On Apollo Street, now Mumbai Samachar Marg, Mumbai, a splendid stonebuilt  with plastered shutters was erected in 1924 for a subsidiary of the Imperial Bank of India. Sir Badridas Goenka, an important personality of his day and a leading member of the Calcutta municipality of Mervari, was the first Indian to be named Chairman of the Imperial Bank of India in 1933.
In 1955, the Reserve Bank of India, the Indian National Bank, purchased a majority stake in the Imperial Bank of India, and the Imperial Bank of India was re-named State Bank of India on April 30, 1955. The conversion from the Imperial Bank of India to the State Bank of India was legally recognised by a law of the Indian Parliament, which came into effect on 1 July 1955.
When the Imperial Bank of India (IBI) became the State Bank of India, IBI had 480 subsidiaries, sub-offices and three regional headquarters and had just over a fourth of the country's bank sector resourcec. As of March 31, 2004, the State Bank of India's store chain had increased to 9093 outlets.
The Reserve Bank of India handed over its interest in the State Bank of India to the Indian government in 2007.