BankinginIndia

FromWikipedia,thefreeencyclopedia

BankinginIndiainthemodernsenseoriginatedinthelastdecadesofthe18thcentury.Theamongthefirstbankswere
BankofHindustan,whichestablishedin1770andliquidatedin182932andGeneralBankofIndia,established1786but
failedin1791.[1][2][3][4]
Thelargestbank,andtheoldeststillinexistence,istheStateBankofIndia.ItoriginatedastheBankofCalcuttainJune
1806.In1809,itwasrenamedastheBankofBengal.Thiswasoneofthethreebanksfundedbyapresidencygovernment,
theothertwoweretheBankofBombayandtheBankofMadras.Thethreebanksweremergedin1921toformtheImperial
BankofIndia,whichuponIndia'sindependence,becametheStateBankofIndiain1955.Formanyyearsthepresidency
bankshadactedasquasicentralbanks,asdidtheirsuccessors,untiltheReserveBankofIndiawasestablishedin1935,
undertheReserveBankofIndiaAct,1934.[5][6]
In1960,theStateBanksofIndiawasgivencontrolofeightstateassociatedbanksundertheStateBankofIndia(Subsidiary
Banks)Act,1959.Thesearenowcalleditsassociatebanks.[5]In1969theIndiangovernmentnationalised14majorprivate
banks.In1980,6moreprivatebankswerenationalised.[7]ThesenationalisedbanksarethemajorityoflendersintheIndian
economy.Theydominatethebankingsectorbecauseoftheirlargesizeandwidespreadnetworks.[8]
TheIndianbankingsectorisbroadlyclassifiedintoscheduledbanksandnonscheduledbanks.Thescheduledbanksare
thosewhicharedefinedunderthe2ndScheduleoftheReserveBankofIndiaAct,1934.Thescheduledbanksarefurther
classifiedinto:nationalisedbanksStateBankofIndiaanditsassociatesRegionalRuralBanks(RRBs)foreignbanksand
otherIndianprivatesectorbanks.[6]Thetermcommercialbanksreferstobothscheduledandnonscheduledcommercial
bankswhichareregulatedundertheBankingRegulationAct,1949.[9]
GenerallybankinginIndiawasfairlymatureintermsofsupply,productrangeandreacheventhoughreachinruralIndia
andtothepoorstillremainsachallenge.ThegovernmenthasdevelopedinitiativestoaddressthisthroughtheStateBankof
IndiaexpandingitsbranchnetworkandthroughtheNationalBankforAgricultureandRuralDevelopmentwiththingslike
microfinance.

StructureoftheorganisedbankingsectorinIndia.
Numberofbanksareinbrackets.

Contents
1History
1.1AncientIndia
1.2Medievalera
1.3Colonialera
1.4PostIndependence
1.5Nationalizationinthe1960s
1.6Liberalizationinthe1990s
2Currentperiod
3Adoptionofbankingtechnology
3.1Expansionofbankinginfrastructure
4Seealso
5References
6Furtherreading
7Externallinks

History
AncientIndia
TheVedas(20001400BCE)areearliestIndiantextstomentiontheconceptofusury.Thewordkusidinistranslatedasusurer.TheSutras(700100BCE)andtheJatakas(600
400BCE)alsomentionusury.Also,duringthisperiod,textsbegantocondemnusury.VasishthaforbadeBrahminandKshatriyavarnasfromparticipatinginusury.By2nd
centuryCE,usuryseemstohavebecomemoreacceptable.[10]TheManusmriticonsidersusuryanacceptablemeansofacquiringwealthorleadingalivelihood.[11]Italso
considersmoneylendingaboveacertainrate,differentceilingratesfordifferentcaste,agravesin.[12]
TheJatakasalsomentiontheexistenceofloandeeds.Thesewerecalledrnapatraorrnapanna.TheDharmashastrasalsosupportedtheuseofloandeeds.Kautilyahasalso
mentionedtheusageofloandeeds.[13]Loansdeedswerealsocalledrnalekhaya.[14]
LaterduringtheMauryanperiod(321185BCE),aninstrumentcalledadeshawasinuse,whichwasanorderonabankerdirectinghimtopaythesumonthenotetoathird
person,whichcorrespondstothedefinitionofamodernbillofexchange.Theconsiderableuseoftheseinstrumentshavebeenrecorded.Inlargetowns,merchantsalsogave
lettersofcredittooneanother.[14]

