Important events in Banking history

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