12-28-2009, 10:34 PM
[align=justify]Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India which started in 1786, and the Bank of Hindustan, both of which are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost 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, all three of which were established under charters from the British East India Company. For many years the Presidency banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India.
The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in Faizabad. It failed in 1958. The next was the Punjab National Bank, established in Lahore in 1895, which has survived to the present and is now one of the largest banks in India.
The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.
From World War I to Independence
The period during the First World War (1914-1918) through the end of the Second World War (1939-1945), and two years thereafter until the independence of India were challenging for Indian banking. The years of the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian economy gaining indirect boost due to war-related economic activities.
Post-independence
In 1948, the Reserve Bank of India, India's central banking authority, was nationalized, and it became an institution owned by the Government of India.
In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India."
The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors.
However, despite these provisions, control and regulations, banks in India except the State Bank of India, continued to be owned and operated by private persons. This changed with the nationalisation of major banks in India on 19 July, 1969.
The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalised 14 banks then. These banks were mostly owned by businessmen and even managed by them.
Central Bank of India
Bank of Maharashtra
Dena Bank
Punjab National Bank
Syndicate Bank
Canara Bank
Indian Bank
Indian Overseas Bank
Bank of Baroda
Union Bank
Allahabad Bank
United Bank of India
UCO Bank
Bank of India
A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the GOI controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank.
Liberalisation
In the early 1990s, the then Narsimha Rao government embarked on a policy of liberalization, licensing a small number of private banks. These came to be known as New Generation tech-savvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalized the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks.
Banks in India
Allahabad Bank
American Express Bank Ltd
Andhra Bank
ABN AMRO Bank
Bank Muscat (S A O G)
Bank Of America
Bank Of India
Barclays Bank PLC
Centurion Bank Ltd
Citibank
Corporation Bank
Dhanlakshmi Bank Ltd
Deutsche Bank India
Export-Import Bank Of India
Global Trust Bank Ltd
Hongkong Shanghai Banking Corporation Ltd
ICICI Bank Ltd
IDBI Bank Ltd
IndusInd Bank Ltd
Syndicate Bank India
Industrial Development Bank Of India
ING Vysya Bank Ltd
JP Morgan Chase Bank
Punjab National Bank
Standard Chartered Bank
State Bank Of India
State Bank Of Indore
Canara Bank India
Reserve Bank Of India
SBI Commercial and International Bank
Bank Of Baroda India
Federal Bank India
HDFC Bank India
Union Bank Of India
YES BANK India
State Bank Of Bikaner And Jaipur
Ceylon Bank
Catholic Syrian Bank
Dena Bank
Mizuho Corporate Bank
Indian Overseas Bank
Karnataka Bank
Punjab and Sind Bank
Kotak Mahindra Bank
State Bank of Hyderabad
Karur vysya Bank Limited
State Bank of Patiala
Oriental Bank of Commerce
State Bank of Travancore
United Bank of India
State Bank of Mysore
Axis Bank
Vijaya Bank
Tamilnad Mercantile Bank
Ratnakar Bank
Jammu and Kashmir Bank
UCO Bank
DBS Bank Ltd.
Lakshmi Vilas Bank
The Nainital Bank Ltd.
State Bank of India (SBI) is the largest bank in India.
The bank traces its ancestry back through the Imperial Bank of India to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. The Government of India nationalised the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the Government took over the stake held by the Reserve Bank of India.
SBI provides a range of banking products through its vast network in India and overseas, including products aimed at NRIs. The State Bank Group, with over 16000 branches, has the largest branch network in India.
Associate banks
The Subsidiaries of SBI till date
State Bank of Indore
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
Public Sector Banks
There are total 27 public sector banks in India (As on 26-09-2009). Of these 19 are nationalised banks, 6(STATE BANK OF INDORE ALSO MEARGED RECENTLY) belong to SBI & associates group and 1 bank (IDBI Bank) is classified as other public sector bank.[/align]
The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in Faizabad. It failed in 1958. The next was the Punjab National Bank, established in Lahore in 1895, which has survived to the present and is now one of the largest banks in India.
The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.
From World War I to Independence
The period during the First World War (1914-1918) through the end of the Second World War (1939-1945), and two years thereafter until the independence of India were challenging for Indian banking. The years of the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian economy gaining indirect boost due to war-related economic activities.
Post-independence
In 1948, the Reserve Bank of India, India's central banking authority, was nationalized, and it became an institution owned by the Government of India.
In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India."
The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors.
However, despite these provisions, control and regulations, banks in India except the State Bank of India, continued to be owned and operated by private persons. This changed with the nationalisation of major banks in India on 19 July, 1969.
The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalised 14 banks then. These banks were mostly owned by businessmen and even managed by them.
Central Bank of India
Bank of Maharashtra
Dena Bank
Punjab National Bank
Syndicate Bank
Canara Bank
Indian Bank
Indian Overseas Bank
Bank of Baroda
Union Bank
Allahabad Bank
United Bank of India
UCO Bank
Bank of India
A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the GOI controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank.
Liberalisation
In the early 1990s, the then Narsimha Rao government embarked on a policy of liberalization, licensing a small number of private banks. These came to be known as New Generation tech-savvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalized the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks.
Banks in India
Allahabad Bank
American Express Bank Ltd
Andhra Bank
ABN AMRO Bank
Bank Muscat (S A O G)
Bank Of America
Bank Of India
Barclays Bank PLC
Centurion Bank Ltd
Citibank
Corporation Bank
Dhanlakshmi Bank Ltd
Deutsche Bank India
Export-Import Bank Of India
Global Trust Bank Ltd
Hongkong Shanghai Banking Corporation Ltd
ICICI Bank Ltd
IDBI Bank Ltd
IndusInd Bank Ltd
Syndicate Bank India
Industrial Development Bank Of India
ING Vysya Bank Ltd
JP Morgan Chase Bank
Punjab National Bank
Standard Chartered Bank
State Bank Of India
State Bank Of Indore
Canara Bank India
Reserve Bank Of India
SBI Commercial and International Bank
Bank Of Baroda India
Federal Bank India
HDFC Bank India
Union Bank Of India
YES BANK India
State Bank Of Bikaner And Jaipur
Ceylon Bank
Catholic Syrian Bank
Dena Bank
Mizuho Corporate Bank
Indian Overseas Bank
Karnataka Bank
Punjab and Sind Bank
Kotak Mahindra Bank
State Bank of Hyderabad
Karur vysya Bank Limited
State Bank of Patiala
Oriental Bank of Commerce
State Bank of Travancore
United Bank of India
State Bank of Mysore
Axis Bank
Vijaya Bank
Tamilnad Mercantile Bank
Ratnakar Bank
Jammu and Kashmir Bank
UCO Bank
DBS Bank Ltd.
Lakshmi Vilas Bank
The Nainital Bank Ltd.
State Bank of India (SBI) is the largest bank in India.
The bank traces its ancestry back through the Imperial Bank of India to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. The Government of India nationalised the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the Government took over the stake held by the Reserve Bank of India.
SBI provides a range of banking products through its vast network in India and overseas, including products aimed at NRIs. The State Bank Group, with over 16000 branches, has the largest branch network in India.
Associate banks
The Subsidiaries of SBI till date
State Bank of Indore
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
Public Sector Banks
There are total 27 public sector banks in India (As on 26-09-2009). Of these 19 are nationalised banks, 6(STATE BANK OF INDORE ALSO MEARGED RECENTLY) belong to SBI & associates group and 1 bank (IDBI Bank) is classified as other public sector bank.[/align]