Banking In India - GK POWERCAPSULE
- Reserve Bank of India (RBI) was established in 1935 and Nationalized in 1949.
- Sir Osborne Smith was the first Governor of the Reserve Bank of India
- CD Deshmukh was the first Indian Governor of RBI.
- The Reserve Bank of India was set up on the basis of the recommendations of the Hilton-Young Commission.
- Savings account system in India was started by Presidency Bank, in 1833.
- Cheque system was first introduced by Bengal Bank which was established in 1784.
- Allahabad Bank is the oldest existing public sector bank in India.
- Hongkong and Shanghai Banking Corporation (HSBC) introduced first time ATM in India in 1987, Mumbai.
- Bank of India is the first Indian Bank to open overseas branch. It established a branch in London in 1946.
- In 1955 Imperial Bank of India became State Bank of India.
- On July 19, 1969, 14 commercial banks were nationalised in India. These included the Central Bank of India, Bank of India, Punjab National Bank, Bank of Baroda, United Commercial Bank, Canara Bank, Dena Bank, United Bank, Syndicate Bank, Allahabad Bank, Indian Bank, Bank of Maharashtra, Indian Overseas Bank and Union Bank.
- In 1980 - 6 more commercial Banks nationalized. These include - Andhra Bank , Corporation Bank, New Bank of India , Oriental Bank of Commerce , Punjab & Sindh Bank and Vijaya Bank.
- Central Bank of India was the first public bank to introduce credit card.
- Central Bank of India is the first commercial bank which was managed by Indians.
- ICICI Bank was the first Indian Bank to provide internet banking facility.
- ICICI Bank was the first Bank to provide Mobile ATM.
- Bank of Baroda has the maximum number of overseas branches.
- SBI (State Bank of India) has the total number of maximum branches and holds 2nd position in the world.
- India's first "talking" Automated Teller Machine (ATM) launched by Union Bank of India (UBI) for visually impaired was launched in Ahmedabad (Gujarat).
- RBI to issue Rs 10 plastic currency notes in 5 cities: Kochi, Mysore, Jaipur, Bhubhaneswar and Shimla.
Note: First plastic notes issued by Australia in 1988.
- RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI). RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes with MasterCard and Visa in India.
- India's first non-bank owned ATM (White Label ATMs) opens in Maharashtra: Tata Communications Payments Solutions Ltd, a wholly owned subsidiary of Tata Communications Ltd, opened first White Label ATM at Chandrapada in Thane district, in Maharashtra.
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