The Reserve Bank of India was established on 1st April, 1935 and it was nationalized on 1st January, 1949.

The Finance Ministry issue Currency notes and coins of rupee one all other Currency Notes are issued by the Reserve Bank of India.

The first bank of limited liability managed by Indians was Oudh Commercial bank founded in 1881. Subsequently, Punjab National Bank was established in 1894.

Swadeshi movement, which began in 1906, encouraged the formation of a number of Commercial banks.

The Banking companies Act was passed in February 1949, which was subsequently amended to read as banking Regulation Act, 1949.

Commercial banks mobilise saving in urban areas and make them available to large and small industrial and trading units mainly for working capital requirements.

Commercial banking system in India consisted of 298 scheduled commercial banks (Including foreign banks).

Of the scheduled commercial banks, 224 are in public sector of which 196 are regional rural banks (RRBs) and these account for about 77.9% of the deposits of all scheduled commercial banks.

 On 19th July. Lead Bank Scheme . 1980. bringing total number of nationalised banks to 27 (19+SBI+7 SBI Associates).50 crores or more and on 15th April. The Imperial Bank was established in the year 1921 by merging there main presidency Banks. with a few foreign banks. The Public sector banks account for more than 92% of the entire banking business in IndiaOccupying a dominant position in the commercial another 20 banks are the Public sector banks.   Oudh Commercial Bank was the first complete Commercial Bank of India.  In 1959. 7 regional banks were nationalised and given the status of Associate Banks of State Bank of India.  The largest bank-imperial Bank was nationalised in 1955 on recommendation of Gorewala Committee and rechristened as state Bank of India. 14 big commercial banks with deposits worth rs. Commercial banks are broadly classified into nationalised or Public sector banks and private sector banks.  Before the merger of New Bank of India in Punjab National Bank (in 1993) the total number of nationalised banks was 28 ( 8 SBI & Associates+14+6). 1969. six other scheduled banks were nationalised.

. SLR and CRR are reduced.  Banking “ombudsmen Scheme” stared functioning to expedite inexpensive resolution of customer’s Complaints.  Under the scheme. Rapid computerization of banks being undertaken. Banking Reforms  On the recommendation of Narsimhan Committee. After the nationalisation of 14 banks the Lead Bank Scheme of the RBI was adopted in 1969 for branch expansion programme of banks. a number of steps are taken to improve functioning of banking sector. Scheduled and Non-scheduled Banks:  The scheduled banks are those which are entered in the second Schedule of the RBI Act. These banks have a paid-up capital and reserves of an aggregate value of not less than Rs. all the nationalised banks and there private banks were allotted specific distracts where they were asked to take the lead in surveying the scope of banking development particularly expansion of credit facilities.5 Lakhs and satisfy the RBI that their affairs are carried out in the interest of their depositors.  Banks given freedom to open new branches. 1934.

 All commercial banks (Indian and foreign). Co-operative Banks  Co-operative Banks are so called because they are organised under the provisions of the Co-operative credit Societies law of the states. agriculture labourers. the newest from of banks. At president there is only one such bank in the country. The major beneficiary of the Co-operative Banking is the agricultural sector in . regional rural banks and state co-operative banks are scheduled banks. Regional Rural Banks  The regional rural Banks (RRBs) . have come into existence since idle of 1970s (sponsored by individual nationalised commercial banks ) with the objective of developing rural economy by providing credit and deposit facilities for agriculture and other productive of all kinds in rural areas.  The emphasis is on providing such facilities to small and marginal farmers. rural artisans and other small entrepreneurs in rural areas. Non scheduled banks are those which are not included in the second scheduled banks 1934.

