History of Banking inwards India
- Bank of Bengal inwards Calcutta (1809)
- Bank of Mumbai (1840) and
- Bank of Madras (1843).
These banks were used to transact the trace of piece of occupation concern of the 3 presidencies. These 3 Banks were amalgamated inwards to Imperial Bank of India inwards the twelvemonth 1921. The Allahabad Bank as well as Punjab National Bank were established during the menstruum 1880-1895. Later, in that location was a mushroom increment of banks as well as several of them failed to endure due to mismanagement, speculation as well as fraud. The Swadeshi displace promoted Indians to showtime a release of articulation stock banks, peculiarly during the menstruum 1906-1913. The Peoples Bank of Bharat Ltd, the Bank of Bharat ltd., the Central Bank of Bharat Ltd., Indian Bank Ltd., as well as the Bank of Baroda were started during this period. The British Government inwards Bharat had started a fundamental banking corporation called the Reserve Bank of Bharat equally a someone banking corporation on 1st Apr 1935. The banks inwards Bharat were surgery without whatsoever effective legislative controls past times a fundamental bank. There were no comprehensive banking laws except the Bank Charter Act 1876 which regulated 3 presidency banks. However the Indian Companies Act 1913 has provided roughly safeguards against banking corporation failures. Even the Reserve Bank of Bharat Act 1934 did non contain much, except empowering the Reserve Bank to include or exclude a banking corporation from the listing of scheduled banks. The Indian Companies Act was amended inwards the twelvemonth 1936 to comprise major recommendations of the Central Banking Enquiry Committee. In 1942, in that location was farther amendment as well as the banking companies human activity was passed inwards 1949 containing roughly provisions to regulate banking companies inwards the country.
That’s all for straightaway friends. In our side past times side post service nosotros shall verbalize over nearly the commercial banking arrangement afterward independence. Happy Reading 🙂