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    Banking in India originated in the last decades of the 18th century. The Reserve bank of india, India's central banking authority, was established in April 1934, but was nationalized on January 1, 1949. Until the 1990s, the nationalized banks grew at a pace of around 4%,closer to the average growth rate of the Indian economy.

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    Banking in India originated in the last decades of the 18th century. The Reserve bank of india, India's central banking authority, was established in April 1934, but was nationalized on January 1, 1949. Until the 1990s, the nationalized banks grew at a pace of around 4%,closer to the average growth rate of the Indian economy.

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    3 views11 pages

    Overview of Banks

    Uploaded by

    nileshsen
    Banking in India originated in the last decades of the 18th century. The Reserve bank of india, India's central banking authority, was established in April 1934, but was nationalized on January 1, 1949. Until the 1990s, the nationalized banks grew at a pace of around 4%,closer to the average growth rate of the Indian economy.

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    Banking Industry Overview

    Prepared By Nilesh Sen

    History
    Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1770. The bank of Bengal,Bank of Bombay,Bank of Madras all three were established under charters from the British East India Company.

    Post-Independence
    The Reserve Bank of India, India's central banking authority, was established in April 1934, but was nationalized on January 1, 1949. The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI. According to RBI ACT no two banks could have common directors.

    Contd..
    By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. 14 largest commercial banks have Nationalized with effect from July 19, 1969. A second dose of nationalization of 6 more commercial banks followed in 1980. Until the 1990s, the Nationalized banks grew at a pace of around 4%,closer to the average growth rate of the Indian economy.

    Post Libralization
    In 1988, the RBI set up Committee on Computerisation in Banks. In 1994, Committee on Technology Issues relating to Payments System, Cheque Clearing and Securities Settlement in the Banking Industry was set up. Committee also proposing Legislation On Electronic Funds Transfer and other Electronic Payments emphasized on EFT system in te year 1995.

    New phase of Indian Banking System

    Bank
    A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets.

    Central Bank of India

    Reserve Bank of India


    1st April , 1935

    Become operational
    Chairman

    Regulate the issue of banknote

    Maintain reserves to secure monetary stability

    Operate the credit

    Operate currency system of the country

    Functions Of RBI

    Fight Issue Maintain Granting against currency value of license to economic notes currency Banks crisis

    Control the NBFC

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