Timeline of Banking in India

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

Year Event
1770 Bank of Hindostan, First bank of India was established at Calcutta under European Management.
1786 General Bank of India (First bank established in India)
1790 Bank Of Hindustan which lasted until. 1832.
1806 On June 2, 1806, Bank of Calcutta was established. This was first presidency bank and was later renamed as Bank of Bengal in 1809.
1839 Union Bank
1840 On April 15, 1840, Bank of Bombay was established as second presidency bank.
1843 On July 1, 1843, Bank of Madras established as third presidency bank.
1861 Paper Currency Act was enacted by British Government.
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
1894 On 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.
1895 Punjab National Bank In Lahore
1904 City Union Bank
1906 Bank of India
1906 Corporation Bank
1906 On July 1, 1906, the Canara Hindu Permanent Fund was established. It was renamed as Canara Bank in 1910.
1907 On 15 August 1907, Indian Bank was established.
1908 Bank of Baroda was established.
1911 On 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
1916 Karur Vysya Bank established.
1919 Union Bank of India on 11 Novermber 1919.
1920 Catholic Syrian Bank
1921 Three presidency banks viz. Bank of Calcutta, Bank of Bombay and Bank of Madras amalgamated to form Imperial Bank of India
1921 Tamilnad Mercantile Bank Limited
1923 Andhra Bank
1924 Karnataka Bank Limited
1925 Syndicate Bank
1926 Lakshmi Vilas Bank Limited
1927 Dhanlaxmi Bank Ltd
1929 South Indian Bank Limited
1931 Vijaya Bank
1934 RBI Act was passed.
1935 1st April 1935, Reserve bank of India commended operation.
1935 Bank of Maharashtra established
1937 Indian Overseas Bank established
1938 Jammu & Kashmir Bank; Dena Bank established.
1943 Oriental Bank of Commerce; UCO Bank, United Bank of India established.
1945 Federal Bank Limited
1949 Nationalization of Reserve Bank of India in January, 1949.
1949 Enactment of Banking Regulation Act
1954 Nainital Bank Limited established
1955 Industrial 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.
1955 Nationalization of Imperial Bank of India and renamed as State Bank of India (on recommendations of A.D. Gorwala Committee)
1959 Nationalization of SBI Subsidiaries
1964 Industrial 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.
1969 Nationalization of 14 major Banks on 19 July 1969.
1971 Creation of Credit Guarantee Corporation
1975 Creation of Regional Rural Banks
1980 Nationalization of 6 more banks thus making number of India’s Nationalized banks 14+6=20 excluding SBI and its subsidiaries.
1982 National Bank for Agriculture and Rural Development (NABARD) established on July 12, 1982.
1985 Kotak Mahindra Bank established
1993 On 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.
1994 UTI Bank (Now Axis Bank) and HDFC banks established.
1994 ICICI Bank established and parent company Industrial Credit and Investment Corporation of India merged into it.
2003 Yes Bank established
2005 Banking Ombudsman scheme was launched.
2007 Cheque Truncation System (CTS) started.
2008 IDBI Nationalized. This makes number of Nationalized Banks 20 again excluding SBI and its subsidiaries.
2008 On 13 August, 2008, State Bank of Saurashtra merged with SBI. This is first associate bank merger in SBI.
2010 Bank of Rajasthan is acquired by ICICI.
2010 On August 2, 2010, the State Bank of Indore is merged with SBI thus making it second associate bank merger in SBI.
2012 RuPay card launched by National Payments Corporation of India (NPCI) on 26 March 2012. The card was later dedicated to India in 2014.
2014 On August 28, Pradhan Mantri Jan Dhan Yojana was launched as biggest ever financial inclusion scheme of the government of India.
2014 RBI issues 2 new banking licenses to Bandhan Financial Services and IDFC. In the same year, RBI also announced recall of pre-2005 currency notes.
2015 Draft guidelines for setting up small banks and payment banks with minimum capital requirement would be Rs 100 crore were issued by RBI.
2015 Bandhan Bank becomes first micro-finance company in India to start operation as full-fledged scheduled commercial bank.
2015 On 8 April 2015, MUDRA Bank Yojana started with a capital of Rs. 20000 Crore and credit guarantee corpus of Rs. 3000 cr.
2016 Government / 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.
2016 In 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.
2016 In 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.
2016 National Payments Corporation of India (NPCI) launched “Unified Payments Interface (UPI)” to revolutionise mobile payment system in the country.
2017 In 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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