Here's a concise timeline of the history of Banking in India in 7 points.
1
Traders and merchants would extend credit, and there were systems for safekeeping valuables.
2
The Bank of Hindustan, established in 1770 in Calcutta, is considered the first bank.
3
The East India Company set up three presidency banks - the Bank of Bengal, the Bank of Bombay and the Bank of Madras are now known as the Bank of India.
4
In 1935, the Reserve Bank of India (RBI) was established as the central bank, regulating the entire banking system in India.
5
After India's independence in 1947, the government focused on strengthening the banking system to support economic development.
6
In 1969 and 1980, the government nationalized major private banks to improve credit flow to rural areas and priority sectors.
7
New private banks, foreign banks, and new types of banks like small finance banks and payments banks have been introduced.