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Economy

Important facts on Banking in India

Bank

Fact

Oldest bank but liquidated

Bank of Hindustan(1770-1832)

General Bank of India(1786-1791)

Oldest Bank in continuous operation

State Bank of India(Since 1806).

Largest Bank

State Bank of India

Three Presidency banks

These were started by British as quasi central banks in India.

  1. Bank of Calcutta
  2. Bank of Bombay
  3. Bank of Madras.

In 1921 these 3 banks merged into Imperial Bank of India and after India’s Independence in 1955, it was finally renamed into State Bank of India.

Oldest Public Sector Bank &

Oldest Joint Stock Bank of the Country

Allahabad Bank(1865)

Crossed 150 years.

Oldest Joint Stock bank of India but failed

Bank of Upper India(1863 - 1913).

First Bank of India with Limited Liability to be managed by Indian Board

Oudh Commercial Bank(1881-1958)

First bank purely managed by Indian

Punjab National Bank(1895)

First Indian commercial bank which was wholly owned and managed by Indians

Central Bank of India(1911)

Creation of Reserve bank of India

1935

Nationalization of the Imperial Bank of India

1955 through SBI Act.

Enactment of Banking Regulation Act

1949 

Nationalization of SBI Subsidiaries

1959

Nationalization of 14 major private commercial banks

1969

Creation of Credit Guarantee Corporation

1971

Creation of Regional Rural Banks

1975

First Indian bank to open a branch outside India

Bank of India in London in 1946 and  also the first to open a branch in continental Europe at Paris in 1974.

Second phase of nationalization

1980(6 more banks were nationalized).