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.
