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Important events in Banking history

Published on Wednesday, November 12, 2014
Time line of important events in Banking history important for interview purpose

Timeline of Banking Events

Year
Event
1770
Bank of Hindustan established by British
1806
Presidency Bank of Bengal – goes on to become Imperial Bank of India
1840
Presidency Bank of Bombay established
1843
Presidency Bank of Madras established
1865
Allahabad Bank established – Oldest Joint Stock bank in India.
1881
Oudh Commercial Bank – by Indian efforts entirely
1894
Punjab Commercial Bank (PNB), est. in Lahore - by Indian Merchants – 1st Indian effort to continue till present day.
1904
Concept of Co-op Banks introduced by Lord Curzon
1906
Swadeshi Movement
1913 - 1917
Banking Crisis & failure of 588 banks in various states
1921
Imperial Bank Of India – all Presidency Banks merges by British Govt. – which later on become SBI!
1926
Hilton Young Committee’s Report on Central Bank
1927
     HYC Report introduced in Legislative Assembly and rejected
1933
Central Banking Investigation Committee’s report passed
1934
Reserve Bank Of India Act, 1934 on the basis of the 1933’s report
1935
RBI established with Headquarter in Calcutta.
1937
HQ of RBI permanently moved to Bombay.
1944
Bretton Woods negotiation.
1949
1 Jan, 1949 – nationalisation of RBI. Governor is C.D. Deshmukh

Also, Banking Regulation Act, 1949.
1952
A.D. Gorwala Committee recommends re-naming Imperial Bank of India as State Bank Of India.
1954
ICICI founded
1955
1st July, 1955 – ‘State Bank of India
1964
IDBI formed as wholly owned subsidiary of RBI by Act of Parliament
1969
Nationalisation of Banks: 19 July, 1969.
14 Banks. With authorised capital over Rs. 50 crores.
1980
Nationalisation of Banks: 6 banks
With authorised capital more than Rs. 200 crores.
1982
NABARD established.
1993
4 September, 1993 – New Bank Of India + PNB merger.

Total of Nationalised banks now 14 + 6 – 1 = 19 excluding SBI and its associates.
1994-96
Core Banking System started making its way into banks and branches …
1998-99
Kisan Credit Card introduced by RBI with NABARD.
2004
IDBI enters banking sector
2005
Banking Ombudsman formed
2006
IDBI merges with IDBI Bank.

IDBI acquires United Western Bank.
2007
CTS (Cheque Truncation System) first implemented in NCR, New Delhi – deadline was 31 December 2013.
2008
IDBI Nationalised. Now total nationalised banks is 20 excluding SBI and its associates.

SBI merges State Bank of Saurashtra – 1st associate bank merger on 13 August, 2008.
2010
ICICI acquires Bank of Rajasthan


SBI merges State Bank of Indore – 2nd associate bank merger on 26 August, 2010.
2011
‘Swabhiman Campaign’ under Financial Inclusion launched.
2012
‘RuPay’ launched by National Payments Corporation of India.
2013
Bhartiya Mahila Bank formed. 19 November, 2013.

Total nationalised banks is 21 + SBI and it’s 5 associates = 27.
2014
‘RuPay’ dedicated to India and formally introduced, by President Pranab Mukherjee. It is India’s 1st indigenous/domestic payment card scheme.

‘Jan Dhan Yojana’ for Financial Inclusion launched.

2 new banking license issued by RBI to Bandhan Financial Services and IDFC.

RBI announced recall of pre-2005 currency notes.
2019
Proposed Basel III implementation



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