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First Banks in India

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First Banks in India

shape Introduction

Banking in India, in the modern sense, originated in the last decade of the 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.

The largest bank, and the oldest still in existence, is the State Bank of India (S.B.I). It originated and started working as the Bank of Calcutta in mid-June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three banks founded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India’s independence, became the State Bank of India in 1955. For many years the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934.


shape First Banks

First Banks in India


First Banks Banks and Others
First bank in India Bank of Hindustan (1770)
First Bank managed by Indians Oudh Commercial Bank
First Bank with Indian capital Punjab National Bank (Founder of the Bank is Lala Lajpat Rai)
First Foreign Bank in India HSBC
First bank to get ISO certificate Canara Bank
First Indian bank outside India Bank of India
First Bank to introduce ATM HSBC (1987, Mumbai)
First Bank to have joint stock public bank (Oldest) Allahabad Bank
First Universal bank ICICI (Industrial Credit and Investment Corporation of India)
First bank to introduce saving account Presidency Bank (1833)
First Bank to introduce Cheque system Bengal Bank (1833)
First bank to give internet banking facility ICICI
First bank to sell mutual funds State Bank of India
First bank to issue credit cards Central Bank of India
First Rural Regional Bank (Grameen Bank) Prathama Bank (sponsored by Syndicate Bank)
First bank to get ‘in principle’ banking license IDFC and Bandhan Bank
First Bank to introduce merchant banking in India Grind lays bank
First bank to introduce block chain technology ICICI
First bank to introduce voice biometric Citi Bank
First bank to introduce robot in banking service HDFC
First bank to introduce internet banking ICICI bank
First bank to introduce mutual fund State Bank of India
First bank to introduce credit card in India Central Bank of India
Which cards are known as plastic money Credit Cards
Open market operations are carried out by RBI
Capital market regulator is SEBI
Largest Commercial bank in India State Bank of India
The International Bank for Reconstruction and Development (IBRD) is known as World Bank
India’s First Financial Archive has been set up at Kolkata
CRR, SLR, Repo Rate, Reverse Repo rate are decide by RBI
Savings banks interest rates, fixed deposit interest rates, Loan Rates etc. are decided by individual banks
The bank which has launched Mobile Bank Accounts in association with Vodafone’s m – paisa HDFC Bank
Minimum money transfer limit through RTGS 2 Lakhs
Maximum money transfer limit through RTGS No Limit
Minimum & Maximum money transfer limit through NEFT No Limit
NABARD was established in July, 1982
Largest Public sector bank in India SBI
Largest Private sector bank in India ICICI Bank
Largest Foreign bank in India Standard Chartered Bank
First Indian bank to open branch outside India i.e. London in 1946 Bank of India
First RRB named Prathama Grameen Bank was started by Syndicate Bank
First Bank to introduce ATM in India HSBC in1987, Mumbai
Bank of Baroda has the maximum number of overseas branches
SBI holds the second position with maximum number of overseas branches
First bank established in India Bank of Hindustan in 1770
Second bank General Bank of India, 1786
Oldest bank in India originated in the Bank of Calcutta in June 1806 which was still in existence State Bank of India
State Bank of India merged with three banks namely Bank of Bengal, Bank of Bombay and Bank of Madras in 1921 to form the Imperial bank of India which was converted as State Bank of India
First Indian bank got ISO Canara Bank
First India bank started solely with Indian capital investment is PNB (Punjab National Bank)
Founder of Punjab National Bank Lala Lajpat Rai
Reserve bank of India (RBI) was instituted in 1935
First governor of RBI Mr.Osborne Smith
First Indian Governor of RBI Mr. C D Deshmukh
First bank to introduce savings account in India Presidency Bank in 1833
First bank to introduce cheque system in India Bengal Bank in 1833

shape Quick Facts

Miscellaneous points:-

  • Largest public sector bank in India – State Bank of India

  • Largest private sector bank in India – ICICI

  • Largest foreign bank in India – Standard Chartered Bank

  • Bank with more branches in India – State Bank of India


Present 5 Associates of SBI:-

  • Bank of Travancore

  • Bank of Patiala

  • Bank of Bikaner and Jaipur

  • Bank of Hyderabad

  • Bank of Mysuru