Indian Banking Awareness

• Banking System occupies important role in a nation's economy. A banking institution is in dispensable in modern society. it plays a pivotal role in the economical development of the country

• The First Bank in India, Through Conservative, was established in 1786. From 1786 till today, the journey of Indain banking system can be segregated into three distinct phases. They are mentioned below:

Early Phases From 1786 to 1969

• The General Bank of India............................1786
•  Bank of Hindustan and Bengal Bank.
• The East India company established Bank of Bangal.............1809
• Bank of Bombay..............................1840
• Bank of Madras.........................1843
• This Last Three Banks called Presidency Banks
• Allahabad Bank was established..................................1865
• Punjab National Bank was setup in................................1894

Nationalsation of banks in india

• Nationalsation of banks in india took place in 1969 by Mrs. Indira Gandhi, the Prime Minister. It nationlised 14 banks then. these banks were owned by businessmen even managed by them

State Bank Group:

1. State Bank of India
2. State Bank of Bikaner and Jaipur
3. State Bank of Hyderabad
4. State Bank of Indore
5. State Bank of Mysore
6. State Bank of Patiala
7. State Bank of Travancore

Other Nationalised Bank:

1. Allahabad Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Canara Bank
7. Central Bank of India
8. Corporation Bank
9. Dena Bank
10. Indian Bank
11. Indian Overseas Bank
12. Oriental Bank of Commerce
13. Punjab National Bank
14. Punjab and Sind Bank
15. Syndicate Bank
16. UCO Bank
17. Union Bank
18. United Bank of India
19. Vijaya Bank
20. Bhartiya Mahila Bank

Total: 19+1+7 = 27

Meaning of Bank :

• Bank is a lawful organisation, which accepts deposits that can be withdrawn on demand. it also lands money to individuals and business houses that need it

Role of Banking :

Banks provide funds for business as well as personal needs  of individuals. They play a significant role in the economy of nation. Let us know about the role of Banking.

• It encourage savings habit amongst people and thereby makes fund available for productive use
• It acts as an intermediary between people having surplus money and those requiring money for varrious business activities
• It facilitates business transactions through receipts and payments by cheques instead of currency

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