Banking system in India:


Till 100+ years back there was hardly any system dealing in banking except certain money lending communities persuing this as a matter of their traditional business.So is the position in respect of Trade Unions in banking industry.Chronologically the events leading to these systems are collected, compiled and given below to be followed up in parts:

Year

Month

Date

Event

1786

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General Bank of India formed followed by another bank known as Bank of Hindustan.

1806

June

2

Bank of Calcutta established -It was later renamed as Bank of Bengal

1809

Jan

2

Bank of Calcutta becomes Bank of Bengal

1840

Apr

15

Bank of Bombay is established

1843

July

1

Bank of Madras is formed

1861

Paper Currency Act is passed

1865

Allahabad Bank is established.This was the first fully Indian owned Bank

1920

Oct

31

AITUC formed under Lala Lajpat Rai’s presidentship at New Delhi

1921

Jan

27

Imperial Bank of India established by merging 3 Presidency Banks –Bank of Bengal,Bank of Bombay and Bank of Madras.

1947

May

3

INTUC formed at New Delhi

1955

July

1

State Bank of India is formed by replacing Imperial Bank of India. It becomes the first Bank in India to be nationalized.

1959

State Bank of India (Subsidiary Banks) Act is passed enabling State Bank of India to take over 8 former State associated banks as its subsidiaries.

1969

July

19

Nationalisation of Banks -14 major Banks in India nationalised

1971

Oct

01

State Bank of India’s Banyan Tree emblem changed to ‘Shoonya’ (Zero)

1980

July

15

Nationalisation of Banks -6 other Banks in India nationalized.With this Government of India owned banking in the country rose to 91%.

2007

June

29

Government of India acquires the entire Reserve Bank of India shareholding in State Bank of India consisting of over 314 million equity shares at a total amount of over 355 billion rupees.

1926

Indian Trade Unions Act comes into existence

1920

July

09

Imperial Bank of India Indian Staff Association is formed under the Benevolent Societies Act at Calcutta (now Kolkata). It was duly registered under Indian Trade Unions Act only on 24th May’1932.

1946

Aug

01

First ever Strike in Imperial Bank of India by Imperial Bank of India Indian Staff Association continuing for 46 days. It was withdrawn on the 15th September’1946.

Contnd……

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10 thoughts on “Banking system in India:”

  1. Too very hard to read the text. so, please change the font color.
    And then Which system of banking is followed in India?
    A.Unit Banking
    B.Branch Banking
    C.Merchant Banking
    D.Mixed Banking.

    Like

    1. Thank you for your comments. Your suggestion on changing the style of web page is welcome. Will you please specify your choice in an elaborate manner. Thanks again. neelkanth

      Like

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