History of banking in India
Indian banking history starts ancient time which was not so organised as of today.We give here a brief history of Indian banking from 1770 to till date so that it can be useful for exam preparation.
1. The first bank established in India was the Bank of Hindustan, which was started in 1770. The second was The General Bank of India, which started in 1786.
2. The oldest bank still in existence in India is the State Bank of India. It was originated in the Bank of Calcutta in June 1806. Bank of Bengal, Bank of Bombay, and Bank of Madras, these three banks merged in 1921 to form the Imperial Bank of India, which was converted to the State Bank of India in 1955.
3. The first Indian bank to have been started solely with Indian capital investment is Punjab National Bank.
4. The first Indian bank to open an overseas branch is the Bank of India. It established a branch in London in 1946.
5. The oldest existing Public Sector Bank in India is Allahabad Bank.
6. The first Indian commercial bank owned and managed by Indians is Central Bank of India.
7. Lala Lajpat Rai was the founder of Punjab National Bank.
8. Union Bank of India (UCO) bank was inaugurated by Mahatma Gandhi in 1919.
9. The Reserve Bank of India was instituted in 1935.
10. The first bank in India with an ISO Certification is Canara Bank.
11. The first time banks were nationalized in India was on 19 July 1969.
12. Osborne Smith was the first governor of the Reserve Bank.
13. CD Desmukh was the first Indian to be the governor of the Reserve Bank.
14. Savings account system in India was started by Presidency Bank, 1833.
15. Bengal Bank, established in 1784, was the first bank to introduce a cheque system.
16. ICICI Bank was the first Indian bank to provide internet banking facility.
17. The first bank to introduce ATM in India was HSBC in 1987, Mumbai.
18. Central Bank of India was the first public bank to introduce a Credit card.
19. ICICI is the first bank to provide a mobile ATM.
20. Bank of Baroda has the maximum number of overseas branches.
21. When it comes to the total number of maximum branches in the world, the State Bank of India holds 2nd Position.
| Bank | Founded In | Headquarter |
|---|---|---|
| Allahabad Bank | 1865 | Kolkata |
| Andhra Bank | 1923 | Hyderabad |
| Bank of Baroda | 1908 | Vadodara |
| Bank of India | 1906 | Mumbai |
| Canara Bank | 1906 | Bangalore |
| Central Bank of India | 1911 | Mumbai |
| Corporation Bank | 1906 | Mangalore |
| Dena Bank | 1938 | Mumbai |
| IDBI Bank Limited | 1964 | Mumbai |
| Indian Bank | 1907 | Chennai |
| Indian Overseas Bank | 1937 | Chennai |
| Oriental Bank of Commerce | 1943 | Gurgaon |
| Punjab & Sind Bank | 1908 | New Delhi |
| Punjab National Bank | 1895 | New Delhi |
| State Bank of India | 1955 | Mumbai |
| Syndicate Bank | 1925 | Manipal |
| UCO Bank | 1943 | Kolkata |
| Union Bank of India | 1919 | Mumbai |
| United Bank of India | 1950 | Kolkata |
| Vijaya Bank | 1931 | Bangalore |
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