Imperial Bank of India Bank of India performed all the normal functions which a commercial bank was expected to perform. In the absence of any central banking institution in India until 1935, the Imperial Bank of India also performed a number of functions which are normally carried out by a central bank. The Reserve Bank of India, which is the Central bank of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India, and the Imperial Bank of India was renamed on 30 April 1955 to the State Bank of India. This transformation from the Imperial Bank of India
Royal Commission on Banking and Currency Royal Commission on Banking and Currency The Royal Commission on Banking and Currency (also known as the Macmillan Commission) was a 1933 Canadian royal commission tasked with reviewing the Canadian government's involvement in monetary policy. Chaired by Scottish jurist Hugh Macmillan, it also included Bank of England director Sir Charles Addis, former Canadian Finance Minister William Thomas White, Banque Canadienne de Montreal general manager Beaudry Leman, and Premier of Alberta John Edward Brownlee. The Order in Council creating the commission was issued July 31, 1933, and the first meeting was held in Ottawa August 8. Meetings across the country followed