4550) Did You Know Series (141): 1) The Evolution of the State Bank of India over its 220 Year old heritage: 2) Emblems of the Bank - the evolution: 3) Coins and Special Postal Cover issued on SBI's 200th Anniversary in 2006: 4) Two Reference Books on "The Evolotion of SBI by A.K. Bagchi, a renowned historian: 5) The Special Cover issued by Bhartiya Dak/India Post featuring the State Bank of India Kolkata Local Head Office: 6) The Heritage Room/Museum of SBI Local Head Office, Kolkata:
Some posts on State Bank of India and some other Banks on this Blog:
State Bank of India is one of the few Organisations in India, which has a heritage spanning over two hundred years.
Its exciting development into the large Organisation that it has become with multi-faceted Banking activities across the Globe (it has come a long way from the early days when the Bank of Calcutta was created in 1806) was recognised by the monetary regulator, the Reserve Bank of India and Commemorative coins were issued in 2006 to celebrate the bicentenary of the Bank’s creation.
1) Early history of Banking in India during the times of East India Company:
Bombay had been given as dowry to the King of England in 1661 by the Portuguese, which he transferred to the East India Company in 1669 for a rental.
In 1671, the East India Company started minting their own coins which led to a dispute with the Mughal King Aurangzeb, which was sorted out, when it was decided that the East India Company issues were to be circulated as currency in the territories governed by the Company only.
In 1720, the Company set up a Bank in Bombay, for the main purpose of carrying on trading activities and increasing the Company’s revenues, its earlier attempts to set up a Bank in Madras towards the end of the seventeenth century, having met with limited success.
All along several private Banks continued to do business, apart from indigenous Banks in various major business centres, in India.
In between, the Bank of Hindostan was set up in 1770, managed by a private group.
In 1773, Warren Hastings, the then Governor-General of India, floated the General Bank of Bengal and Bihar.
In 1776, the General Bank of India commenced operations independently.
Setting up of the Bank of Calcutta and the Presidency Banks of Bengal, Calcutta and Madras:
After many schemes for larger Banking operations in Bengal, by the East India Company, the plan devised by Henry St. George Tucker, the Accountant General of the Government of Bengal, and later the Chairman of the East India Company, finally led to the setting up of the Bank of Calcutta in March 1806, and it commenced Banking Operations for the public on 2nd June 1806.
The success and growing operations of the Bank of Calcutta, led to the establishment of the Presidency Bank of Bengal which commenced public operations on 2nd March 1809. This was the first joint-stock bank in British India.
An important safeguard built into the guidelines for operation of this Bank was, that, the monetary and personal stakes of the East India Company’s Government and the private commercial interests of English/European traders were clearly defined, so that the Bank would neither be governed strictly by the Company’s Government policies nor would it be solely governed by entirely private enterprise interested only in making fast money.
Thus, both public and private interests were taken care of – an aspect that State Bank of India follows, in principle, to the present day.
2) The Emblems of the Presidency Banks and the State Bank of India:
Emblem/seal of the Bank of Bengal (shown above).
On 15th April 1840, the Presidency Bank of Bombay was set up to cater to banking business in Bombay and neighbouring territories.
On 1st July 1843, the Presidency Bank of Madras commenced public operations for territories governed by the Company and neighbouring areas.
Emblem of the Bank of Madras (shown above).Notice that it is similar to the Coat of Arms of the East India Company.
Like the Bank of Bengal, the Bank of Bombay and the Bank of Madras were joint–stock Banks. All three Banks were created under Royal Charters.
A noteworthy point is that all three Presidency Banks were authorised to issue paper currency in 1861 under the Paper Currency Act , around the time when the East India Company’s control over currency and coinage matters was being transferred to the British Government, and the “Regal issues” (coins) were being envisaged.
This note issuing authority was ,later, taken over by the Reserve Bank of India in 1935.
Amalgamation of Presidency Banks into the Imperial Bank of India:
By the Imperial Bank of India Act 1920, for uniformity in All India operations in all the territories in India under British Rule, the three Presidency Banks were merged to form the Imperial Bank of India.
Emblem/seal of the Imperial Bank of India, which is similar to the coat of Arms of the East India Company as well as the emblem of the Bank of Madras.
Under the recommendations of the All-India Rural Credit Survey Committee, the Imperial Bank was Nationalised by the Government of India and the State Bank of India was created on 1st July 1955.
The State Bank is different from other Nationalised Banks, in that its operations are governed by the State Bank of India Act.
