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INTRODUCTION
Banking in India has a very long history starting from the late 18 th century. The
origin of modern banking started from 1770 in the name of Bank of Hindustan by
English agency House of Alexander & Co in Kolkatta however it was closed in
1832. Further in 1786 General Bank of India was started and it failed in 1791.
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PRESIDENCY BANKS
These banks were funded by the presidency government at that time.
The 3 presidency banks were
Name of the
Bank
Establishment Y
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ear
Canara Bank
1906
Bank Of India
1906
Corporation Bank
1906
Indian Bank
1907
Bank Of Baroda
1908
Initially the RBI was started with private share holders fully paid up capital of
Rs.5 crores.
It also acted as central banking institute for Mynmar till 1948 and till 1947 for
Pakistan.
The RBI was nationalized on 1st January, 1949 in accordance with the
RBI(Transfer to Public Ownership)act,1948.
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SUBSIDIARIES OF RBI
Deposit Insurance and Credit Guarantee Coporation(DICGC)was set up in
1978.
It was nationalized on 2nd June,1956 with majority of its share taken by the
Government of India.
The SBI acts as an agent where the Reserve Bank Of India has no branch
offices.
SSC CGL 2017: Take Free All India Test in New Pattern
Banking Awareness
Syllabus with Notes -
PDF
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Kasam
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