Important Facts about Indian Banking

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Hi, I am Sarath Chandra. Here I am sharing some Important Facts about Indian Banking Sector. Happy Reading :)

Important Facts about Banks 

• First Bank Set Up in India : Bank of Hindustan in 1770
• First Bank that is oldest Public Bank in India : Allahabad Bank
• First Bank to Introduce ATM in India : HSBC
• First Bank to Introduce Cheque system in India : Bengal Bank 1784
• First Bank to introduce Credit Card in India : Central Bank of India
• First Bank to introduce Internet Banking : ICICI BANK
• First Bank to introduce Mutual Fund : State Bank of India
• First Bank to introduce saving Bank in India : Presidency bank in 1833
• First Foreign Bank in India : Comptoire d’Escompte de Paris of France in 1860
• First Governor of RBI : Mr. Osborne Smith
• First India bank Got ISO : Canara Bank
• First Indian Bank started with Indian capital /indigenous Bank of India : Punjab National Bank
• First Indian bank to open branch outside India in London in 1946 : Bank of India
• First Indian governor of RBI : Mr. C D Deshmukh
• First Joint Stock Bank of British India : State Bank of India
• First Joint Stock Bank of India : Allahabad Bank
• First national bank that is merged with Punjab National Bank : New Bank of India in 1993
• First Regional Rural Bank name Prathama Grameen Bank Was started by : Syndicate Bank
• The Banking Companies Act was passed in February 1949, which was subsequently amended to read as Banking Regulation Act, 1949.
• The first bank of limited liability managed by Indians was Oudh Commercial Bank founded in 1881.
• The largest bank – Imperial Bank of India – was nationalised in 1955 and rechristened as State Bank of India (SBI), followed by formation of its 7 Associate Banks in 1959.
• First nationlised 14 banks---19 July 1969
• Six more commercial banks were nationalised from 15 April 1980
• Based on the recommendations of the Committee ( Chairman: Shri M.Narasimham), a comprehensive reform of the banking system was Committee on the Financial System (CFS) was set up on 14 August 1991 to )introduced in 1992-93.
• Banking regulation act was then amended in 1993, which permitted the entry of new private-sector banks in the Indian banking s sector.
• The Small Industries Development Bank of India (SIDBI) was established as a principal financial institution for the promotion, financing and development of industries in the small scale sector. SIDBI started its operations from 2 April 1990.
• The Export Import Bank of India (EXIM Bank, set up in 1982 under the Export-Import Bank of India Act 1981) was established for financing, facilitating and promoting foreign trade in India.
• The National Bank for Agriculture and Rural Development (NABARD) came into existence on 12 July 1982.
• The National Housing Bank (NHB), the apex institution of housing finance in India, was set up as wholly owned subsidiary of the Reserve Bank of India. The bank started its operations from July 1988.
• The Asian Development Bank (ADB), an international Partnership of 67 member (currently) countries, was established on 22 August 1966 with its headquarters at Manila, Philippines.
• The World Bank was created at the 1944Bretton Woods Conference, including the International Monetary Fund (IMF).
• John Maynard Keynes andHarry Dexter White, the "founding fathers" of both the World Bank and the International Monetary Fund(IMF).

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