History of Banks in India / Banks History / First Bank in India
-The story of Bank starts from Bank Of Hindustan established
in 1779 and it was first bank at Calcutta under European management.
-Three Presidency Banks were set up under British East India
company-
1) Bank of Calcutta,
2) Bank of Madras and
3) Bank of Bombay.
-Bank of Calcutta established in 1806 and later on became
Bank of Bengal.
-First Bank managed by Indians founded in 1881 was
Oudh-Commercial
Bank.
-Punjab National Bank established in 1894 and is the first
bank purely managed by Indians.
-
Banking regulation Act, passed in Feb 1949.
-Nationalisation of RBI On 1Jan,1949 under Banking
Revolution Act 1949.
-The largest and oldest Bank of Indian subcontinent-Imperial
Bank -Of India-came into existence on 27 jan 1921 when 3 Presidency Banks
merged with each other.
-Banking Crisis during 1913-1917 results in failure of 588
banks.
-One of the oldest public sector banks in India is Allahabad
Bank serving the customers for last 145 years.
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