BANKING IN INDIA

Banking in India has a long history dating back to the 18th century. The first bank in India, called the Bank of Hindustan, was established in 1770 and was liquidated in 1829-32. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal.

BANKING IN INDIA

 This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company.

In 1921, the British government nationalized the Imperial Bank of India, which had established branches throughout the country, and it became the State Bank of India. After India's independence in 1947, the Reserve Bank of India (RBI) was established as the country's central bank.

The Indian banking system is broadly classified into scheduled and non-scheduled banks. Scheduled banks are those banks which have been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934. As on December 2021, there were 27 public sector banks, 10 private sector banks, 43 foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 94,384 rural cooperative banks in India. 


The public sector banks are those banks in which the government holds a majority stake, while private sector banks are those in which the government does not have a majority stake. Some of the major public sector banks in India include State Bank of India, Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, and Vijaya Bank. 



Some of the major private sector banks in India include Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, Kotak Mahindra Bank, and Yes Bank. In addition to traditional banking, India has also seen the emergence of new forms of banking such as cooperative banking and regional rural banking. Cooperative banks are owned and operated by their members, who are also shareholders in the bank. Regional rural banks were established to ensure that the rural areas of the country have access to banking services. The banking sector in India has been through a lot of changes over the years, with the government playing a major role in its development. The government has implemented several measures to improve the efficiency and stability of the banking system in India, including the nationalization of 14 major banks in 1969 and the establishment of the deposit insurance scheme in 1962.

The banking sector in India is regulated by the Reserve Bank of India, which is the country's central bank. The RBI is responsible for issuing currency, regulating the money supply, and controlling inflation. It also supervises and regulates the activities of commercial banks and other financial institutions in India.

In recent years, the Indian government has taken several steps to liberalize and deregulate the banking sector in India. These steps include allowing foreign banks to set up operations in India and permitting banks to offer a wider range of services such as insurance and mutual funds. The government has also implemented measures to promote financial inclusion, such as the Pradhan Mantri Jan Dhan Yojana, which is aimed at providing access to banking services to all households in the country.

Overall, the banking sector in India has come a long way from its early days and has grown to become a major contributor to the country's economy.

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