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History of Banks

History of Banking System and its Reforms:

In the year 1786, the general Bank of India was set up and then Bank of Hindustan and Bengal Bank came into existence.

  • Bank of Bengal was established in 1809 by the East India Company.
  • Bank of Bombay in 1840.
  • Bank of Madras in 1843.

The above 3 banks are amalgamated in 1920 into imperial Bank of India.

  • Allahabad Bank was established in the year 1865 by the Indians.
  • Punjab National Bank (PNB) has come into existence in 1894.
  • Bank of India (BOI), Central Bank of India (CBI), Bank of Baroda (BOB), Canara Bank, Indian Bank and Bank of Mysore are founded in between 1906 – 1913.
  • Reserve Bank of India (RBI) was established in the year 1935.

To monitor and supervising the functioning of commercial banks the govt. of India established Banking Companies Act in 1949. Which was later changed to Banking Regulation Act 1949.