{"id":3059,"date":"2020-02-21T09:30:49","date_gmt":"2020-02-21T09:30:49","guid":{"rendered":"https:\/\/www.ixambee.com\/blog\/?p=3059"},"modified":"2021-02-11T12:52:34","modified_gmt":"2021-02-11T07:22:34","slug":"a-brief-history-of-banking-in-india","status":"publish","type":"post","link":"https:\/\/blog.ixambee.com\/a-brief-history-of-banking-in-india","title":{"rendered":"A Brief History of Banking In India"},"content":{"rendered":"\n

The History of modern banking in India started in 1770 when the first Joint Stock Bank named as Bank of Hindustan was established by Alexander and Co. in Calcutta<\/strong>. This bank was, however terminated in 1832. The history of Indian banking has been classified into two phases i.e. Pre Independence and Post-Independence. Let\u2019s talk about each in detail. <\/p>\n\n\n\n

Pre-Independence Phase:<\/strong><\/h2>\n\n\n\n

This phase is known to be have largest number of banks in\nIndian banking i.e. 600 banks. The real growth of Indian banking began when India\u2019s\nfirst presidency Bank (Bank of Bengal) was established in 1806 in Calcutta. It\nfollowed the establishment of other two presidency banks i.e. Bank of Bombay\n(est. 1840) and Bank of Madras (est. 1843). These three banks continued till\n1920 before they consolidated into one i.e. Imperial<\/strong> Bank of India.<\/strong><\/p>\n\n\n\n

About Imperial Bank of India:<\/strong><\/h3>\n\n\n\n

Imperial Bank of India which is now known as the State Bank of India<\/strong> is one of the\nprominent banks of India. It was renamed as State Bank of India in 1955<\/strong>. The State Bank of India was given\ncontrol to eight state associated banks in 1960 under the State Bank of India Subsidiary Act, 1959<\/strong>. On February 15, 2017, the\nUnion Cabinet approved the merger five associate banks with the SBI, the merger\ncame into effect on April 01, 2017. <\/p>\n\n\n\n

There were many banks that came in this phase but failed to survive. For example. General bank of India (1786-1791) and the first commercial bank of India i.e. Oudh Commercial Bank (1881-1958).<\/strong> However many banks who were established then and still continuing to lead today are:<\/p>\n\n\n\n

Allahabad Bank: <\/strong><\/h3>\n\n\n\n

It was established in 1865. Allahabad bank is the oldest\nPublic Sector Bank in India having its branches all over India.<\/p>\n\n\n\n

Punjab National Bank:<\/strong><\/h3>\n\n\n\n

Punjab national bank was founded by Lala Lajpat Rai on May 19, 1894 in Lahore, Pakistan<\/strong>. The\ncommon objective was to create a truly National Bank that would work for the\neconomic interest of the country. \u00a0PNB\nenjoys the position of being the first Indian bank that have been started\nsolely by Indians on the Indian Capital that survived till now. Note: the\nfirst entirely Indian bank was Oudh Commercial bank established in 1881 in\nFaisalabad but was ceased to operate in 1958<\/strong>. PNB holds the privilege of\nmaintaining accounts of some of our profound national leaders of that time. For\nexample: Mahatma Gandhi, Lal Bahadur Shastri, Jawahar Lal Nehru Indira Gandhi\nand the famous Jalianwala Bagh Committie. <\/p>\n\n\n\n

Central Bank of India:<\/strong><\/h3>\n\n\n\n

It was established on December 21, 1911. The founder of CBI\nwas Sri Sorabji Pochkhanawala and Sri Pherozeshah Mehta. This bank claims to be\nthe first Commercial bank of India that has been owned and Managed by Indians\ncompletely.<\/p>\n\n\n\n

Bank of India:<\/strong><\/h3>\n\n\n\n

Bank of India was founded in 1906 and got nationalized in\n1969. It is headquartered in Mumbai. BOI is the first ever Indian bank that\nopened its branch overseas (Outside India). Its first overseas branch was\nopened in London in 1946, then Paris in 1974.<\/p>\n\n\n\n

