Bank :- Bank is a financial institution that performs banking activity i.e. it accepts Deposits and lending funds to earn profits.
Banking:- Banking can be defined as a activity of accepting the deposit from public & entities and then lending that money to earn profits. Now days banking not only includes deposits and loans but also provides services like Issuance of debit and credit cards , providing safe custody to valuable items , Locker , ATM services and online transfer of funds across the country/outside.
##:- The digital Payment system in India has evolved the most among 25 countries with India’ Immediate payment service(IMPS) being the only system at level 5 at the faster payments innovation index (FPII).
History of Banking Sector in India:-
The first bank of joint stock variety was Bank of Bombay ,established in 1720 in Bombay. This was followed by Bank of Hindustan in Calcutta , which was established by an agency house.
➤ The first Presidency bank was the
Bank of Bengal established in
Calcutta on 12 June 1806 with the capital of Rs. 50Lakh
➤ Bank of Bombay was the second
Presidency bank setup in 1840 with capital Rs.52Lakh.
➤ The Third Presidency bank was Bank of
Madras established in 1843 with capital Rs. 30Lakh.
➤The first Indian owned bank was Allahabad bank setup in 1865 .
➤ The first registered urban cooperative credit society was the Conjeevaram Urban Cooperative Bank .
➤ The presidency bank were amalgamated into a single bank , known as The Imperial bank of India , in 1921 . it also functioned a central bank prior to establishment of RBI.
➤ Reserve bank of India Act 1934 was enacted paving the way for setting up the Reserve bank of India. The issues of Bank Failure and the need of catering to requirement of agriculture were the two prime reasons for establishment of RBI . the banking sector came under the purview of Reserve Bank in 1935.
➤ The govt. first implemented the exercise of nationalization of Imperial bank of India with the objective of “extension of banking facilities on large scale , particularly in rural and semi urban areas.
➤ The Imperial bank of India was converted into the State Bank of India in 1955 with the enactment of State bank of India Act 1955.
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