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How are you all? I hope you are doing well. Today, we are going to discuss the 1st important topic that comes under the General Awareness section, “Indian Banking Industry”. In this class, we will take one topic and the next topics related to this chapter will be continued in our future posts.
So, today’s topic is,
Indian Banking Industries HISTORICAL BACKGROUND
India’s first bank was established by the Britishers in 1970 on the recommendation of the ALEXANDER COMMITTEE. The name of the first bank in India was “BANK OF HINDUSTAN”. Wonder why the Britishers named the bank in favor of our country?
THE FIRST BANK OF INDIA
The answer is simple,
if the bank’s name wasn’t in favor of our country, nobody would’ve been attracted towards it. Therefore, naming the first bank of India as “BANK OF HINDUSTAN” attracted the Indian citizens.
after 14 years of establishment (1970-1984), the working of this bank got stopped due to failure.
NOTE: The BANK OF INDIA was abandoned in 1984 but it’s liquidation (complete deletion) was completed in 1932.
AFTER THE FAILURE OF “BANK OF HINDUSTAN”
After the failure of the first bank of India “BANK OF HINDUSTAN” after 14 years of working, the Britisher’s didn’t lose faith in themselves,
they established another bank and they named in “GENERAL BANK OF INDIA”. GENERAL BANK OF INDIA was established by the Britishers in 1786 and unfortunately, this bank also failed after 5 years of working.
AFTER THE FAILURE OF BOTH “BANK OF INDIA & GENERAL BANK OF INDIA”
After 2 banks were failed, the Britisher’s decided to establish “Presidency Banks”. Below are the 3 presidency banks: 1. BANK OF CALCUTTA (later named as “BANK OF BENGAL” in 1809) [Established in 1806]
2. BANK OF BOMBAY [Established in 1840]
3. BANK OF MADRAS [Established in 1843]
**IMPORTANT NOTE** *Presidency banks were merged in 1921 and were collectively known as “IMPERIAL BANK OF INDIA”.
*On 1st July 1955, IMPERIAL BANK OF INDIA was converted into “STATE BANK OF INDIA”.
STATE BANK OF INDIA
- In 1955, the “IMPERIAL BANK OF INDIA” was converted into “STATE BANK OF INDIA”.
- The SBI ACT was passed in 1955.
ASSOCIATE BANKS OF SBI
*In 1959, SBI made it’s 8 associate banks on the recommendation of A.D GOREWALA Committee.
BELOW ARE THE LIST OF ASSOCIATE BANKS OF SBI:
- STATE BANK OF HYDERABAD
- STATE BANK OF MYSORE
- STATE BANK OF PATIALA
- STATE BANK OF TRAVANCORE
- STATE BANK OF BIKANER
- STATE BANK OF JAIPUR
- STATE BANK OF SAURASHTRA (Merged into SBI in 2008)
- STATE BANK OF INDORE (Merged into SBI in 2010)
**The STATE BANK OF BIKANER & STATE BANK OF JAIPUR were merged in 1963 & were collectively known as “STATE BANK OF BIKANER AND JAIPUR”.
*The first 6 banks in the above list were merged into STATE BANK OF INDIA on APRIL 1ST, 2017.
NATIONALISATION OF BANKS
*On July 19, 1969 – 14 Banks having a minimum of Rupees 50 crore capital were nationalized. *On April 15, 1980 – 6 Banks having a minimum of Rupees 200 Crore capital were nationalized
*Total 20 Banks were nationalized but later, 1 Bank (NEW BANK OF INDIA) was removed from the list.
CONCLUSION- TOTAL 19 BANKS WERE NATIONALISED.
**MULTIPLE CHOICE QUESTIONS OF THIS TOPIC WILL BE UPLOADED IN THE NEXT POST**
That’s it for today, we will take up MCQ questions tomorrow.
THANK YOU ALL FOR VISITING & LEARNING WITH US.
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