Miscellaneous - This Day That Age   

dated May 5, 1955: State Bank by July

By July 1 next the Imperial Bank of India will transform itself into the State Bank of India under the State Bank of India Bill now being discussed in the Rajya Sabha. This indication was given in the House on May 3 by Mr. A.C. Guha, Minister for Revenue and Defence Expenditure, while moving for consideration of the Bill as passed by the Lok Sabha. During the debate that followed the decision to convert the Imperial Bank received whole-hearted support from all sides of the House. Opposition members, however, criticised the rate of compensation at market value of the shares.

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