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State Bank of India has restored its old Bank of Madras building in Kakinada to its glory to preserve the piece of history.
The bank stands testimony to the beginnings of globalisation of the economy more than a century ago.
This landmark marks a chapter in the economic history of what is now Andhra Pradesh.
Oldest banking outfit
It was opened 146 years ago at Kakinada by the Britishers.
State Bank of India's Kakinada branch is the oldest banking outfit in AP, opened as Bank of Madras outlet.
To commemorate this historic moment in the economic history of the State, SBI has restored this building, its old available furniture, managed to preserve bank records, including ledgers and other documents.
Remnants to be moved
The valuable remnants of the past across State Bank of India branches in the State are also being moved to the State Bank of India Heritage gallery at Kakinada.
The rechristened and restored Bank of Madras building was inaugurated at Kakinada by Mr Shiva Kumar, Deputy Managing Director of State Bank of India on Tuesday, in the presence of elite of the old trading port city.
Mr Shiva Kumar, in a statement, referred to over 200 years of SBI's history and outlined how SBI's history is interwoven into the economic growth of the country.
First location
Kakinada was selected as SBI's AP Museum as this centre is the first location, where SBI was born in AP.
He said that the heritage gallery is aimed at preserving the glorious history of State Bank of India in Andhra Pradesh.
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