Bank Day is celebrated on 1st July every year. Banks are those institutions, where one can keep money in the form of deposits and can also borrow money on payment of interest with certain conditions.
In the beginning, the Britishers started and opened Imperial banks for the benefit of masses. But after Indian's Independence, Indian leadres felt the need of state banks for the development of newly freed country from the deep rooted slavery of Britishers. Hence the Imperial banks were converted into state Bank of India(S.B.I) by Parliament Enactment on 1st July, 1955. Hence Bank Day is celebrated on 1st July to highlight the benefits of banking.
S.B.I has provided banking structure and facility even in rural areas of the country. It has provided the following facilities to the people.
- Transferring money from one place to another.
- Receiving money for public utility services such as electricity, water and telephone bills, house tax and income tax etc.
- Renting safe deposit lockers.
- Insuring travellers cheques, demand drafts.
- Providing foreign currency to tourists.