History of Banking in India

HISTORY OF BANKING IN INDIA pious platitudeing is an old as civilization. The practice of money lending, the predecessor of banking has been practiced in india from time immemorial. During the mughal period, the indigenous bankers were faintly prominent in financing the trade and use of pawn for trade. The first bank in india, through conservative was completed in1786. From 1786 until today the journey of Indian banking system can be segregated into 3 distinct point. They are mentioned below, Early pattern from 1786 to1969 of Indian banks Nationalization of Indian banking domain reforms New phase of Indian banking system with the advent of Indian financial and banking sector reforms. To make this more explanatory, the scenario can be pre fixed as phase 1, phase 2, phase 3. Phase 1 (1789-1969) The command bank of India was set up in the year 1786. following(a) come the beach of Hindustan and Bank of Bengal. The East India company establish Bank of Bengal(1809) Bank of Bombay(1840) and Bank of Madras(1843) as independent units and called it government Banks. These three amalgamated in 1920 and Imperial Bank of India was established. In 1865, Allahabad Bank was established and first time exclusively by Indian, Punjab National Bank Ltd. Was set up in 1894 with headquarter at Lahore.

Between 1906 and 1913 Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank and Bank of Mysore were set up. Reserve Bank Of India come up in 1935. During the first phases the growth was precise show and bank experienced periodic failure betwixt 1913 and 1948. The govt. of India came up with Banking companies Act, 1949 as per amending Act 1965. Reserve Bank of India was vested with lengthened over the supervision of banking in India as central banking activity. moment PHASE Government took major step in this Indian, banking sector reforms afterwards independence in 1955, it nationalized imperial bank of India with extensive banking facilities on a large scale... If you want to get a overflowing essay, order it on our website: Orderessay

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