7. • General bank of India – 1786.
• Other banks – Bank of Bengal (1809)
- Bank of Bombay (1840)
- Bank of Madras (1843), were
setup as independent units and called it as
“PRESIDENCY BANKS”.
• The presidency banks were amalgamated
in 1920 to form “Imperial bank of India”.

8. • Between 1906 – 1930, Bank of India, Bank of
Baroda, Canara bank, Bank of Mysore and
Central bank of India were setup.
• RESERVER BANK OF INDIA was
established in 1935, as the central banking
authority of India, to supervise the functioning
of Banks.

9. • Nationalization of Banks, mainly
reforms were introduced in the
Banking sector after
Independence.

10. • 1949 enactment of banking regulation act was
passed.
• In 1955 the Indian government nationalized
the imperial bank of India. The nationalization
of imperial bank of India led to the
organization of State Bank of India.
• On 19th July 1969 fourteen major Banks and
on 15 April 1980 another 6 Banks have been
nationalized by Government of India .

11. • It was the effort of the then prime minister of
India, Mrs. Indira Gandhi, that 14 major
commercial banks in the country were
nationalized.
• Banking in the sunshine of the government
ownership gave the public implicit faith and
immense confidence about the sustainability of
the financial institutions.

12. • In 1991, Narashima committee was setup to work
for the liberalization for the Banking practices, this
opened the doors to the foreign Banks and ATM
stations.
• Phone banking and net banking is introduced.
• The entire system became more swift and
convenient and time is given more importance than
money.

13. ROLE OF RESERVE BANK OF
INDIA:
• Monitory authority of India.
• Note issuing authority.
• Banker’s to the bank.
• Credit control.
• Protecting the foreign exchange result.
• Issue guidelines to all the banks.
• Controls the volume of money in the country,