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.

★ The first bank established in India was Bank of Hindustan, which was started in 1770. Second was The General Bank of India, which started in 1786.

★ 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 as State Bank of India in 1955.

★ The first Indian bank to have been started solely with Indian capital investment is Punjab National Bank.

★ The first Indian bank to open overseas branch is Bank of India. It established a branch in London in 1946.

★ The oldest existing Public Sector Bank in India is Allahabad Bank.

★ The first Indian commercial bank owned and managed by Indians is Central Bank of India.RBI

★ Lala Lajpat Rai was the founder of Punjab National Bank.

★ Union Bank of India (UCO) bank was inaugurated by Mahatma Gandhi in 1919.

★ The Reserve Bank of India was instituted in 1935.

★ The first bank in India with an ISO Certification is Canara Bank.

★ The first time banks were nationalized in India was on 19 July, 1969.

★ Osborne Smith was the first governor of the Reserve Bank.

★ CD Desmukh was the first Indian to be the governor of Reserve Bank.

★ Savings account system in India was started by Presidency Bank, 1833.

★ Bengal Bank, established in 1784, was the first bank to introduce cheque system.

★ ICICI Bank was the first Indian bank to provide internet banking facility.SBI

★ First bank to introduce ATM in India was HSBC in 1987, Mumbai.

★ Central Bank of India was the first public bank to introduce Credit card.

★ ICICI is the first bank to provide mobile ATM.

★ Bank of Baroda has the maximum number of overseas branches.

★ When it comes to the total number of maximum branches in the world, State Bank of India holds 2nd Position.

Bank in India
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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