Timeline of Banking in India

The following table shows the timeline of banking in India, with major events and their dates.

YearEvent
1770Bank of Hindostan, First bank of India was established at Calcutta under European Management.
1786General Bank of India (First bank established in India)
1790Bank Of Hindustan which lasted until. 1832.
1806On June 2, 1806, Bank of Calcutta was established. This was first presidency bank and was later renamed as Bank of Bengal in 1809.
1839Union Bank
1840On April 15, 1840, Bank of Bombay was established as second presidency bank.
1843On July 1, 1843, Bank of Madras established as third presidency bank.
1861Paper Currency Act was enacted by British Government.
1863Oldest Joint Stock bank of India named Bank of Upper India was established.
1865Allahabad Bank was established.
1881Oudh Commercial Bank, the first Bank of India with Limited Liability to be managed by Indian Board was established at Faizabad
1894On 19 May 1894, Punjab National Bank was established at Lahore. It was first bank purely managed by Indians. Its founders were Dyal Singh Majithia and Lala Lajpat Rai.
1895Punjab National Bank In Lahore
1904City Union Bank
1906Bank of India
1906Corporation Bank
1906On July 1, 1906, the Canara Hindu Permanent Fund was established. It was renamed as Canara Bank in 1910.
1907On 15 August 1907, Indian Bank was established.
1908Bank of Baroda was established.
1911On 21 December 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
1916Karur Vysya Bank established.
1919Union Bank of India on 11 Novermber 1919.
1920Catholic Syrian Bank
1921Three presidency banks viz. Bank of Calcutta, Bank of Bombay and Bank of Madras amalgamated to form Imperial Bank of India
1921Tamilnad Mercantile Bank Limited
1923Andhra Bank
1924Karnataka Bank Limited
1925Syndicate Bank
1926Lakshmi Vilas Bank Limited
1927Dhanlaxmi Bank Ltd
1929South Indian Bank Limited
1931Vijaya Bank
1934RBI Act was passed.
19351st April 1935, Reserve bank of India commended operation.
1935Bank of Maharashtra established
1937Indian Overseas Bank established
1938Jammu & Kashmir Bank; Dena Bank established.
1943Oriental Bank of Commerce; UCO Bank, United Bank of India established.
1945Federal Bank Limited
1949Nationalization of Reserve Bank of India in January, 1949.
1949Enactment of Banking Regulation Act
1954Nainital Bank Limited established
1955Industrial Credit and Investment Corporation of India (ICICI) established in 1955 as public limited company under Indian Company Act, for developing medium and small industries of private sector. It was parent of current ICICI Bank.
1955Nationalization of Imperial Bank of India and renamed as State Bank of India (on recommendations of A.D. Gorwala Committee)
1959Nationalization of SBI Subsidiaries
1964Industrial Development Bank of India (IDBI) was established on 1 July 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.
1969Nationalization of 14 major Banks on 19 July 1969.
1971Creation of Credit Guarantee Corporation
1975Creation of Regional Rural Banks
1980Nationalization of 6 more banks thus making number of India’s Nationalized banks 14+6=20 excluding SBI and its subsidiaries.
1982National Bank for Agriculture and Rural Development (NABARD) established on July 12, 1982.
1985Kotak Mahindra Bank established
1993On 4 September, 1993, New Bank of India was merged with Punjab National Bank. Thus, the nationalized banks number stood 19 excluding SBI and its associates.
1994UTI Bank (Now Axis Bank) and HDFC banks established.
1994ICICI Bank established and parent company Industrial Credit and Investment Corporation of India merged into it.
2003Yes Bank established
2005Banking Ombudsman scheme was launched.
2007Cheque Truncation System (CTS) started.
2008IDBI Nationalized. This makes number of Nationalized Banks 20 again excluding SBI and its subsidiaries.
2008On 13 August, 2008, State Bank of Saurashtra merged with SBI. This is first associate bank merger in SBI.
2010Bank of Rajasthan is acquired by ICICI.
2010On August 2, 2010, the State Bank of Indore is merged with SBI thus making it second associate bank merger in SBI.
2012RuPay card launched by National Payments Corporation of India (NPCI) on 26 March 2012. The card was later dedicated to India in 2014.
2014On August 28, Pradhan Mantri Jan Dhan Yojana was launched as biggest ever financial inclusion scheme of the government of India.
2014RBI issues 2 new banking licenses to Bandhan Financial Services and IDFC. In the same year, RBI also announced recall of pre-2005 currency notes.
2015Draft guidelines for setting up small banks and payment banks with minimum capital requirement would be Rs 100 crore were issued by RBI.
2015Bandhan Bank becomes first micro-finance company in India to start operation as full-fledged scheduled commercial bank.
2015On 8 April 2015, MUDRA Bank Yojana started with a capital of Rs. 20000 Crore and credit guarantee corpus of Rs. 3000 cr.
2016Government / RBI go for withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes and ask the public to deposit of these notes to banks.
2016In February, 2016, Banks Board Bureau (BBB) starts working as an autonomous body of the Government of India tasked to improve the governance of Public Sector Banks, recommend selection of chiefs of government owned banks and financial institutions and to help banks in developing strategies and capital raising plans. Former Comptroller and Auditor General (CAG) Vinod Rai appointed as its first Chairman.
2016In March 2016, the Jalandhar based Capital Local Area Bank (CLAB) Limited became the first financial entity in India to get Small Financial Bank Licence by RBI.
2016National Payments Corporation of India (NPCI) launched “Unified Payments Interface (UPI)” to revolutionise mobile payment system in the country.
2017In April, 2017, five associates and the Bharatiya Mahila Bank have officially merged with country’s largest lender State Bank of India (SBI). With this merger, SBI joins the league of top 50 banks globally in terms of assets.

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