Historical Background Of Banking
Historical Background Of Banking
History of Banking in India
Banking in India in the modern sense originated in last decades of the 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829 - 32.
The first bank of limited liability managed by Indians was Oudh Commercial Bank or Awadh Commercial Bank founded in 1881. Punjab National Bank was established in 1894.
Swadeshi movement, which began in 1906, encouraged the formation of a number of commercial banks. Banking crisis during 1913 -1917 and failure of 588 banks in various States during the decade ended 1949 underlined the need for regulating and controlling commercial banks.
The Banking Companies Act :
It was passed in February 1949, which was subsequently amended to be read as Banking Regulation Act, 1949.This Act provided the legal framework for regulation of the banking system by RBI. The largest bank - Imperial Bank of India - was nationalised in 1955 and rechristened as State Bank of India, followed by formation of its 8 Associate Banks in l959.
Under provisions of which one of the following Acts, does the RBI issue directives to the banks in India? | |||
| Right Option : D | |||
| View Explanation | |||
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