Timeline of Banking in India

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

Timeline of Banking in India
1770First bank was established at Cacutta under European Management.
1786General Bank of India was set up.
2 June 1806Bank of Calcutta was established in 1806; it was renamed in 1809 as Bank of Bengal
15 April 1840Bank of Bombay established
1 July 1843Bank of Madras established
1861Paper Currency Act was enacted by British Government of India
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
1895Punjab National Bank was established. It was first bank purely managed by Indians.
1911Central Bank of India, first Indian commercial bank which was wholly owned and managed by Indians, was established. It was called First Truly Swadeshi bank
1921Three presidency banks viz. Bank of Calcutta, Bank of Bombay and Bank of Madras amalgamated to form Imperial Bank of India
1935Creation of Reserve bank of India
1949 (January )Nationalization of Reserve Bank of India
1949 (March)Enactment of Banking Regulation Act
1955Nationalization of Imperial Bank of India, which now became State Bank of India
1959Nationalization of SBI Subsidiaries
1969Nationalization of 14 major Banks
1971Creation of Credit Guarantee Corporation
1975Creation of Regional Rural Banks
1980Nationalization of 7 more banks with deposits over Rs. 200 Crore

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