History of Banking
Banking · बैंकिंग का इतिहास
📋Quick Overview
The history of modern banking in India dates back to the 18th century. The Bank of Hindustan, established in 1770 in Calcutta, was the first bank in India (it was liquidated in 1832). The General Bank of India was set up in 1786. The British East India Company established three Presidency Banks — Bank of Bengal (1806), Bank of Bombay (1840), and Bank of Madras (1843) — which were merged in 1921 to form the Imperial Bank of India. The Imperial Bank was nationalized in 1955 to become the State Bank of India (SBI).
Bank of Hindustan (1770) = first bank in India | Allahabad Bank (1865) = oldest surviving public sector bank (now merged with Indian Bank) | Punjab National Bank (1894) = first Swadeshi bank
📖Timeline of Banking in India
📖Presidency Banks
| Bank | Established | Location | Merged Into |
|---|---|---|---|
| Bank of Bengal | 1806 | Calcutta | Imperial Bank of India (1921) |
| Bank of Bombay | 1840 | Bombay | Imperial Bank of India (1921) |
| Bank of Madras | 1843 | Madras | Imperial Bank of India (1921) |
Imperial Bank of India (1921) was nationalized as SBI in 1955 under the SBI Act, 1955 on the recommendation of the A.D. Gorwala Committee
📝Important Firsts in Indian Banking
- •First bank in India: Bank of Hindustan (1770, Calcutta)
- •First Presidency Bank: Bank of Bengal (1806)
- •First joint-stock bank: Allahabad Bank (1865)
- •First Swadeshi bank: Punjab National Bank (1894, Lahore)
- •First bank fully managed by Indians: Central Bank of India (1911)
- •First Governor of RBI: Sir Osborne Smith (1935)
- •First Indian Governor of RBI: C.D. Deshmukh (1943)
- •First bank to introduce internet banking in India: ICICI Bank (1998)
- •First bank to introduce ATM in India: HSBC (1987, Mumbai)