bank of Madras — were known as Presidency banks, were the result of royal charters, and were incorporated as joint stock companies.
1861: The government passed the Paper Currency Act, limiting the right to issue paper currency to the three Presidency banks, .
1921: On January 27, the government amalgamated the three Presidency banks to form the Imperial Bank of India. The Imperial Bank of India continued as a joint stock company. Until the establishment of a central bank in India, the Imperial Bank and its early predecessors served as India's central bank, at least with respect to the issuing of currency.
1955: On 30 April, the Parliament of India enacted the State Bank of India Act authorizing the Reserve Bank of India (RBI), which is the central bank, to acquire a controlling interest in the Imperial Bank of India. The RBI then took a 60% ownership stake. On July 1, Imperial Bank of India became State Bank of India.
1959: the Government of India passed the State Bank of India (Subsidiary Banks) Act, which enabled SBI to take over eight former State-associated banks as its subsidiaries.
1980s When Bank of Cochin in Kerala faced a financial crisis, the government merged it with State Bank of India.
2007: On June 29, the Government of India acquired the entire Reserve Bank of India (RBI) shareholding in State Bank of India (SBI), consisting of over 314 million equity shares, with a market value of over 355 billion rupees.
2008: 9 March 2008 State Bank of India on Sunday became the second bank in the world to have 10,000 branches when Union Finance Minister P Chidambaram inaugurated its latest branch at his native place Puduvayal.[1]

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Imagine waking up in a home that’s not rented. Imagine living in a township spread over 100 acres of greenery. Imagine schools, hospitals, playgrounds, malls, banks, theatres, and everything you need within walking distance. Imagine such a place just over an hour’s train commute from your workplace. Imagine all this for Rs.3 lakhs. Imagine a guaranteed bank loan. Tanaji Malusare City, it’s everything you imagined for your family.

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