However, this logo was later abandoned, as it invited criticism that a Banyan tree does not let any other plant grow within its space (a symbolism that the other smaller Banks in operation in India, also needed to grow in operations)
In 1971 (A few years before I joined the State Bank of India in 1982), the logo was changed as under:
This logo is open to several interpretations:
- a) The most commonly interpreted one is that the small circle in the centre denotes that despite its large size, it is always the common man who holds the centre-stage in State Bank Operations.
- b) The next interpretation is, that the white circle on blue background denotes a “key-hole” (presumably that of a locker) indicating that it symbolises security and trust.
- c) A third interpretation is, that it is key-hole to the customer’s future and the moment one becomes a State Bank customer, one looks to a future which holds promise for one’s progress and achievement in business and life.
- d) A fourth interpretation is that the white round circle is like a stone thrown in a pond, and symbolizes that once a deposit is made with the State Bank, it has a ripple effect and the deposit grows and grows on its own leading to prosperity and happiness in life.
- e) A fifth interpretation is that the white circle denotes a State Bank of India Branch, which will be found anywhere you go, even in the narrow lanes of towns and cities. In other words, the State Bank will be there to serve you, wherever you go.
3) Bicentenary of SBI's Operations celebrated in 2006 with the issue of Coins and Special Postal Cover (SC):
To commemorate two hundred years of the operations of State Bank of India and its predecessors, the Reserve Bank of India took out a 100-rupee proof/uncirculated commemorative coin, through the India Government Mint, Mumbai, Hyderabad and Kolkata.

The Obverse of the coin shows the Lion Capitol of Emperor Ashoka on top, with the words “Satyameva Jayate” below the Lion Capitol which complete the Government of India emblem.
Also, the numeral “5” is below the Lion Capitol denoting the denomination of the coin.
The words, “Bharat and Rupiye” in Hindi are there on one side of the Lion Capital and the words “India and Rupees" in English on the other side of the Lion capitol.
The Reverse of the Coin issued by Hyderabad mint (notice the star mint mark below the State Bank of India (SBI) logo. The SBI logo is flanked by the years 1806 and 2006 (indicating the bicentenary of SBI’s celebrations). On top of the coin are the words “Bhartiya State Bank" in Hindi and at the bottom of the coin are the words “State Bank of India" in English.
The Posts and Telegraphs Department also brought out a First Day cover on the state Bank of India’s bicentennial, an image of which is presented here:
On the First Day Cover (FDC), on the stamp, on the top are impressions of Bank notes issued by the Bank of Bengal, Bank of Bombay and the Bank of Madras (in that order) and one of the seals/emblems of the Imperial Bank of India (similar to the Standard /Coat of Arms of the East India Company.
The large buildings are those of the Bank of Bengal, the Bank of Bombay in front and ,that , of the Bank of Madras on the back.
The words “Pratham Divas Aavaran” in Hindi are followed by the words “ First Day cover “ in English, below which are the numerals/words 200 years.
The large building to the bottom left hand side of the envelope is that of the State Bank of India Mumbai branch , as it exists today.
On the extreme right hand of this building, is the stamp of the Posts and Telegraph Department in the form of the State Bank logo (present day) with the date of issue 31st August 2005, indicating that the year-long bicentenary celebrations have commenced.
On the bottom line of the cover is the Operational seal of the Imperial Bank of India, followed by several Bank Notes which were issued by various Banks in the eighteenth, nineteenth and twentieth centuries, in India (Notice the words “The Bank of Bengal", "Bank of Hindostan”, “Bank of Madras”, “Bank of Bombay”, “The Imperial Bank of India” and “Government of India” on the images of these notes).
In the centre of this section, there is a very prominent picture of a Gold Mohur with a lion facing left, standing under a palm tree with several leaves.
Coins with images like these were, commonly, issued under the Standard coinage 1835 issues, during the time of King William IV and Queen Victoria.
Notice anything familiar about this image? No, nothing familiar? Well, yes!! This is similar to the logo of the Reserve Bank of India (RBI) which is still the same today. (The RBI celebrated its platinum jubilee – 75 years of existence – in 2010. They have brought out commemorative coins in the 75 rupees, ten rupees, five rupees, two and one rupee denominations, out of which the last four have also been issued for circulation. If you have come across the five rupee denomination coin, it is “golden” in colour and looks exactly like this coin, except that the Lion has been replaced by a tiger, in its central design.
