How Bank system work in India

 

History Of Banking System in Indian

In India Banking system was formed in British era by East India company. First bank Bank of Hindustan Established in 1770 . After that Bank of Bengal ,Bank of Bombay,Bank of Madras were established. In that article we learn the history of banking system in India.

History Of SBI, What is Imperial Bank 

State bank of India

The State of Bank of India is popularly known as SBI. Formerly, it was the Imperial Bank of India established in 1921 by some instrialist in India.In 1951 A.D Gorwala committee form for all India credit inspection committee recommended that banks nationalisation and renamed as the State Bank of India on 01 July 1955 after the Govt. of India acquired 60% stake in Imperial Bank of India.



What is Associate Bank of SBI? How many Associate Banks are Working?

At the time of establishment of SBI 8 associate Banks was working in various state of india.A.D Gorwala committee recommended to merge that Banks in SBI but it's not done due to some opposition from state's . Till 2017 SBI's5 associate Banks was working in India.

1)State bank of Patiala

2)state bank of Bikaner and Jaipur

3)State bank of trawancore

4)State bank of Hyderabad

5) State Bank of Raipur

1 October 2017 all SBI associate banks were merge in SBI .

The non-banking subsidiaries of SBI in India.

  • SBI Global Factors Ltd.
  • SBI Capital Markets Ltd.
  • SBI Cards & Payments Services Pvt. Ltd.
  • SBI Funds Management Pvt. Ltd.
  • SBI General Insurance Company Limited
  • SBI DFHI Ltd.
  • SBI Pension Funds Pvt. Ltd.
Nationalised Banks in India

In 1969 Priminister Indira Gandhi took decision of bank nationalisation which banks deposits were above 50 cr. At that time 14 banks were nationalised by government of India. In 1980 again took decision of bank nationalision which banks deposits were above 200cr. At that time 6 banks were nationalised. 1993 New Bank of India merge in Punjab national Bank 19 banks were remaining.

Big Merger Of six Nationalis Banks In 2020

In 2020 Big merger of banks done by Government of India 6 nationalise banks merge in 4 Banks

Anchor BankBanks Merged
Punjab National Bank
  • Oriental Bank of Commerce
  • United Bank of India
Canara Bank
  • Syndicate Bank
Indian Bank
  • Allahabad Bank
Union Bank of India
  • Andhra Bank
  • Corporation Bank
Bank of Baroda
  • Dena Bank
  • Vijaya Bank

How many Nationalies Banks Currently Working In India

At that time 12 Nationalise banks are working in India

1. Bank of Baroda

2. Bank of India

3. Bank of Maharashtra

4. Canara Bank

5. Central Bank of India

6. Indian Bank

7. Indian Overseas Bank

8. Punjab and Sind Bank

9. Punjab National Bank

10. State Bank of India

11. UCO Bank

12. Union Bank of India

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