Sunday, 17 July 2016

Banking Service in India

Banking in India

• The first bank established in India was
Bank of Hindustan, which was started in
1770. Second was The General Bank of India,
which started in 1786.

• The oldest bank still in existence in India is
the State Bank of India. It was originated in
the Bank of Calcutta in June 1806. Bank of
Bengal, Bank of Bombay and Bank of
Madras, these three banks merged in 1921 to
form the Imperial Bank of India, which was
converted as State Bank of India in 1955.

• The first Indian bank to have been started
solely with Indian capital investment is
Punjab National Bank.

• The first Indian bank to open overseas
branch is Bank of India. It established a
branch in London in 1946.

• The oldest existing Public Sector Bank in
India is Allahabad Bank.

• The first Indian commercial bank owned
and managed by Indians is Central Bank of

• Lala Lajpat Rai was
the founder of Punjab
National Bank.

• Union Bank of India
(UCO) bank was inaugurated by Mahatma
Gandhi in 1919.

• The Reserve Bank of India was instituted in

• The first bank in India with an ISO
Certification is Canara Bank.

• The first time banks were nationalized in
India was on 19 July, 1969.

• Osborne Smith was the first governor of
the Reserve Bank.

• CD Desmukh was the first Indian to be the
governor of Reserve Bank.

• Savings account system in India was started
by Presidency Bank, 1833.

• Bengal Bank, established in 1784, was the
first bank to introduce cheque system.

• ICICI Bank was the first Indian bank to
provide internet banking facility.

• First bank to
introduce ATM in
India was HSBC in 1987, Mumbai.

• Central Bank of India was the first public
bank to introduce Credit card.

• ICICI is the first bank to provide mobile

• Bank of Baroda has the maximum number
of overseas branches.

• When it comes to the total number of
maximum branches in the world, State Bank
of India holds 2nd Position.

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Himanshu Shrivastava
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