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Quick Points - Evolution, Origin and Development of Banking in India

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Quick Points - Evolution, Origin and Development of Banking  in India

  • Banking is a Term which started in India in 1770. The first bank in India is "Bank of Hindustan" which was established in 1770. Initially the Headquarters was established in Calcutta under European Management due to one of the most trading port in India by British Empire.
  • Later "General Bank of Bengal & Bihar" came into existance in 1773 after the proposal by Governor General "Warren Hasting".

  • Before the Estblishment of Bank of Bengal  in 1809 it was named as Bank of Calcutta.
  • Then After British East India Company came into existance and opened 3 Major bank namely - Bank of Bengal, Bank of Bombay, Bank of Madras.
  • The 3 Major Bank namely - Bank of Bengal, Bank of Bombay, Bank of Madras act as independent unit called as Presidency Bank. 
  • Bank of Bengal was established in 1809 followed by Bank of bombay in 1840 & Bank of Madras in 1843.
  • These 3 Major banks namely - Bank of Bengal, Bank of Bombay, Bank of Madras worked together as Quasi Central Banks in India for many years.
  • The 3 major Banks / Presidency Bank were amalgamted into One in 1921 named as Imperial Bank of India.
  • Allahabad Bank is one of the most oldest public sector bank in India which serves for last 155 Years. 
  • Oudh Commercial Bank which was established in 1881 in Fizabad is the first bank in India with limited liability to be managed by Indians.
  • Punjab National bank which was established in 1895 in Lahore is the First Bank in India which is purely managed by Indians. 
  • Central Bank of India which was established in 1911 was the first Indian Commercial Bank which was wholly owned and Handled by Indians.  
  • Six major banks was established in between 1906 and 1913. 
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