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
Reserve Bank of India are minted by Government of India (GoI), the RBI works as an agent of GoI for distributing and handling of coins. RBI also works to prevent counterfeiting of currency by regularly upgrading security features of currency. For printing currency, RBI has four facilities at Dewas, Nasik, Mysore and Salboni. The RBI is authorized to issue notes up to value of Rupees ten thousands and coin up to one thousands. New notes of Rupees 500 and 2000 have been issued on 8 November 2016. The old series note of Rupees 1000 and 500 are considered illegal and just paper from midnight