25 Important Events in Banking History

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Dear Reader, here is your list of years with 25 Important events in banking history. These are very basic information and will help you in Banking Awareness section in IBPS, SBI and other banking exams.

At the end, you will find a short practice test with 5 questions.

  1. 1770 – Bank of Hindustan established.
  2. 1786 – General Bank of India established.
  3. 1806 – Bank of Bengal established.
  4. 1840 – Bank of Mumbai established.
  5. 1843 – Bank of Madras established.
  6. 1865 – Allahabad Bank established.
  7. 1894 – Punjab National Bank (PNB) established (The first bank purely managed by Indians till present).
  8. 1904 – Concept of Co-operative Banks introduced.
  9. 1921 – 3 Presidency Banks namely, Bank of Bengal, Bank of Mumbai and Bank of Madras.
  10. 1934 – RBI established via RBI Act.
  11. 1935 – RBI Started Operations.
  12. 1937 – Headquarter of RBI moved permanently to Mumbai.
  13. 1949 – Nationalisation of RBI, 1st Jan, 1949.
    Banking Companies Act was changed into Banking Regulation Act.
  14. 1955 – Imperial Bank of India was renamed as the ‘State Bank of India’.
  15. 1959 – 7 subsidiary banks of SBI nationalised.
  16. 1965 – Banking Regulation (Amendment) Act, gave extensive powers to RBI as Central Banking authority of India.
  17. 1969 – Nationalisation of Banks introduced, 19 July, 1969. 14 banks are nationalised.
  18. 1976 – RRBs came to set up nationalised.
  19. 1980 – 6 more banks nationalised.
  20. 1982 – NABARD established.
  21. 1994 – 96 – Core Banking System Started.
  22. 1998 – 99 – Kisan Credit Card introduced by RBI with NABARD.
  23. 2005 – Banking Ombudsman formed.
  24. 2007 – CTS (Cheque Truncation System) implemented in NCR, New Delhi.
  25. 2008 – IDBI Nationalised. Total nationalised banks become 20 excluding SBI and its associates.

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