Q. Which of the following presidency banks is/are amalgamated to form Imperial Bank of India?
1.Presidency bank of Madras
2.Presidency bank of Awadh
3.Presidency bank of Punjab
Choose the correct answer from below given codes:

[A] 1 only

[B] 1 and 2 only

[C] 2 and 3 only

[D] 1, 2 and 3

Answer: A

Explanation: The Imperial Bank was formed as a joint-stock bank in January 1921 by amalgamating the Presidency Banks of Bombay, Calcutta, and Madras.

This amalgamation was a response both to the felt need for a bank which would hold government balances and use them to deepen the country’s financial structure, and to the threat which the Presidency Banks felt was likely to emanate from the inroads the London clearing banks were planning to make in India.

Source: TMH Ramesh Singh