So here, I volition endeavour to simplify these things for you. I volition endure sharing 2 to 3 lessons per twenty-four hours on Banking & Financial Awareness inward elementary English. I promise yous volition savour reading my posts in addition to boost upwardly your learning inward a ameliorate agency for upcoming IBPS Banking Exams. Your comments, complaints in addition to suggestions are e’er welcome. Please purpose the comments department below to portion your words. Thank yous 🙂
In today’s Banking Awareness lesson, nosotros shall acquire the basic concepts of Banking in addition to History of Banking inward India. Let’s stimulate down amongst about basic definitions.
Banking tin laissez passer on notice endure defined equally the business activeness of accepting in addition to safeguarding coin owned past times other individuals in addition to entities, in addition to and thus lending out this coin inward social club to earn a profit.
Bank is a financial establishment that undertakes the banking activeness i.e., it accepts deposits in addition to and thus lends the same to earn for certain profit.
Banking Awareness for IBPS PO VII : History of Banking inward India
Banking inward Bharat inward the modern feel originated inward concluding decades of the 18th century. Among the showtime banks were the banking concern of Hindustan, which was established inward 1770 and liquidated inward 1829-32.
The largest in addition to oldest banking concern even thus inward beingness is the State Bank of India. It originated equally the Bank of Calcutta inward June 1806. In 1809, it was renamed equally the Bank of Bengal. This was i of the 3 banks funded past times a presidency government; the other 2 were the Bank of Mumbai in addition to the Bank of Madras. The 3 banks were merged inward 1921 to assort the Imperial Bank of India, which was after became the State Bank of Bharat (SBI) inward 1955. For many years the presidency banking concern had acted equally quasi-central banks, equally did their successors, until the Reserve Bank of Bharat (RBI) was established inward the twelvemonth 1935, nether the Reserve Bank of Bharat (RBI) Act, 1934.
In 1960, the State Bank of Bharat was given command of viii state-associated banks nether the State Bank of Bharat (Subsidiary Banks) Act, 1959. These are instantly called it’s associate banks.
- State Bank of Bikaner
- State Bank of Hyderabad
- State Bank of Jaipur
- State Bank of Indore
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Saurashtra
- State Bank of Travancore
Banking Awareness for IBPS PO VII : Nationalization inward 1969 :
On 19th July 1969, the Indian authorities nationalized fourteen major private banks (Commercial Banks).
- The Allahabad Bank
- The Bank of Baroda
- The Bank of India
- The Bank of Maharashtra
- The Canara Bank
- The Central Bank of India
- The Dena Bank
- The Indian Bank
- The Indian Overseas Bank
- The Punjab National Bank
- The Syndicate Bank
- The Union Bank of India
- The United Bank of India
- The United Commercial Bank
In 1980, six to a greater extent than private banks (Commercial Banks) were nationalized.
- The Andhra Bank
- The Corporation Bank
- The New Bank of Bharat (merged amongst Punjab National Bank inward 1993)
- The Oriental Bank of Commerce
- The Punjab in addition to SIndh Bank
- The Vijaya Bank
Later on, inward the year 1993, the authorities merged New Bank of Bharat amongst Punjab National Bank. It was the only merger betwixt nationalized banks and resulted inward the reduction of the publish of Nationalized Banks from 20 to 19.
Liberalization inward the 1990’s
In the early on 1990’s, the authorities embarked on a policy of liberalization, licensing a pocket-size publish of private banks. These came to known equally New Generation Techsavvy Banks in addition to included Global Trust Bank, which after amalgamated amongst Oriental Bank of Commerce, UTI Bank (later renamed equally Axis Bank), ICICI Bank & HDFC Bank.
That’s all for instantly friends. In our adjacent postal service on Banking Awareness for IBPS PO VII in addition to Clerks VII, nosotros shall acquire virtually the Reserve Bank of Bharat (RBI).