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Important Landmarks in Banking History

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Last Updated: April 17, 2016
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 Important Landmarks in Banking History

Contents
......................... _ ....... . .... ...... ............................................................
Important Dates in Banking History of India ................................................................................................ 3
Dates of Establishment of various Banks ....................................................................................................... 4
Key Landmarks in the journey of RBI ............................................................................................................ 6

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 Important Landmarks in Banking History

Important Dates in Banking History of India

Timeline of Banking in 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.

Oudh Commercial Bank, the first Bank of India with Limited Liability to be managed by
1881 abhijeetcool | abhijeet.tamse@gmail.com | www.gktoday.in/module/bankers-junction
Indian Board was established at Faizabad

1895 Punjab National Bank was established. It was first bank purely managed by Indians.

Central Bank of India, first Indian commercial bank which was wholly owned and
1911
managed by Indians, was established. It was called First Truly Swadeshi bank

Three presidency banks viz. Bank of Calcutta, Bank of Bombay and Bank of Madras
1921
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

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 Important Landmarks in Banking History

Timeline of Banking in India

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.

1839 Union Bank

02 June 1806 Bank of Calcutta

15th April 1840 Bank of Bombay

01st July 1843 Bank of Madras

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1863 Bank of Upper India

1865 Allahabad Bank

1881 Oudh Commercial Bank

19th May 1894 Punjab National Bank

1895 Punjab National Bank In Lahore

1904 City Union Bank

1906 Bank of India

12-Mar-06 Corporation Bank

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

JRLVY
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 Important Landmarks in Banking History

Year / Date Bank

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

1923 Andhra Bank

1924 Karnataka Bank Limited

1925 Syndicate Bank

1926 Lakshmi Vilas Bank Limited

1927 Dhanlaxmi Bank Ltd

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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 UCO Bank

1943 United Bank of India

1945 Federal Bank Limited

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 Important Landmarks in Banking History

Year / Date Bank

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)

Aug-94 HDFC Bank

1996 ICICI Bank

2003 Yes 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
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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.
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 Important Landmarks in Banking History

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 Clearingabhijeetcool
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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.

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 Important Landmarks in Banking History

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