4) The Reference Books on the State Bank of India in two Volumes - "The Evolution of the State Bank of India - Volume I - "The Roots 1806 to 1860 - The Early Years" and Volume II 1861 to 1876) "Diversity and Regrouping" which came out in January 1987:
State Bank of India, under its chairman Shri R. K. Talwar, also, commissioned a project to Shri A.K.Bagchi, an eminent economic historian, to write a detailed book on the history of the Bank’s heritage.
The project spanned the tenures of 8 chairmen of the State Bank and the book records/documents/pictures which the State Bank possesses. The content of the Books was taken from the vast history of the SBI and presents a detailed view of the State Bank of India two centuries ago.
I was posted in the Human Resources Department - Lucknow LHO and was very excited about these books and booked an advance copy with Ram Advani Booksellers in Lucknow . The two volume set cost me Rs.300/- then which was quite a substantial amount in 1987.
For the first time, I read about the history of the Presidency Banks, cowries, siccas, khazanchees, Agents (Branch Managers), the Arcot rupee, the copper, silver and gold mohurs/coins under the Standard coinage, Bank Notes issued by various Presidency Banks etc.
The archive and museum opened on 13 May 2007 in the State Bank of India (SBI) headquarters in Kolkata.
The SBI Archive houses historical records, documents, photographs, manuscripts, and other valuable materials pertaining to the history of banking in the Indian subcontinent. This diverse collection primarily covers the history of the bank between 1806-1955 and consists of more than 25000 records.
Staircase leading to the balcony, State Bank Archives and Museum, Kolkata
Exhibits at State Bank Archives and Museum, Kolkata:
The SBI Museum has original documents, memorabilia, statues, artefacts, dioramas and murals on public display.
The museum also provides a peek into the personal finances of influential Bengali Renaissance figures such as Rabindranath Tagore, Ishwar Chandra Vidyasagar, and theosophist Annie Besant.
At the entrance of the museum is a statue of Tagore's grandfather Dwarkanath Tagore, a prominent industrialist of his time and one of the earliest contributors towards the growth of the Bank.
Exhibits include:
- Complaint registers of the Bank of Bengal
- 1889 Notes of the Banks of Bengal
- Bombay and Madras Account opening forms and ledgers of
eminent personalities
- Pass Books
- Instruments of Banking
- Important Agreements
- Scrolls of fidelity and secrecy
- Some relics of the former Bank of Bengal building in
Calcutta
- Illustrations of buildings
- Leaflets and journals
- Weights and measures, swords and pistols, seals and
insignia, trophies, etc.
- Old publications of the Bank
Library
The SBI Library has around 5000 rare books and journals
relevant to Indian economic history. The diverse collection includes past
banking acts, laws, regulations, reports and commentaries which not only
reflect the commercial ambitions of the English East India Company but also
highlight the origins and economic trajectory of the State Bank of India. The
library also comprises various biographies, memories and letters of prominent
individuals.
Some posts on State Bank of India and some other Banks on this Blog:
Posts on Indian Railways:
1) Celebrating 150 Years of serving the Indian Nation by the Railways in 2002-03
3) "Fairy Queen": "MyStamps" (issued by India Post): Rajeev
Posts on United Kingdom Railways:
Japanese Railways:
Posts on Romanian Locomotives/Trains:
Posts on Czechoslovakia Trains:
Posts on Trains Stamps from Spain:
Links to Posts on Trains to Curacao on this Blog:
Links to Posts on Trains in Canada:
1) "Steam Locomotive - A Whimsical Tale": Embark on a journey to a retro-future with this steampunk scene, which captures the grit and granduer of the industrial age imagined through the eyes of a bygone era: A -3 oz Fine Silver Coin minted by the Royal Canadian Mint (RCM): Date/Year of Coin issue: 16.10.2025
Links to Posts on Trains from Serbia:
Links:
1) National Bank of Serbia issue: Coinage and Currency: "Dinara" or Dinars
2) Ancient Coins found in Roman Ruins in a cornfield in Kostolac, Serbia
