Banking system of India

-First Bank of India: Bank Of Hindustan, Established in 1770 by Britishers with British Capital, without any involvement of India.

-First Bank established by India: Awadh Commercial Bank in 1881, Indian and Britishers capital were included in this bank

-First Bank established by Indian only: PNB (Punjab National Bank) in 1894

- Other major banks in India were:

1. Bank Of Bengal in 1806,
2. Bank of Bombay in 1840,
3. bank of Madras in 1843.

-All the above three banks merged in 1921 and known as Imperial Bank.

-It was a private bank which was controlled by British Indian Government.

-Its name changed to SBI on 1st July 1955.

-To convert Imperial Bank into SBI Government passed "SBI Act 1955"

-SBI was established on the recommendation of "All India Rural Credit Survey Committee" in 1952. Its chairman was A. D. Gorwala.

-SBI was formed because private banks were not lending money to farmers.

-On 19th July 1969, Fourteen banks were nationalised:
1. The Central Bank of India
2. Bank Of India
3. Punjab National Bank
4. Canara Bank
5. United Commercial Bank
6. Syndicate Bank
7. Bank of Baroda
8. United bank of India
9. Union Bank of India
10. Dena Bank
11. Allahabad Bank
12. Indian Bank
13. Indian Overseas Bank
14. Bank of Maharashtra

-On 15th April 1980 Six Banks were nationalised:
1. Andhra Bank
2. Punjab and Sindh Bank
3. New Bank of India (Merged with PNB in 1993)
4. Vijaya Bank
5. Corporation Bank
6. Oriental Bank of Commerce

After merging of New bank of India with PNB total number of nationalised bank got reduced to from 20 to 19.

Note: SBI, IDBI, Bharti Mahila Bank do not come under nationalised banks.