Indian History

Banking

Bank of Hindostan was established in 1770 and liquidated in 1829-32. General Bank of India was established in 1786 but failed in 1791. Oudh Commercial Bank was established in 1881 in Faizabad. It was the first commercial bank in India established by indians (entirely Indian joint stock bank). It failed in 1958. The next was the Punjab National Bank, established in Lahore in 1894. .

Reserve Bank of India was established on April 1, 1935. Reserve Bank of India was nationalised on 1 January, 1949.
Decimal coinage system was introduced in 1957. Narasimhan Committee was appointed on Banking reforms. Bankers training college is in Mumbai. Reserve Bank staff college is in Chennai.

Commercial Banks, Regional Rural Development Banks, Cooperative Banks are the Scheduled Banks. Scheduled Banks means the banks which comes under the Schedule II of the RBI Act 1934.

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