Links to posts on the Rashtriya Swayam Sewak Sangh (RSS):
Indian Armed Forces Posts on this Blog:
38) 22nd Battalion: The Rajput Regiment: Golden Jubilee Celebration (1966-2018): A Special Postal Cover brought out by India Post (56 APO) on 01.10.2018
Links to Posts on this Blog on Louis Braille:
1) Honouring Louis Braille on the occasion of the 200th Anniversary of his birth on 04.01.2009
Links:
Links to posts on Hindi on this Blog:
Links:
Links to Posts on Buddha on this Blog:
1) 2550 years of Mahaparinirvana of the Buddha: Commemorative stamps issued by India Post
2) "Mahabodhi Temple": "MyStamps" (issued by India Post): Rajeev
3) Did You Know Series (116): 1) An elephant named Mohini guided by her mahavat Dilshad and helper Sonu, was the one to carry the Special Philatelic Covers from Siddharth Enclave to Buddhapex-25 in Gorakhpur, Uttar Pradesh: 2) The Taming of the Mad Elephant Nalagiri by thed Buddha in Buddhist Literature: Date/Year of Special Philatelic Cover issue: 10.07.2025
Links to posts on alternative medicines:
International Philately Exhibitions:
7) HAFNIA 24, Copenhagen, Denmark: Celebrating 400 Years of Danish Post: India Post participated in the Stamp Exhibition held from 17.10.2024 to 20.10.2024 with two Special Covers
Links to Posts on Buddha on this Blog:
1) 2550 years of Mahaparinirvana of the Buddha: Commemorative stamps issued by India Post
2) "Mahabodhi Temple": "MyStamps" (issued by India Post): Rajeev
Greetings:
AUGMENTED REALITY (AR) POST CARDS:
World Earth Day:
Posts on G20 Leader's Summit in New Delhi on this Blog:
Posts on "Azadi Ka Amrit Mahotsav" on this Blog:
AMRITPEX 2023 (THE NATIONAL PHILATELY EXHIBITION) held at New Delhi from 11-15.02.2023:
Azadi Ka Amrit Mahotsav: Five Special Covers released by Philately Division, Dak Bhawan, New Delhi:
Links to Special Covers issued by the Rajasthan Postal Circle of India Post:
38) 22nd Battalion: The Rajput Regiment: Golden Jubilee Celebration (1966-2018): A Special Postal Cover brought out by India Post (56 APO) on 01.10.2018
Links to posts on Hindi on this Blog:
Links:
Links to Posts on Buddha on this Blog:
1) 2550 years of Mahaparinirvana of the Buddha: Commemorative stamps issued by India Post
2) "Mahabodhi Temple": "MyStamps" (issued by India Post): Rajeev
3) Did You Know Series (116): 1) An elephant named Mohini guided by her mahavat Dilshad and helper Sonu, was the one to carry the Special Philatelic Covers from Siddharth Enclave to Buddhapex-25 in Gorakhpur, Uttar Pradesh: 2) The Taming of the Mad Elephant Nalagiri by thed Buddha in Buddhist Literature: Date/Year of Special Philatelic Cover issue: 10.07.2025
Links to posts on alternative medicines:
International Philately Exhibitions:
7) HAFNIA 24, Copenhagen, Denmark: Celebrating 400 Years of Danish Post: India Post participated in the Stamp Exhibition held from 17.10.2024 to 20.10.2024 with two Special Covers
Links to Posts on Buddha on this Blog:
1) 2550 years of Mahaparinirvana of the Buddha: Commemorative stamps issued by India Post
2) "Mahabodhi Temple": "MyStamps" (issued by India Post): Rajeev
Greetings:
AUGMENTED REALITY (AR) POST CARDS:
World Earth Day:
Posts on G20 Leader's Summit in New Delhi on this Blog:
Posts on "Azadi Ka Amrit Mahotsav" on this Blog:
AMRITPEX 2023 (THE NATIONAL PHILATELY EXHIBITION) held at New Delhi from 11-15.02.2023:
Azadi Ka Amrit Mahotsav: Five Special Covers released by Philately Division, Dak Bhawan, New Delhi:
Links to Special Covers issued by the Rajasthan Postal Circle of India Post:
38) 22nd Battalion: The Rajput Regiment: Golden Jubilee Celebration (1966-2018): A Special Postal Cover brought out by India Post (56 APO) on 01.10.2018
Links to posts on Mahatma Gandhi on this Blog:
4) Sinhagad Fort: A Special Cover brought out by Maharashtra Postal Circle of India Post on 29.04.2017 5)"Brave Fighter Narvir Shivaji Kashid": A Special Cover issued by Maharashtra Postal Circle on 05.05.2016: includes The Defence of Panhalgarh and the legendary Battle of Pawan Khind



















Santosh Khanna has commented:
ReplyDelete"Thanks for sharing this informative post."
Thank you so much, Khanna sahab
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