The first purely Indian bank was Punjab National bank (1894)
Reserve bank Of India
It is the Central Bank of the Country.
It was established on April 1, 1935 with a capital of Rs. 5 Crore.
It was nationalized on January 1, 1949 as Govt. acquired the private share holdings.
Issuing of Notes
Banker to the Government
Controller of Credit
Custodian of Foreign Reserves
It formulates and administers the monetary policy.
It acts as the agent of the Government of India in respect to India’s membership of the IMF and the World Bank.
It was created in January, 1921 by amalgamation of 3 presidency banks and named Imperial Bank of India.
After nationalization in 1955, its name was changed to state bank of India.
It is the biggest commercial bank in the public sector in India.
It has the largest number of branches (more than 13,000) in the world.
State SBI has 6 subsidiaries.
Nationalization of Banks
In order to have more control over the banks, 14 large commercial banks whose reserves were more than Rs 50 Crore each, were nationalized on July 19, 1969. The banks were:
The Central bank of India
Bank of India
Punjab national Bank
United Commercial Bank
Bank of Baroda
United Bank of India
Union bank of India
Indian Overseas Bank
Bank of Maharashtra
On April 15, 1980, those 6 private sector banks whose reserves were more than Rs. 200 Crore each were nationalized. These banks were:
Punjab & Sindh Bank
New Bank of India
Oriental Bank of Commerce
In September 1993, The New Bank of India was merged with the Punjab National Bank.
These nationalized banks, together with Regional Rural Banks (RRBs), come under the category of Public sector Commercial Banks.
At present there are 19 nationalized banks besides the RBI.
Established: September 1, 1956
Head Office: Mumbai
Zonal Offices: 7 (Mumbai, Kolkata, Delhi, Chennai, Kanpur, Hyderabad and Bhopal)
Securities & Exchange Board of India (SEBI)
It was established in April, 1988, and awarded statutory status by an Art of Parliament in 1992.
It is the regulatory authority of stock exchanges and protects investors from fraudulent dealings.