Medievalera
TheuseofloandeedscontinuedintotheMughaleraandwerecalleddastawez.Twotypesofloansdeedshavebeenrecorded.Thedastawezeindultalabwaspayableon
demandanddastawezemiadiwaspayableafterastipulatedtime.Theuseofpaymentordersbyroyaltreasuries,calledbarattes,havebeenalsorecorded.Therearealsorecords
ofIndianbankersusingissuingbillsofexchangeonforeigncountries.Theevolutionofhundis,atypeofcreditinstrument,alsooccurredduringthisperiodandtheycontinueto
beinusetoday.[14]

Colonialera
DuringtheperiodofBritishrulemerchantsestablishedtheUnionBankofCalcuttain1869,firstasaprivatejointstockassociation,thenpartnership.Itsproprietorswerethe
ownersoftheearlierCommercialBankandtheCalcuttaBank,whobymutualconsentcreatedUnionBanktoreplacethesetwobanks.In1840itestablishedanagencyat
Singapore,andclosedtheoneatMirzaporethatithadopenedinthepreviousyear.Alsoin1840theBankrevealedthatithadbeenthesubjectofafraudbythebank's
accountant.UnionBankwasincorporatedin1845butfailedin1848,havingbeeninsolventforsometimeandhavingusednewmoneyfromdepositorstopayitsdividends.[15]

TheAllahabadBank,establishedin1865andstillfunctioningtoday,istheoldestJointStockbankinIndia,itwasnotthefirstthough.ThathonourbelongstotheBankof
UpperIndia,whichwasestablishedin1863,andwhichsurviveduntil1913,whenitfailed,withsomeofitsassetsandliabilitiesbeingtransferredtotheAllianceBankofSimla.
Foreignbankstoostartedtoappear,particularlyinCalcutta,inthe1860s.TheComptoird'EscomptedeParisopenedabranchinCalcuttain1860,andanotherinBombayin
1862branchesinMadrasandPondicherry,thenaFrenchpossession,followed.HSBCestablisheditselfinBengalin1869.CalcuttawasthemostactivetradingportinIndia,
mainlyduetothetradeoftheBritishEmpire,andsobecameabankingcentre.
ThefirstentirelyIndianjointstockbankwastheOudhCommercialBank,establishedin1881inFaizabad.Itfailedin1958.ThenextwasthePunjabNationalBank,established
inLahorein1894,whichhassurvivedtothepresentandisnowoneofthelargestbanksinIndia.
Aroundtheturnofthe20thCentury,theIndianeconomywaspassingthrougharelativeperiodofstability.AroundfivedecadeshadelapsedsincetheIndianrebellion,andthe
social,industrialandotherinfrastructurehadimproved.Indianshadestablishedsmallbanks,mostofwhichservedparticularethnicandreligiouscommunities.
ThepresidencybanksdominatedbankinginIndiabuttherewerealsosomeexchangebanksandanumberofIndianjointstockbanks.Allthesebanksoperatedindifferent
segmentsoftheeconomy.Theexchangebanks,mostlyownedbyEuropeans,concentratedonfinancingforeigntrade.Indianjointstockbanksweregenerallyundercapitalised
andlackedtheexperienceandmaturitytocompetewiththepresidencyandexchangebanks.ThissegmentationletLordCurzontoobserve,"Inrespectofbankingitseemswe
arebehindthetimes.Wearelikesomeoldfashionedsailingship,dividedbysolidwoodenbulkheadsintoseparateandcumbersomecompartments."
Theperiodbetween1906and1911,sawtheestablishmentofbanksinspiredbytheSwadeshimovement.TheSwadeshimovementinspiredlocalbusinessmenandpolitical
figurestofoundbanksofandfortheIndiancommunity.AnumberofbanksestablishedthenhavesurvivedtothepresentsuchasBankofIndia,CorporationBank,IndianBank,
BankofBaroda,CanaraBankandCentralBankofIndia.
ThefervourofSwadeshimovementleadtoestablishingofmanyprivatebanksinDakshinaKannadaandUdupidistrictwhichwereunifiedearlierandknownbythename
SouthCanara(SouthKanara)district.Fournationalisedbanksstartedinthisdistrictandalsoaleadingprivatesectorbank.HenceundividedDakshinaKannadadistrictis
knownas"CradleofIndianBanking".
DuringtheFirstWorldWar(19141918)throughtheendoftheSecondWorldWar(19391945),andtwoyearsthereafteruntiltheindependenceofIndiawerechallengingfor
Indianbanking.TheyearsoftheFirstWorldWarwereturbulent,andittookitstollwithbankssimplycollapsingdespitetheIndianeconomygainingindirectboostduetowar
relatedeconomicactivities.Atleast94banksinIndiafailedbetween1913and1918asindicatedinthefollowingtable:
Years

