..........This eventually led to the merger of the three Presidency Banks into the Imperial Bank of India in 1920. The Imperial Bank of India was proposed as an institution with overall – as opposed to territorial – presence in India. From its inception, the Imperial Bank of India had the status of a quasi-central bank, which undertook banking functions and managed the rupee debt of the government until the formation of the RBI in 1935. After the creation of RBI, the Imperial Bank acted as its agent – a structure still followed after the partition of India, before the State Bank of Pakistan was finally formed in 1948.
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