INDIAN BANKING HISTORY

INDIAN BANKING HISTORY The First Bank was “Bank of Hindustan” established in 1770 at Kolkata under European Management. Other Bank set up were “Bank of Bengal” (1806) , “Bank of Bombay” (1840), and” Bank of Madras” (1843), These were called Presidency Banks. First bank with limited liability managed by an Indian board was Qudh Commercial Bank founded in 1881. The first purely Indian Bank was “Punjab National Bank Ltd.” (1894). IMPERIAL BANK OF INDIA   It was created in Jan 1921 by amalgation of 3 Presidency Banks, viz., Bank of Bengal, Bank of Bombay, Bank of Madras. After nationalization in 1955, its name was changed to “State Bank of India” (SBI). SBI has 6 subsidiaries banks: NATIONALIZATION OF BANKS   In order to have more control over the banks 14 large commercial banks , the reserves of  which  were more than Rs 50cr each, were nationalized on July 19, 1969.            On April 15, 1980, those 6 private sector banks whose reserves were more than Rs 200 cr each              were nationalized. These banks were: Nationalized on July 19, 1969 Nationalized on April 15, 1980 1. Central Bank of India. 1. Andhra Bank. 2. Bank of India. 2. Punjab & Sindh Bank. 3. Punjab National Bank. 3. Vijaya Bank. 4. Canara Bank. 4. New Bank of India. 5. United Commercial Bank. 5. Corporation Bank. 6. Syndicate Bank. 6. Oriental Bank of Commerce . 7. Bank of Baroda. 8. Union Bank of India . 9. United Bank of India . 10. Dena Bank. 11. Allahabad Bank. 12. Indian Bank. 13. Indian Overseas Bank. 14. Bank of Maharashtra. In Sept 1993, the New Bank of India was merged with Punjab National Bank. Facts of Banking System in India   The first bank in India to be given an ISO Certification- Canara Bank. The first bank in Northern India to get ISO 9002 certification for their selected branches- Punjab and Sind Bank. The first Indian bank to have been started solely with Indian capital- Punjab National Bank. The first among the private sector banks in Kerala to become a scheduled bank in 1946 under the RBI Act-South Indian Bank. India's oldest, largest and most successful commercial bank, offering the widest possible range of domestic, international and NRI products and services, through its vast network in India and overseas- State Bank of India. India's second largest private sector bank and is now the largest scheduled commercial bank in India- The Federal Bank Limited. Bank which started as private shareholders banks, mostly Europeans shareholders-Imperial Bank of India. The first Indian bank to open a branch outside India in London in 1946 and the first to open a branch in continental Europe at Paris in 1974- Bank of India, founded in 1906 in Mumbai. The oldest Public Sector Bank in India having branches all over India and serving the customers for the last 132 years- Allahabad Bank. The first Indian commercial bank which was wholly owned and managed by Indians-Central Bank of India. Bank of India was founded in 1906 in Mumbai. It became the first Indian bank to open a branch outside India in London in 1946 and the first to open a branch in continental Europe at Paris in 1974. The following are the list of Public Sector Banks in India   At present there are 19 nationalized banks / Public sector Banks + 6 SBI subsidiaries + SBI = 26 Public Sector Banks) besides the RBI. They are :     1.Allahabad Bank 2.Andhra Bank 3.Bank of Baroda 4.Bank of India 5.Bank of Maharastra 6.Canara Bank 7.Central Bank of India. 8.Corporation Bank. 9.Dena Bank. 10.Indian Bank. 11.Indian Overseas Bank. 12.Oriental Bank of Commerce 13.Punjab and Sindh Bank 14.Punjab National Bank. 15.Syndicate Bank 16.UCO Bank 17.Union Bank of India 18.United Bank of India 19.Vijaya Bank   NOTE: SBI & its 6 subsidiaries aren't nationalized rather they are only coming under Public sector bank. SBI’s 6 subsidiaries banks:    1.      State Bank of Bikaner and Jaipur.   2.      State Bank of Hydrabad.   3.  State Bank of Indore.   4.      State Bank of Patiala.   5.       State Bank of Mysore.   6.       State Bank of Travancore.  List of Private Banks in India List of Foreign Banks in India 1. Bank of Punjab. 1. ABN-AMRO Bank. 2. Bank of Rajasthan. 2. Abu Dhabi Commercial Bank. 3. Catholic Syrian Bank. 3. Bank of Ceylon. 4. Centurion Bank. 4. BNP Paribas Bank. 5. City Union Bank. 5. Citi Bank. 6. Dhanalakshmi Bank. 6. China Trust Commercial Bank. 7. Development Credit Bank. 7. Deutsche Bank. 8. Federal Bank. 8. HSBC. 9. HDFC Bank. 9. JPMorgan Chase Bank. 10. ICICI Bank . 10. Standard Chartered Bank. 11. IDBI Bank. 11. Scotia Bank. 12. IndusInd Bank. 12. Taib Bank. 13. ING Vysya Bank. 14. Jammu & Kashmir Bank. 15. Karnataka Bank . 16. Karur Vysya Bank. 17. Laxmi Vilas Bank. 18. South Indian Bank. 19. United Western Bank. 20.Axis Bank.       Upcoming Foreign Banks In India   few more names is going to be added in the list of foreign banks in India. This is as an aftermath of the sudden interest shown by Reserve Bank of India paving roadmap for foreign banks in India greater freedom in India. Among them is the world's best private bank by EuroMoney magazine, Switzerland's UBS. The following are the list of foreign banks going to set up business in India: Royal Bank of Scotland Switzerland's UBS US-based GE Capital Credit Suisse Group Industrial and Commercial Bank of China