History of Banking in India
Structure of the organised banking sector in India.
Number of banks are in brackets.
Banking in India
From Wikipedia, the free encyclopedia
Banking in India originated in the last decades of the 18th century. The oldest bank in existence in India is the State
Bank of India, a government-owned bank that traces its origins back to June 1806 and that is the largest commercial bank in the country. Central banking is the responsibility of the Reserve Bank of India, which in 1935 formally took over these responsibilities from the then Imperial Bank of India, relegating it to commercial banking functions. After India's independence in 1947, the Reserve Bank was nationalized and given broader powers. In 1969 the government nationalized the 14 largest commercial banks; the government nationalized the six next largest in 1980.
Currently, India has 88 scheduled commercial banks (SCBs)
- 27 public sector banks (that is with the Government of
India holding a stake), 31 private banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 38 foreign banks. They have a combined network of over 53,000 branches and 17,000
ATMs. According to a report by ICRA Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively
Contents
1 Early history
2 From World War I to Independence
3 Post-independence
4 Nationalisation
5 Liberalisation
6 Further reading
7 Notes
8 See also
9 External links
Early history
Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of
India which started in 1786, and the Bank of Hindustan, both of which are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which
Banking in India - Wikipedia, the free encyclopedia
Number of banks are in brackets.
Banking in India
From Wikipedia, the free encyclopedia
Banking in India originated in the last decades of the 18th century. The oldest bank in existence in India is the State
Bank of India, a government-owned bank that traces its origins back to June 1806 and that is the largest commercial bank in the country. Central banking is the responsibility of the Reserve Bank of India, which in 1935 formally took over these responsibilities from the then Imperial Bank of India, relegating it to commercial banking functions. After India's independence in 1947, the Reserve Bank was nationalized and given broader powers. In 1969 the government nationalized the 14 largest commercial banks; the government nationalized the six next largest in 1980.
Currently, India has 88 scheduled commercial banks (SCBs)
- 27 public sector banks (that is with the Government of
India holding a stake), 31 private banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 38 foreign banks. They have a combined network of over 53,000 branches and 17,000
ATMs. According to a report by ICRA Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively
Contents
1 Early history
2 From World War I to Independence
3 Post-independence
4 Nationalisation
5 Liberalisation
6 Further reading
7 Notes
8 See also
9 External links
Early history
Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of
India which started in 1786, and the Bank of Hindustan, both of which are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which
Banking in India - Wikipedia, the free encyclopedia