The General Bank of India was set up in the year 1786. Next came Bank of Hindustan and Bengal Bank. The East India Company established Bank of Bengal (1809), Bank of Bombay (1840) and Bank of Madras (1843) as independent units and called it Presidency Banks.
Nationalisation of Imperial Bank of India with extensive banking facilities on a large scale specially in rural and semi-urban areas.
It formed State Bank of india to act as the principal agent of RBI and to handle banking transactions of the Union and State Governments all over the country. Seven banks forming subsidiary of State Bank of India was nationalised in 1960 on 19th July, 1969, major process of nationalisation was carried out. 14 major commercial banks in the country was nationalised.
The second phase of nationalisation of Indian banks took place in the year 1980. Seven more banks were nationalised with deposits over 200 crores. Till this year, approximately 80% of the banking segment in India were under Government ownership.
The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalised 14 banks then. These banks were mostly owned by businessmen and even managed by them.
Central Bank of India
Bank of Maharashtra
Punjab National Bank
Indian Overseas Bank
Bank of Baroda
United Bank of India
This phase has introduced many more products and facilities in the banking sector in its reforms measure. In 1991, under the chairmanship of M Narasimham, a committee was set up by his name which worked for the liberalisation of banking practices.
The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and Net banking is introduced. The entire system became more convenient and swift. Time is given more importance than money.
BANKING SYSTEM IN INDIA
In India the banks are segregated in different groups. Each group has their own benefits and limitations in operating in India. Each has their own dedicated target market. Few work in rural sector while others in both rural as well as urban. Many even only cater in cities. Some are of Indian origin and some are foreign players.
Public sector bank
•Among the Public Sector Banks in India, United Bank of India is one of the 14 majorbanks which were nationalised on July 19, 1969. Its predecessor, in the Public SectorBanks, the United Bank of India Ltd., was formed in 1950 with the amalgamation offour banks viz. Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd.(1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932). •This Public Secotor Bank India has implemented 14 point action plan for strengthening of credit delivery to women and has designated 5 branches as specialized branches for women entrepreneurs.
Private sector bank
•The first Private bank in India to be set up in Private Sector Banks in India was IndusInd Bank. It is one of the fastest growing Bank Private Sector Banks in India. •IDBI ranks the tenth largest development bank in the world as Private Banks in India and has promoted a world class institutions in India.
•The first Private Bank in India to receive an in principle approval from the ReserveBank of India was Housing Development Finance Corporation Limited, to set up abank in the private sector banks in India as part of the RBI's liberalisation of theIndian Banking Industry. •
It was incorporated in August 1994 as HDFC Bank Limited with registered office in Mumbai and commenced operations as Scheduled Commercial Bank in January 1995.
Co operative banks in india
•The Co operative banks in India started functioning almost 100 years ago. •Though the co operative movement originated in the West, but the importance of such...