Banking in India

Banking and Finance

·        Bank of Hindustan was the first bank established in India in 1770.

·        First bank with limited liability managed by an Indian Board was the Oudh Commercial Bank in 1881.

·        A Step towards Social Banking was taken with the nationalization of 14 Commercial banks on 19 july 1969. Six more banks were nationalized on 1980, total number of nationalized Banks are 27.

·        First purely inian bank is the Punjab National Bank (1894).

·        With the merger of Bank of Rajasthan with the ICICI Bank the number of old private sector banks is now reduced 14.

·        After the merger of state Bank of Saurashtra and State Bank of Indore.