Important Dates in Banking History of India

Timeline of Banking in India

1770 First bank was established at Cacutta under European Management.
1786 General Bank of India was set up.
2 June 1806 Bank of Calcutta was established in 1806; it was renamed in 1809 as Bank of Bengal
15 April 1840 Bank of Bombay established
1 July 1843 Bank of Madras established
1861 Paper Currency Act was enacted by British Government of India
1863 Oldest Joint Stock bank of India named Bank of Upper India was established.
1865 Allahabad Bank was established.
1881 Oudh Commercial Bank, the first Bank of India with Limited Liability to be managed by Indian Board was established at Faizabad
1895 Punjab National Bank was established. It was first bank purely managed by Indians.
1911 Central Bank of India, first Indian commercial bank which was wholly owned and managed by Indians, was established. It was called First Truly Swadeshi bank
1921 Three presidency banks viz. Bank of Calcutta, Bank of Bombay and Bank of Madras amalgamated to form Imperial Bank of India
1935 Creation of Reserve bank of India
1949  Nationalization of Reserve Bank of India
1949  Enactment of Banking Regulation Act
1955 Nationalization of Imperial Bank of India, which now became State Bank of India
1959 Nationalization of SBI Subsidiaries
1969 Nationalization of 14 major Banks
1971 Creation of Credit Guarantee Corporation
1975 Creation of Regional Rural Banks
1980 Nationalization of 7 more banks with deposits over Rs. 200 Crore
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