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BANKING SYSTEM

Banking in India

In the anciinet and the medieval times, Seth and Sahukars used to work as the bankers in India. Hundi system was very popular system in India. Banking in India originated in the late 18th century. The first banks were The General Bank of India (1786) and Bank of Hindustan (1790); both are now defunct. The oldest bank still in existence in India is the State Bank of India.Earlier it was known as The IMperial Bank of India. The Bank of Calcutta was established in June 1806 and immediately became the Bank of Bengal. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras merged in 1921 to form the Imperial Bank of India, which, after India's independence, became the State Bank of India in 1955.

The Government of India issued an ordinance to nationalize the 14 largest commercial banks with effect from the midnight of July 19, 1969. 

A second phase of nationalization of 6 more commercial banks followed in 1980. In 1993, the government merged New Bank of India with Punjab National Bank which reduced the number of nationalized banks from 20 to 19 in India.



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