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Banking first began in India in 1770 with the establishment of the Bank of Hindusthan in Kolkata. Several important milestones in Indian banking include the founding of the Punjab National Bank in 1894 as India's first purely Indian bank, the introduction of the first ATM by HSBC in 1987, and the nationalization of 14 major banks in 1969. The Reserve Bank of India, established in 1935, serves as the central bank that regulates monetary policy and the banking sector. The State Bank of India is the largest public sector bank and has played a major role in India's banking industry since its founding as the Imperial Bank of India in 1921.
Banking first began in India in 1770 with the establishment of the Bank of Hindusthan in Kolkata. Several important milestones in Indian banking include the founding of the Punjab National Bank in 1894 as India's first purely Indian bank, the introduction of the first ATM by HSBC in 1987, and the nationalization of 14 major banks in 1969. The Reserve Bank of India, established in 1935, serves as the central bank that regulates monetary policy and the banking sector. The State Bank of India is the largest public sector bank and has played a major role in India's banking industry since its founding as the Imperial Bank of India in 1921.
Banking first began in India in 1770 with the establishment of the Bank of Hindusthan in Kolkata. Several important milestones in Indian banking include the founding of the Punjab National Bank in 1894 as India's first purely Indian bank, the introduction of the first ATM by HSBC in 1987, and the nationalization of 14 major banks in 1969. The Reserve Bank of India, established in 1935, serves as the central bank that regulates monetary policy and the banking sector. The State Bank of India is the largest public sector bank and has played a major role in India's banking industry since its founding as the Imperial Bank of India in 1921.
• First bank in india- Bank of Hindusthan-culcutta- 1770
• First purely indian bank – punjab national bank-1894 – lala lajpat rai(book- England’s Debt to india) naoroji -paper -' English Debt to India ’ • First insurance company in india- Oriental life insurance company – 1818 • Oldest continuing insurance company- National insurance 1906 • LIC- 1956- HQ- Mumbai • First bank to introduce ATM- world level- Barclays Bank- London - 50th anniversary of 27 June 2017 • First ATM in India- HSBC Bank-1987 • NABARD-National Bank for Agriculture and Rural Development 1982- HQ- Mumbai- Harsh Kumar Bhanwala (Chairman)sivaraman committee’s recommendation • Largest private Sector Bank in india- ICICI • Largest public sector Bank in india- SBI Related Facts • Bbanking regulation Act 1949 • Nationalisation -first -1969 july 19- 14 banks • Second – 1980- 6 banks • Present 19 nationalised banks(PNB+New Bank of India) • First Bank in Kerala- Nedungadi Bank- in 1899 at Calicut – merge to PNB • First Bank to get ISO certificate- Canara Bank • First women bank- Bharatiya Mahila Bank – 2013- HQ- New elhi • Decimal system(coin system)- 1957 • Naasimham, verma, khan committees - banking reforms Reerve Bank of India • Established- 1935 April 1- by the recommendation of Hilton Young commission(1926) • Nationalised on 1949 jan 1- HQ – mUmbai • Symbol- palm& tiger • Bankers bank, central bank of india, controller of credits • First governor- osborne smith- first indian C D Deshmukh - present – Urjit patel (24th) • The only Prime minister –Held in the post- manmohan singh • Banking ombudsman- appointed by RBI Governor • 1 Rupee currency signed by the finance secretary. Others RBI Governor Functions • Issue of Notes • Banker to the Government • Banker’s Bank • Controller of the Credit • Custodian of Foreign Reserves • acts as the representative of Government in International Monetary Fund (I.M.F.) and represents the membership of India. Planning • Repo rate is the rate Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds • Reverse Repo rate is the rate at which RBI borrows money from the commercial banks. State Bank of India • Imperial Bank- Established – 1921 • 1955 july 1st – became SBI • Largest pblic sector bank- largest commercial bank – HQ – mumbai • first floating ATM – cochin • Branch in israel • First and first malayali – chairman- john Mathai • First woman- Arundhati Battacharya • Present- Rajnish Kumar • SBI has five associate banks: State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. • Bharatiya Mahila Bank merged with SBI frm 1st April 2017 Stock exchanges in India • Oldest stock exchange- bombay- 1875- BSE- situated in Dalal street • Share index known as Sensex – term sensex coined by Deepak mohani • Largest stock exchange- National stock exchange- 1992- HQ- mumbai- Share index known as NIFTY • SEBI- established- 1988- ncame into force- 1992 • Regulator of share market, securities exchange, credit rating agencies – SEBI- HQ – mumbai • Cochin Stock exchange- 1978 • SEBI chairman- first SA Dave- present – ajay thyagi Indian Currencies 1 rupee - image of an oil exploration site. 2 Rupee - India’s first satellite “Aryabhatta" 5 rupee- picture of a farmer ploughing the field 10 rupee- Images of Konark Sun Temple wheel and clean India logo. • 20- rupee- shows the view of "Mount Harriet Light House" in Port Blair. 50 rupee- logo of ‘Swachchh Bharat’ and Chariot of Hampi (Karnataka). 100 rupee- rani ki vav • 200 rupee- image of famous Sanchi Stupa. • 500 rupee- image of “Swachchh Bharat" and the "Red Fort" of Delhi. • 2000 rupee- mangalyan