Bank of Baroda:<\/strong><\/h3>\n\n\n\n

Bank of Baroda was founded on July 20, 1908 <\/strong>in the state of Baroda, Gujarat, by the Maharaja of\nBaroda, Maharaja Sayajirao Gaekwad III. BOB is an Indian state owned\ninternational banking and financial serviced company. It is also known as\nIndia\u2019s International Bank as it has more branch overseas among Indian banks. <\/p>\n\n\n\n

Reserve Bank of India<\/strong> (Central banking institution)\nwhich controls the monetary policy was also formed (April 01, 1935) in that\ntime on the recommendation of Hilton Young Commission (1926).<\/strong><\/p>\n\n\n\n

In this phase, most of the banks experienced high rate of\nfailures which results in low public confidence. People at that time relied on\nunorganized sectors for example Moneylenders and indigenous banks. <\/p>\n\n\n\n

Post-Independence Phase:<\/strong><\/h2>\n\n\n\n

This phase is often known as Nationalization era.<\/strong> On January 01, 1949 the Reserve Bank of India\nwas nationalized by the GOI. Government of India found the need to nationalize\nthe banks due to the following reasons:<\/p>\n\n\n\n

  1. To promote sectors like Agriculture, Small Scale\nIndustries and exports that were being neglected by the banks. <\/li>
  2. The banks were entertaining the needs of Large\nscale industries and big businesses rather catering the needs of poor population.\n<\/li>
  3. The Government of India found that the poor population\nof India was still in exploitation by the moneylenders as they didn\u2019t have confidence\nin the banks.<\/li><\/ol>\n\n\n\n
    \"\"<\/a><\/figure>\n\n\n\n

    On July 9, 1969, Government of India nationalized fourteen\ncommercial banks. Smt. Indira Gandhi was the Prime Minister at that time. The number\nof banks that got nationalized were as follows:<\/p>\n\n\n\n

    1. Punjab National Bank<\/li>
    2. Central Bank of India <\/li>
    3. Dena Bank <\/li>
    4. United Commercial Bank<\/li>
    5. Canara Bank <\/li>
    6. Syndicate Bank<\/li>
    7. Allahabad Bank <\/li>
    8. Indian Overseas Bank <\/li>
    9. Bank of Maharashtra<\/li>
    10. Union Bank of India<\/li>
    11. Bank of Baroda<\/li>
    12. Bank of India <\/li>
    13. \u00a0United Bank\n<\/li>
    14. Indian Bank <\/li><\/ol>\n\n\n\n

      In April 1980, six more commercial banks were nationalized\nby the Government of India. Those were:<\/p>\n\n\n\n

      1. Andhra Bank <\/li>
      2. Corporation Bank <\/li>
      3. New Bank Of India <\/li>
      4. Oriental Bank Of India<\/li>
      5. Vijaya Bank <\/li>
      6. Punjab and Sindh Bank<\/li><\/ol>\n\n\n\n

        Around the same time, Regional Rural banks (RRB\u2019s) were\nestablished on October 02, 1975<\/strong>, on\nthe recommendation of Narasimham Commitiee.<\/strong> The sole objective behind\nformation of RRB\u2019s is to cater the needs of Agricultural sector and to serve\nthe large population of rural sector.<\/p>\n\n\n\n

        About Narasimham Commitiee:<\/strong><\/h3>\n\n\n\n

        It was formed to analyse India\u2019s banking sector, to make it\nmore competitive effective and efficient by recommending legislation and\nregulations.<\/p>\n\n\n\n

        In order to promote the specific requirements of the\nAgricultural sector, National Bank for Agriculture and Rural Development\n(NABARD)<\/strong> was formed in 1982. Similarly, some other apex level of institutions\nlike EXIM bank (est. 1982), NHB (est.\n1988) and SIDBI (est. 1990)<\/strong> were formed to serve the requirements of\nforeign trade, housing and industry.<\/p>\n\n\n\n

        National Bank for Agriculture and Rural Development\n(NABARD):<\/strong><\/h3>\n\n\n\n

        NABARD was formed on July 12, 1982, on the recommendations\nof B. Sivaraman Committee. It replaced Agriculture Refinance and Development\nCorporation (ARDC), Agricultural Credit Department (ACD) and Rural Planning and\nCredit Cell (RPCC). NABAARD is counted as one of the premier agencies that\nprovide development credit to rural areas. <\/p>\n\n\n\n

