The Oldest Bank in India

July 14, 2022 0
bank in india

The oldest bank in India was established in the year 1906 by the name of Bank of Hindustan, which was renamed as State Bank of India in 1955. The founders were Gopal Krishna Gokhale and Madan Mohan Malaviya, with the help of George Aitchison and Swami Shardanand who were the first board members of this bank. This bank is one-fifth owned by the Government of India, with the rest being shared by public and private investors.

First Banking Institutions

The first banking institutions in India can be traced back to the late 18th century. The oldest bank still in operation is the State Bank of India, which was founded in 1806. Other notable early banks include the Bank of Hindustan (1770) and the General Bank of Bengal and Bihar (1773). These early banks were mostly established by the British East India Company to finance trade.

First Indian Bank

The First Indian Bank was established in 1881. It is the oldest bank in India, and it has been in operation for over 135 years. The bank was founded by a group of seven businessmen, who pooled their resources to start the institution. First Indian Bank has its headquarters in Mumbai, and it has branches all over the country. The bank provides a wide range of services, including loans, savings accounts, and investment opportunities.

First Scheduled Commercial Banks (SCBs)

The first bank in India was the Reserve Bank of India (RBI), which was established on April 1, 1935, under the Reserve Bank of India Act, 1934. The RBI is responsible for the country’s monetary policy and regulates the banking system.
The oldest SCB in India is the State Bank of India (SBI), which was established on July 1, 1955. The SBI is a public sector bank and is the largest bank in India.
Other major banks in India include the Punjab National Bank (PNB), founded in 1894; the Canara Bank, founded in 1906; and the Union Bank of India, founded in 1919.

First Regional Rural Banks (RRBs)

HDFC Bank is the oldest bank in India, having been founded in 1994. HDFC was created as a result of the merger of two banks – Housing Development Finance Corporation and Times Bank. HDFC quickly became one of the leading banks in the country, thanks to its strong focus on customer service and innovative products. Today, HDFC is one of the largest banks in India, with over 4,500 branches across the country.

HDFC – A Brief History

The Housing Development Finance Corporation Limited (HDFC) is an Indian financial institution that was established in 1977. It is the oldest bank in India and one of the largest banks in the country. HDFC has played a major role in the development of the Indian banking sector and has helped to shape the country’s economy. The bank has a strong focus on customer service and offers a wide range of products and services to its clients. HDFC is a well-respected and trusted brand in India and is known for its stability and strength.

Indian Banks Association (IBA) – A Brief History

The Indian Banks Association (IBA) is the first and oldest bank association in India. IBA was formed on 15th September, 1946 with 25 member banks. The primary objective of IBA is to develop and promote the banking industry in India. IBA has played a pivotal role in the development of the banking sector in India. IBA has always been at the forefront of providing a forum for the discussion of issues of common interest to its member banks and finding solutions to problems confronting the banking industry.

NABARD – A Brief History

NABARD was established on 12 July 1982 by an act of parliament. It is the apex development bank in India, headquartered in Mumbai. The main objective of NABARD is to promote rural development and agricultural growth in the country. NABARD provides financial assistance to state governments, banks, and other financial institutions for various projects related to agriculture and rural development. The oldest bank in India, NABARD has been instrumental in the growth and development of the Indian economy.

RBL – A Brief History

The RBL Group is one of the oldest and most well-known banks in India. Founded in 1943, RBL has been a part of the country’s financial landscape for over 70 years. RBL is headquartered in Mumbai and has branches all over the country. The RBL Group offers a wide range of banking and financial services, including personal and corporate banking, investment banking, wealth management, and more. RBL is a trusted name in Indian banking, and its long history is a testament to its success.

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