 At the apex s the state Co-operative Bank (SCB) (Co-operative being a state subject in India ). 1975. . which controls 29% of total credits.  In public sector banks. Narsimhan Committee was constituted to advice in the issue of reconstruction of banking system. and at the village level are the Agricultural Credit Societies (PACs).   First Regional Rural Bank was established on 2nd October. The first such bank was established in 1904.particular and the rural sector in general.  The Co-operative credit institution operative in the country are mainly of two kinds : agricultural (Dominant) and non-agricultural. Long-term agricultural credit is provided by the land development Banks. the state Bank of India group is the biggest. at the intermediate (district) level are the Central Cooperative Banks (CCBS).  Approximately 91% of total credit of banks is controlled by the banks of public sectors. Development Banks : Main functions: Development of housing finance in the country. In the year 1991.

 Industrial Finance Corporation of India (IFCI). Industrial Development Bank of India (IDBI). established in 1989.  Small industries Development Bank of India (SIDBI). Financing exports and imports. Insurance: . Main function : providing assistance to small scale industries through state finance corporation. Underwriting of issues of shares and debentures. NABARD was established in 1982: Main function: to serve as an apex refinancing agency for institutions engaged in providing agricultural finance to develop credit delivery system to coordinate rural financing activities. Main functions: Coordinating the working of institution engaged in financing export and import trade. commercial banks etc. established in 1948. (a) Project Finance (b) Promotional services. Bank) was established in 1982. Main functions. established in 1964. Main functions: Providing finance to large and medium scale industrial units.  National Housing Bank (NHB) started operations in 1988. state industrial development corporations.Import Bank India (Exim.  Industrial Credit and Investment Corporation in Indian and foreign currencies.  Expert.

Insurance industry includes two sectors-Life Insurance and general Insurance. List of Banks in India (with website)  Allahabad Bank .  Life insurance Corporation (LIC) was established in September 1956. It also suggested entry of foreign insurance companies on selective basic.  Indian Insurance sector has low penetration particularly in rural areas. The committee on Insurance Sector reforms was set-up in 1993 under the chairmanship of R.N.  Insurance Regultory Authority (IRA) should be established on the lines of SEBI and IRA should be granted complete functional autonomy. All the four associate companies of GIC should be granted permission to perform their business independently. General Insurance Corporation (GIC) was established in November 1972.  Malhotra Committee recommended entry of the private sector in insurance sector. It also has low turnover and profitability despite high premium rate. A British firm in 1818 established the Oriental Life Insurance Company at Calcutta now Kolkata. Life Insurance in India was introduced by Britishers. Malhotra which submitted its report in 1994. The basic concept of insurance is of spreading the loss of a few over many.

                    Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Industrial Development Bank of India (IDBI) Ltd Oriental Bank of Commerce Punjab and Sind Bank Punjab National Bank Syndicate Bank State Bank of India State Bank of Bikaner and Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore .

       State Bank of Patiala State Bank of Saurashtra State Bank of Travancore UCO Bank Union Bank of India United Bank of India Vijaya Bank Last 5 posts by onlineGKguide      List of Important Abbreviations and Acronyms of 2011 Most Important Events of 2011 Sahitya Akademi Awards-2011 List of Corrupt Nations 2008-2011 Books and Authors December 2011 Last 5 posts in India     Most Important Events of 2011 Top 20 India's Richest Businessman India's Longest Train Route List of Vir Chakra Recipients India .

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international and NRI products and services.            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. the biggest. get all such types of informations about Banking in India in this section. 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. The following are the list of Public Sector Banks in India             Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce . largest and most successful commercial bank. 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 1974Bank 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. the oldest.The first. the largest. offering the widest possible range of domestic. 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.

       Punjab & Sind Bank Punjab National Bank Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank List of Private Banks in India                     Bank of Punjab Bank of Rajasthan Catholic Syrian Bank Centurion Bank City Union Bank Dhanalakshmi Bank Development Credit Bank Federal Bank HDFC Bank ICICI Bank IDBI Bank IndusInd Bank ING Vysya Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Laxmi Vilas Bank South Indian Bank United Western Bank UTI Bank List of Foreign Banks in India          ABN-AMRO Bank Abu Dhabi Commercial Bank Bank of Ceylon BNP Paribas Bank Citi Bank China Trust Commercial Bank Deutsche Bank HSBC JPMorgan Chase Bank .

   Standard Chartered Bank Scotia Bank Taib Bank .

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