        Export-Import bank of\nIndia (EXIM) Bank:<\/strong><\/h3>\n\n\n\n

        Export-Import bank of India was established in 1982 under\nExport Import bank of India act 1981. It is the premier export finance\ninstitution of India. It has been a catalyst in the promotion of cross border\ninvestment and trade. <\/p>\n\n\n\n

        National Housing Bank (NHB):<\/strong><\/h3>\n\n\n\n

        National Housing Bank (NHB) was established on July 09,\n1988, under the National Housing Bank Act, 1987. It is a wholly owned\nsubsidiary of Reserve Bank of India (RBI). This apex institution was formed\nwith an objective to promote housing finance institution at local as well as\nregional levels.<\/p>\n\n\n\n

        Small Industries Development Bank of India (SIDBI):<\/strong><\/h3>\n\n\n\n

        Small Industries Development Bank of India (SIDBI) was set\nup on April 02, 1990. It was initially incorporated as a wholly owned\nsubsidiary of Industrial development bank of India. SIDBI was formed with an\nobjective to aid the growth and development of micro small and medium-scale\nenterprises (MSME) in India.<\/p>\n\n\n\n

        Aftermath of Nationalization: <\/strong><\/h3>\n\n\n\n
        1. Public confidence was boosted with the improved\nefficiency in the banking system.<\/li>
        2. Sectors which were lagging behind such as\nAgriculture, Small and medium industries were blooming with the funds which led\nto the economic growth. <\/li>
        3. Banks penetrated to the rural areas, which eventually\nhelped the poor masses of the country. <\/li><\/ol>\n\n\n\n

          After the nationalization of banks, many were still\nuntouched by the banking services. Keeping this in mind, Narasimham\nCommitiee <\/strong>recommended to allow the private sector players into the banking\nsystem in 1991. RBI gave license to 10 private entities but few of them met the\nmarket needs namely, ICICI, HDFC, Axis Bank, Induslnd Bank and DCB. <\/p>\n\n\n\n

          Narasimham Commitiee<\/strong>\nagain recommended the entry of more private players in 1998. RBI gave license\nto the following: Kotak Mahindra Bank (2001) and Yes Bank (2004).<\/p>\n\n\n\n

          In third round of licensing which took place in 2013-14, two new banks got the license i.e. IDFC Bank and Bandhan Bank in 2015.<\/p>\n\n\n\n

          Also Read:<\/strong><\/p>\n\n\n\n

          vivad se vishwas scheme<\/a><\/strong><\/p>\n\n\n\n

          Summary of Economic Survey <\/a><\/strong><\/p>\n\n\n\n

          Chief Justice of India List<\/a><\/strong><\/p>\n\n\n\n

          Get Free\u00a0Online Test Series<\/a>,\u00a0GK updates in form of Beepedia<\/a>, BeeBooster<\/a>,\u00a0\u00a0as well as latest updates for\u00a0Bank PO<\/a>,\u00a0Bank Clerk<\/a>,\u00a0SSC<\/a>,\u00a0RBI<\/a>,\u00a0NABARD\u00a0<\/a>and Other\u00a0Government Jobs.<\/a><\/em> <\/p>\n laim \u0437\u0430\u0439\u043c<\/a>\u0437\u0430\u0439\u043c \u043e\u043d\u043b\u0430\u0439\u043d 30000<\/a>\u0437\u0430\u0439\u043c 100000 \u0441\u0440\u043e\u0447\u043d\u043e \u043d\u0430 \u043a\u0430\u0440\u0442\u0443<\/a><\/span>","protected":false},"excerpt":{"rendered":"

          The History of modern banking in India started in 1770 when the first Joint Stock Bank named as Bank of Hindustan was established by Alexander and Co. in Calcutta. This bank was, however terminated in 1832. The history of Indian banking has been classified into two phases i.e. Pre Independence and Post-Independence. Let\u2019s talk about […]<\/p>\n","protected":false},"author":5,"featured_media":3060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,16],"tags":[],"class_list":["post-3059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-clerk","category-bank-po"],"yoast_head":"\nHistory of Banking In India (Banking Awareness)-RBI\/SBI\/SSC<\/title>\n<meta name=\"description\" content=\"Banking Awareness: Check here to Read in Brief about the History of Banking In India. 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