Numberofbanks AuthorisedCapital PaidupCapital

thatfailed
( Lakhs)
( Lakhs)

1913

12

274

35

1914

42

710

109

1915

11

56

1916

13

231

1917

76

25

1918

209

PostIndependence
ThepartitionofIndiain1947adverselyimpactedtheeconomiesofPunjabandWestBengal,paralysingbankingactivitiesformonths.India'sindependencemarkedtheendofa
regimeoftheLaissezfairefortheIndianbanking.TheGovernmentofIndiainitiatedmeasurestoplayanactiveroleintheeconomiclifeofthenation,andtheIndustrialPolicy
Resolutionadoptedbythegovernmentin1948envisagedamixedeconomy.Thisresultedintogreaterinvolvementofthestateindifferentsegmentsoftheeconomyincluding
bankingandfinance.Themajorstepstoregulatebankingincluded:
TheReserveBankofIndia,India'scentralbankingauthority,wasestablishedinApril1935,butwasnationalisedon1January1949underthetermsoftheReserveBank
ofIndia(TransfertoPublicOwnership)Act,1948(RBI,2005b).[16]
In1949,theBankingRegulationActwasenactedwhichempoweredtheReserveBankofIndia(RBI)"toregulate,control,andinspectthebanksinIndia".
TheBankingRegulationActalsoprovidedthatnonewbankorbranchofanexistingbankcouldbeopenedwithoutalicensefromtheRBI,andnotwobankscouldhave
commondirectors.

Nationalizationinthe1960s
Despitetheprovisions,controlandregulationsoftheReserveBankofIndia,banksinIndiaexcepttheStateBankofIndia(SBI),continuedtobeownedandoperatedbyprivate
persons.Bythe1960s,theIndianbankingindustryhadbecomeanimportanttooltofacilitatethedevelopmentoftheIndianeconomy.Atthesametime,ithademergedasa
largeemployer,andadebatehadensuedaboutthenationalizationofthebankingindustry.IndiraGandhi,thethenPrimeMinisterofIndia,expressedtheintentionofthe
GovernmentofIndiaintheannualconferenceoftheAllIndiaCongressMeetinginapaperentitled"StraythoughtsonBankNationalization."[17]Themeetingreceivedthe
paperwithenthusiasm.
Thereafter,hermovewasswiftandsudden.TheGovernmentofIndiaissuedanordinance('BankingCompanies(AcquisitionandTransferofUndertakings)Ordinance,1969')
andnationalisedthe14largestcommercialbankswitheffectfromthemidnightof19July1969.Thesebankscontained85percentofbankdepositsinthecountry.[17]
JayaprakashNarayan,anationalleaderofIndia,describedthestepasa"masterstrokeofpoliticalsagacity."Withintwoweeksoftheissueoftheordinance,theParliament
passedtheBankingCompanies(AcquisitionandTransferofUndertaking)Bill,anditreceivedthepresidentialapprovalon9August1969.
Aseconddoseofnationalisationof6morecommercialbanksfollowedin1980.Thestatedreasonforthenationalisationwastogivethegovernmentmorecontrolofcredit
delivery.Withtheseconddoseofnationalisation,theGovernmentofIndiacontrolledaround91%ofthebankingbusinessofIndia.Lateron,intheyear1993,thegovernment
mergedNewBankofIndiawithPunjabNationalBank.[18]Itwastheonlymergerbetweennationalisedbanksandresultedinthereductionofthenumberofnationalisedbanks
from20to19.Afterthis,untilthe1990s,thenationalisedbanksgrewatapaceofaround4%,closertotheaveragegrowthrateoftheIndianeconomy.

