History of banking in India
In this post, we sharing about History of banking in India. It is a most important topic for Banking related exams. Many other exams also asking questions related to this topic Like SBI Probationary Officer Exam, IBPS Probationary Officer Exam, RBI Grade B Officer Exam, SBI Junior Associate Exam, IBPS Clerk Exam, RBI Assistant Exam.
History of the banking sector in India
The first bank set up in India was the Bank of Hindustan, which was begun in 1770. The Second bank was The General Bank of India, which began in 1786.
The main Indian bank to have been begun exclusively with Indian capital venture is Punjab National Bank.
Union Bank of India was established by Mahatma Gandhi in 1919.
The primary Indian bank to open an abroad branch is the Bank of India. It’s set up a branch in London in 1946.
Lala Lajpat Rai was the organizer of the Punjab National Bank.
The Reserve Bank of India was established in 1935.
The most older existing Public Sector Bank in India is Allahabad Bank.
On 19 July 1969 first time banks were nationalized in India.
The first governor of Reserve bank was ‘Osborne Smith’
Under the Banking Regulations Act, 1949, these banks were nationalized and the Reserve Bank (RBI) of India was nationalized in 1949. These banks are:
- Allahabad Bank
- Bank of Baroda
- Bank of India
- Central Bank of India
- Canara Bank
- Bank of Maharashtra
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Punjab National Bank
- Syndicate Bank
- United Bank
- Union Bank of India
The first bank to present ATM in India was HSBC in 1987.
Bengal Bank, set up in 1784, was the first bank to present a check method.
Bank of Baroda has the maximal number of overseas branches.
The savings account method in India was begun by Presidency Bank, 1833
Six other Banks nationalized in 1980:
- Andhra Bank
- New Bank of India
- Corporation Bank
- Punjab & Sind Bank
- Oriental Bank of Comm.
- Vijaya Bank
RBI gives license to 10 Private area banks to set up themselves in the country. These banks Are:
- Axis Bank
- Global Trust Bank
- Bank of Punjab
- ICICI Bank
- Times Bank
- IndusInd Bank
- HDFC Bank
- Centurion Bank
- IDBI Bank
Private/Public Bank List
- Axis Bank
- Bank of India
- Bank of Maharashtra
- Bandhan Bank
- Canara Bank
- Bank of Baroda
- City Union Bank
- Central Bank of India
- Dhanlaxmi Bank
- Federal Bank
- HDFC Bank
- IDBI Bank
- Indian Overseas Bank
- Indian Bank
- IDFC Bank
- ICICI Bank
- Indusind Bank
- Karnataka Bank
- Kotak Mahindra Bank
- Karur Vysya Bank
- Lakshmi Vilas Bank
- Punjab & Sind Bank
- Punjab National Bank
- RBL Bank
- State Bank of India
- South Indian Bank
- Union Bank of India
- UCO Bank
- Yes Bank
Payment Bank in India
- Airtel Payment Bank Ltd.
- Aditya Birla Idea Payments Bank
- Jio Payments Bank
- Paytm Payments Bank
- India Post Payment Bank
- Fino Payments Bank
Finance Bank in India
- Equitas Small Finance Bank
- Capital Small Finance Bank
- Ujjivan Small Finance Bank
- Utkarsh Small Finance Bank
- Suryoday Small Finance Bank
- Fincare Small Finance Bank
- ESAF Small Finance Bank
- Au Small Finance Bank
- Jana Small Finance Bank
- North East Small Finance Bank
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