Important Dates in Banking History of India
|1770||First bank was established at Cacutta under European Management.|
|1786||General Bank of India was set up.|
|2 June 1806||Bank of Calcutta was established in 1806; it was renamed in 1809 as Bank of Bengal|
|15 April 1840||Bank of Bombay established|
|1 July 1843||Bank of Madras established|
|1861||Paper Currency Act was enacted by British Government of India|
|1863||Oldest Joint Stock bank of India named Bank of Upper India was established.|
|1865||Allahabad Bank was established.|
|1881||Oudh Commercial Bank, the first Bank of India with Limited Liability to be managed by Indian Board was established at Faizabad|
|1895||Punjab National Bank was established. It was first bank purely managed by Indians.|
|1911||Central Bank of India, first Indian commercial bank which was wholly owned and managed by Indians, was established. It was called First Truly Swadeshi bank|
|1921||Three presidency banks viz. Bank of Calcutta, Bank of Bombay and Bank of Madras amalgamated to form Imperial Bank of India|
|1935||Creation of Reserve bank of India|
|1949 (January )||Nationalization of Reserve Bank of India|
|1949 (March)||Enactment of Banking Regulation Act|
|1955||Nationalization of Imperial Bank of India, which now became State Bank of India|
|1959||Nationalization of SBI Subsidiaries|
|1969||Nationalization of 14 major Banks|
|1971||Creation of Credit Guarantee Corporation|
|1975||Creation of Regional Rural Banks|
|1980||Nationalization of 7 more banks with deposits over Rs. 200 Crore|
Dates of Establishment of various Banks
|Year / Date||Bank|
|1786||General Bank of India (First bank established in India)|
|1790||Bank Of Hindustan which lasted until. 1832.|
|02 June 1806||Bank of Calcutta|
|15th April 1840||Bank of Bombay|
|01st July 1843||Bank of Madras|
|1863||Bank of Upper India|
|1881||Oudh Commercial Bank|
|19th May 1894||Punjab National Bank|
|1895||Punjab National Bank In Lahore|
|1904||City Union Bank|
|1906||Bank of India|
|15th August 1907||Indian Bank|
|1908||Bank of Baroda|
|01st July 1906||Canara Hindu Permanent Fund (Renamed as Canara Bank in 1910)|
|21st December 1911||Central Bank of India|
|1916||Karur Vysya Bank|
|11-Nov-19||Union Bank of India|
|26th November 1920||Catholic Syrian Bank|
|1921||Imperial Bank of India by merger of three presidency banks.|
|11th May 1921||Tamilnad Mercantile Bank Limited|
|1924||Karnataka Bank Limited|
|1926||Lakshmi Vilas Bank Limited|
|1927||Dhanlaxmi Bank Ltd|
|1929||South Indian Bank Limited|
|23rd October, 1931||Vijaya Bank|
|1934||Reserve Bank of India|
|16th Sept 1935||Bank of Maharashtra|
|1937||Indian Overseas Bank|
|1938||Jammu & Kashmir Bank|
|26th May 1938||Dena Bank|
|19th February 1943||Oriental Bank of Commerce|
|1943||United Bank of India|
|1945||Federal Bank Limited|
|1954||Nainital Bank Limited|
|1955||State Bank of India (Imperial Bank of India renamed as SBI)|
|1985||Kotak Mahindra Bank|
|1994||UTI Bank (Now Axis Bank)|
|2013||Bhartiya Mahila Bank|
Key Landmarks in the journey of RBI
- In 1926, the Royal Commission on Indian Currency and Finance recommended creation of a central bank for India.
- In 1927, a bill to give effect to the above recommendation was introduced in the Legislative Assembly, but was later withdrawn due to lack of agreement among various sections of people.
- In 1933, the White Paper on Indian Constitutional Reforms recommended the creation of a Reserve Bank. A fresh bill was introduced in the Legislative Assembly.
- In 1934, the Bill was passed and received the Governor General’s assent
- In 1935, Reserve Bank commenced operations as India’s central bank on April 1 as a private shareholders’ bank with a paid up capital of rupees five crore.
- In 1942 Reserve Bank ceased to be the currency issuing authority of Burma (now Myanmar).
- In 1947, Reserve Bank stopped acting as banker to the Government of Burma.
- In 1948, Reserve Bank stopped rendering central banking services to Pakistan.
- In 1949, the Government of India nationalized the Reserve Bank under the Reserve Bank (Transfer of Public Ownership) Act, 1948.
- In 1949, Banking Regulation Act was enacted.
- In 1951, India embarked in the Planning Era.
- In 1966, the Cooperative Banks came within the regulations of the RBI.
- In 1966, Rupee was devaluated for the first time.
- In 1969, Nationalization of 14 Banks was a Turning point in the history of Indian Banking.
- In 1973, the Foreign Exchange Regulation act was amended and exchange control was strengthened.
- In 1974, the Priority Sector Advance Targets started getting fixed.
- In 1975, Regional Rural Banks started
- In 1985, the Sukhamoy Chakravarty and Vaghul Committee reports embarked the era of Financial Market Reforms in India.
- In 1991, India came under the Balance of Payment crisis and RBI pledged Gold to shore up reserves. Rupee was devaluated.
- In 1991-92, Economic Reforms started in India.
- In 1993, Exchange Rate became Market determined.
- In 1994, Board for Financial Supervision was set up.
- In 1997, the regulation of the Non Banking Financial Companies (NBFC) got strengthened.
- In 1998, Multiple Indicator Approach for monetary policy was adopted for the first time.
- In 2000, the Foreign Exchange Management Act (FEMA) replaced the erstwhile FERA.
- In 2002, The Clearing Corporation of India Ltd Started operation.
- In 2003, Fiscal Responsibility and Budget Management Act (FRBMA) enacted.
- In 2004, Liquidity Adjustment Facility (LAF) started working fully.
- In 2004, Market Stabilization Scheme (MSS) was launched.
- In 2004 Real Time Gross Settlement (RTGS) started working.
- In 2006, Reserve Bank of India was empowered to regulate the money, forex, G-Sec and Gold related security markets.
- In 2007, Reserve bank of India was empowered to regulate the Payment systems.