Liberalizationinthe1990s
Intheearly1990s,thethengovernmentembarkedonapolicyofliberalization,licensingasmallnumberofprivatebanks.ThesecametobeknownasNewGenerationtech
savvybanks,andincludedGlobalTrustBank(thefirstofsuchnewgenerationbankstobesetup),whichlateramalgamatedwithOrientalBankofCommerce,UTIBank(since
renamedAxisBank),ICICIBankandHDFCBank.Thismove,alongwiththerapidgrowthintheeconomyofIndia,revitalisedthebankingsectorinIndia,whichhasseen
rapidgrowthwithstrongcontributionfromallthethreesectorsofbanks,namely,governmentbanks,privatebanksandforeignbanks.
ThenextstagefortheIndianbankinghasbeensetupwiththeproposedrelaxationinthenormsforforeigndirectinvestment,whereallforeigninvestorsinbanksmaybegiven
votingrightswhichcouldexceedthepresentcapof10%atpresent.Ithasgoneupto74%withsomerestrictions.
ThenewpolicyshooktheBankingsectorinIndiacompletely.Bankers,tillthistime,wereusedtothe464method(borrowat4%lendat6%gohomeat4)offunctioning.
Thenewwaveusheredinamodernoutlookandtechsavvymethodsofworkingfortraditionalbanks.AllthisledtotheretailboominIndia.Peopledemandedmorefromtheir
banksandreceivedmore.

Currentperiod
AllbankswhichareincludedintheSecondScheduletotheReserveBankofIndiaAct,1934areScheduledBanks.ThesebankscompriseScheduledCommercialBanksand
ScheduledCooperativeBanks.ScheduledCommercialBanksinIndiaarecategorisedintofivedifferentgroupsaccordingtotheirownershipand/ornatureofoperation.These
bankgroupsare:
StateBankofIndiaanditsAssociates
NationalisedBanks
PrivateSectorBanks
ForeignBanks
RegionalRuralBanks.
Inthebankgroupwiseclassification,IDBIBankLtd.isincludedinNationalisedBanks.ScheduledCooperativeBanksconsistofScheduledStateCooperativeBanksand
ScheduledUrbanCooperativeBanks.

Indicators
Numberof
Commercial
Banks
Numberof
Branches
Population
perBanks

GrowthofBankinginIndiaofScheduledCommercialBanks[19]
31Marchof
2005

2006

2007

2008

2009

2010

2011

2012

2013

284

218

178

169

166

163

163

169

151

70,373

72,072

74,653

78,787

82,897

88,203

94,019

102,377

109,811

16

16

15

15

15

14

13

13

12

(inthousands)

Aggregate
Deposits

17002billion
21090billion
26119billion
31969billion
38341billion
44928billion
52078billion
59091billion 67504.54billion
(US$270billion) (US$330billion) (US$410billion) (US$500billion) (US$600billion) (US$710billion) (US$820billion) (US$930billion) (US$1.1trillion)

BankCredit

11004billion
15071billion
19312billion
23619billion
27755billion
32448billion
39421billion
46119billion
52605billion
(US$170billion) (US$240billion) (US$300billion) (US$370billion) (US$440billion) (US$510billion) (US$620billion) (US$720billion) (US$830billion)

Depositas
percentage
toGNP(at

62%

64%

69%

73%

77%

78%

78%

78%

79%

PerCapita
Deposit

16281
(US$260)

19130
(US$300)

23382
(US$370)

28610
(US$450)

33919
(US$530)

39107
(US$610)

45505
(US$710)

50183
(US$790)

56380
(US$890)

PerCapita
Credit

10752
(US$170)

13869
(US$220)

17541
(US$280)

21218
(US$330)

24617
(US$390)

28431
(US$450)

34187
(US$540)

38874
(US$610)

44028
(US$690)

