SBI to shift Central Accounts Office
State Bank of India (SBI) has decided to shift its Central Accounts Office (CAO) from Kolkata to its corporate headquarters in Mumbai. The CAO came into existence after formation of Imperial Bank of India following merger of three presidency banks of British India. In 1955, the Central government took over Imperial Bank of India and renamed it as SBI. While the bank's headquarters was set up in Mumbai, the CAO was retained in Kolkata. The CAO primarily looks into compilation and finalisation of the bank's annual balance sheet and quarterly and halfyearly profit and loss accounts.