How did trending banks change the picture of India? The origin of modern banking in India is considered in the 18th century, when European businesses erected banks for financial transactions. Bank of Hindustan (1770) and General Bank of India (1786) were one of the early banks of the subcontinent. State Bank of India was founded in 1806 as Bank of Calcutta. Later in 1921 it merged with Bank of Bombay and Bank of Madras. Which led to the establishment of Imperial Bank of India, which became the State Bank of India in 1955. After 1947, banking began to improve to promote economic growth. The Bank Regulatory Act, 1949, provided regulatory framework for banking operations. In 1969, the Government of India nationalized 14 major banks to achieve social and economic objectives. After 1991, in the era of liberalization and technological advances, the government began to improve the financial sector to promote competition and efficiency. Technological advances made a revolution in the banking system, which led to the establishment of online banking. There was a tendency for merger and acquisition of banks in the 2000s to increase their capacity. RBI has implemented basal regulation to strengthen the banking system. After 2020, the most important features of digital banking, mobile banking and fintech became commercial banking. Now millions of transactions are being done every second in the country. Click here Life & Style Click for more stories Click here
How has banks changed the picture of India?