63%

70%

74%

75%

74%

74%

76%

79%

79%

factorcost)

Credit
Deposit
Ratio

By2010,bankinginIndiawasgenerallyfairlymatureintermsofsupply,productrangeandreacheventhoughreachinruralIndiastillremainsachallengefortheprivatesector
andforeignbanks.Intermsofqualityofassetsandcapitaladequacy,Indianbanksareconsideredtohaveclean,strongandtransparentbalancesheetsrelativetootherbanksin
comparableeconomiesinitsregion.TheReserveBankofIndiaisanautonomousbody,withminimalpressurefromthegovernment.
WiththegrowthintheIndianeconomyexpectedtobestrongforquitesometimeespeciallyinitsservicessectorthedemandforbankingservices,especiallyretailbanking,
mortgagesandinvestmentservicesareexpectedtobestrong.OnemayalsoexpectM&As,takeovers,andassetsales.
InMarch2006,theReserveBankofIndiaallowedWarburgPincustoincreaseitsstakeinKotakMahindraBank(aprivatesectorbank)to10%.Thisisthefirsttimeaninvestor
hasbeenallowedtoholdmorethan5%inaprivatesectorbanksincetheRBIannouncednormsin2005thatanystakeexceeding5%intheprivatesectorbankswouldneedto
bevettedbythem.
Inrecentyearscriticshavechargedthatthenongovernmentownedbanksaretooaggressiveintheirloanrecoveryeffortsinconnexionwithhousing,vehicleandpersonal
loans.Therearepressreportsthatthebanks'loanrecoveryeffortshavedrivendefaultingborrowerstosuicide.[20][21][22]
By2013theIndianBankingIndustryemployed1,175,149employeesandhadatotalof109,811branchesinIndiaand171branchesabroadandmanagesanaggregatedepositof
67504.54billion(US$1.1trillionor840billion)andbankcreditof 52604.59billion(US$830billionor650billion).ThenetprofitofthebanksoperatinginIndiawas
1027.51billion(US$16billionor13billion)againstaturnoverof 9148.59billion(US$140billionor110billion)forthefinancialyear201213.[19]
On28Aug,2014,PradhanMantriJanDhanYojana(Hindi:
,English:PrimeMinister'sPeopleMoney
Scheme)isaschemeforcomprehensivefinancialinclusionlaunchedbythePrimeMinisterofIndia,NarendraModi.[23]Runby
DepartmentofFinancialServices,MinistryofFinance,ontheinaugurationday,1.5Crore(15million)bankaccountswereopenedunder
thisscheme.[24][25]By10January2015,11.5croreaccountswereopened,witharound 8698crore(US$1.4billion)weredeposited
underthescheme,[26]whichalsohasanoptionforopeningnewbankaccountswithzerobalance.

Adoptionofbankingtechnology
TheITrevolutionhashadagreatimpactontheIndianbankingsystem.TheuseofcomputershasledtotheintroductionofonlinebankinginIndia.Theuseofcomputersinthe
bankingsectorinIndiahasincreasedmanyfoldaftertheeconomicliberalisationof1991asthecountry'sbankingsectorhasbeenexposedtotheworld'smarket.Indianbanks
werefindingitdifficulttocompetewiththeinternationalbanksintermsofcustomerservice,withouttheuseofinformationtechnology.
TheRBIsetupanumberofcommitteestodefineandcoordinatebankingtechnology.Thesehaveincluded:
In1984wasformedtheCommitteeonMechanisationintheBankingIndustry(1984)[27]whosechairmanwasDr.CRangarajan,DeputyGovernor,ReserveBankof
India.ThemajorrecommendationsofthiscommitteewereintroducingMICRtechnologyinallthebanksinthemetropolisesinIndia.[28]Thisprovidedfortheuseof
standardizedchequeformsandencoders.
In1988,theRBIsetuptheCommitteeonComputerisationinBanks(1988)[29]headedbyDr.CRangarajan.Itemphasizedthatsettlementoperationmustbe
computerizedintheclearinghousesofRBIinBhubaneshwar,Guwahati,Jaipur,PatnaandThiruvananthapuram.ItfurtherstatedthatthereshouldbeNationalClearingof
intercitychequesatKolkata,Mumbai,Delhi,ChennaiandMICRshouldbemadeoperational.Italsofocusedoncomputerisationofbranchesandincreasingconnectivity

