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
History of central banking in the United States banking system that could not regulate itself without the extraordinary intervention of one man. Financial leaders who advocated a central bank with an elastic currency after the Panic of 1907 included Frank Vanderlip, Myron T. Herrick, William Barret Ridgely, George E. Roberts, Isaac Newton Seligman and Jacob H. Schiff. They stressed the need for an elastic money supply that could expand or contract as needed. After the scare of 1907 the bankers demanded reform; the next year, Congress established a commission of experts to come up with a nonpartisan solution. Rhode Island Senator Nelson Aldrich, the Republican leader in the