History of Banking in India 1/4

History of Banking in India

1. The Banking regulation act 1949.
2. The first bank in India was the Bank of Hindustan and was established in 1770 by Alexander and co at Calcutta.
3. Presidency Banks were established by the British: Bank of Bengal in 1806, followed by Bank of Bombay in1840, and Bank of Madras in1843.
4. The first bank with limited liability, managed by Indians, was Oudh Commercial Bank founded in 1881. Subsequently, Punjab National Bank was established in 1894. Allahabad Bank was established in 1865.
5. In 1921 all presidency banks were merged and renamed as the Imperial Bank of India.
6. The Imperial Bank of India was rechristened as State Bank of India followed by formation of its 8 associate banks in 1959. (Now 7 associate banks)
7. Regional Rural Banks (RRBs) (also known as Grameena Banks) were formed in 1975.
8. The Narsimhan committee recommended the granting of opening of new private banks.

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