amongbranchesthroughcomputers.Italsosuggestedmodalitiesforimplementingonlinebanking.Thecommitteesubmitteditsreportsin1989andcomputerisation
beganfrom1993withthesettlementbetweenIBAandbankemployees'associations.[30]
In1994,theCommitteeonTechnologyIssuesrelatingtoPaymentsystems,ChequeClearingandSecuritiesSettlementintheBankingIndustry(1994)[31]wassetupunder
ChairmanWSSaraf.ItemphasizedElectronicFundsTransfer(EFT)system,withtheBANKNETcommunicationsnetworkasitscarrier.ItalsosaidthatMICRclearing
shouldbesetupinallbranchesofallthosebankswithmorethan100branches.
In1995,theCommitteeforproposingLegislationonElectronicFundsTransferandotherElectronicPayments(1995)[32]againemphasizedEFTsystem.[30]
Thetotalnumberofautomatedtellermachines(ATMs)installedinIndiabyvariousbanksasofendJune2012is99,218.[33]ThenewprivatesectorbanksinIndiahavethemost
ATMs,followedbyoffsiteATMsbelongingtoSBIanditssubsidiariesandthenbynationalisedbanksandforeignbanks,whileonsiteishighestforthenationalisedbanksof
India.[30]
BranchesandATMsofScheduledCommercialBanksasofendMarch2005
Banktype
Numberofbranches OnsiteATMs OffsiteATMs TotalATMs
Nationalisedbanks

33,627

38,606

22,265

60,871

StateBankofIndia

13,661

28,926

22,827

51,753

Oldprivatesectorbanks

4,511

4,761

4,624

9,385

Newprivatesectorbanks

1,685

12,546

26,839

39,385

242

295

854

1,149

Foreignbanks
TOTAL

53,726

85,134

77,409

1,62,543

Expansionofbankinginfrastructure
Physicalaswellasvirtualexpansionofbankingthroughmobilebanking,internetbanking,telebanking,biometricandmobileATMsistakingplace[34]sincelastdecadeand
hasgainedmomentuminlastfewyears.

Seealso
ListofbanksinIndia
Historyofbanking
CommonRecruitmenttoIndianBanksthroughIBPS
BankingFrontiersamonthlymagazine,publishedinMumbai

References
1. ^RadheShyamRungta(1970).TheRiseofBusinessCorporationsinIndia,18511900(http://books.google.com/books?id=ido8AAAAIAAJ&pg=PA221).CUPArchive.p.221.
GGKEY:NC1SA25Y2CB.Retrieved12January2015.
2. ^H.K.Mishra(1991).FaminesandPovertyinIndia(http://books.google.com/books?id=467VlNK6YfUC&pg=PA197).APHPublishing.p.197.ISBN9788170243748.Retrieved
12January2015.
3. ^MuthiahS(2011).MadrasMiscellany(http://books.google.com/books?id=QHtZG8beGy4C&pg=PT933).Westland.p.933.ISBN9789380032849.Retrieved12January2015.
4. ^"TheAdventofModernBankinginIndia:1720to1850s"(http://www.rbi.org.in/currency/museum/m1720.html).ReserveBankofIndia.Retrieved12January2015.
5. ^ab"EvolutionofSBI"(https://www.sbi.co.in/portal/web/aboutus/evolutionofsbi).StateBankofIndia.Retrieved12January2015.
6. ^ab"BusinessFinancing:Banks"(http://business.gov.in/business_financing/banks.php).GovernmentofIndia.Retrieved12January2015.
7. ^"SocialControls,theNationalisationofBanksandtheeraofbankexpansion1968to1985"(http://www.rbi.org.in/scripts/chro_1968.aspx).ReserveBankofIndia.Retrieved12January
2015.
8. ^D.Muraleedharan(2009).ModernBanking:TheoryAndPractice(http://books.google.com/books?id=RX_dLGtIE3AC&pg=PA2).PHILearningPvt.Ltd.p.2.ISBN9788120336551.
Retrieved12January2015.
9. ^"DirectoryofBankOffices:CertainConcepts"(http://www.rbi.org.in/scripts/certainconcepts.aspx).ReserveBankofIndia.Retrieved12January2015.
10. ^FredGottheil(1January2013).PrinciplesofEconomics(http://books.google.com/books?id=k3cRDRxCGQC&pg=PA417).CengageLearning.p.417.ISBN1133962068.Retrieved
11January2015.
11. ^SantoshKumarDas(1980).TheeconomichistoryofancientIndia(http://books.google.com/books?id=J4njwI7BMVEC&pg=PA229).CosmoPublications.pp.229.ISBN97881307
04234.
12. ^ChrisA.Gregory(1997).SavageMoney:TheAnthropologyandPoliticsofCommodityExchange(http://books.google.com/books?id=vx47hMCIkuoC&pg=PA212).Taylor&Francis.
p.212.ISBN9789057020919.Retrieved11January2015.
13. ^Md.Aquique(1974).EconomicHistoryofMithila(http://books.google.com/books?id=upBET7WbBxQC&pg=PA157).AbhinavPublications.p.157.ISBN9788170170044.Retrieved
12January2015.
14. ^abc"EvolutionofPaymentSystemsinIndia"(http://www.rbi.org.in/scripts/PublicationsView.aspx?id=155).ReserveBankofIndia.12December1998.Retrieved12January2015.
15. ^Cooke,CharlesNorthcote(1863)Therise,progress,andpresentconditionofbankinginIndia.(PrintedbyP.M.Cranenburgh,BengalPrint.Co.),pp.177200.
16. ^Referencewww.rbi.org.in(http://www.rbi.org.in)
17. ^abAustin,Granville(1999).WorkingaDemocraticConstitutionAHistoryoftheIndianExperience.NewDelhi:OxfordUniversityPress.p.215.ISBN0195656105.
18. ^ParmatamParkashAryaB.B.Tandon(2003).EconomicReformsinIndia:FromFirsttoSecondGenerationandBeyond(http://books.google.com/books?
id=FMSR_5W7skcC&pg=PA369).Deep&DeepPublications.pp.369.ISBN9788176294355.
19. ^ab"StatisticalTablesRelatedtoBanksinIndiaReserveBankofIndia"(http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/0STR191113FL.pdf).
20. ^"ICICIpersonalloancustomercommitssuicideafterallegedharassmentbyrecoveryagents"(http://www.parinda.com/news/crime/20070918/2025/icicipersonalloancustomercommits
suicideafterallegedharassmentrecov).Parinda.com.Retrieved28July2010.
21. ^"Karnataka/MysoreNews:ICICIBankreturnstractortofarmersmother"(http://www.hindu.com/2008/06/30/stories/2008063057470300.htm).TheHindu(Chennai,India).30June2008.
Retrieved28July2010.
22. ^"ICICIsthirdeye:ItsIndiatime"(http://www.indiatime.com/2007/11/07/icicisthirdeye/).Indiatime.com.Retrieved28July2010.
23. ^"PrimeMinistertoLaunchPradhanMantriJanDhanYojanaTomorrow"(http://pib.nic.in/newsite/erelease.aspx?relid=109113).PressInformationBureau,Govt.ofIndia.27August2014.
Retrieved28August2014.
24. ^ETBureau(28August2014)."PM'JanDhan'Yojanalaunchedaimstoopen1.5crorebankaccountsonfirstday"(http://economictimes.indiatimes.com/news/economy/policy/pmjan
dhanyojanalaunchedaimstoopen15crorebankaccountsonfirstday/articleshow/41093413.cms).TheEconomicTimes.Retrieved28August2014.
25. ^"Modi:Bankingforalltoend"financialuntouchability" "(http://in.reuters.com/article/2014/08/28/indiamodibanksidINKBN0GS1P320140828).Reuters.28August2014.Retrieved
29August2014.
26. ^http://www.pmjdy.gov.in/accountstatisticscountry.aspx

26. ^http://www.pmjdy.gov.in/accountstatisticscountry.aspx
27. ^"Computerisationofbankingsector"(http://www.rbi.org.in/scripts/PublicationsView.aspx?id=162).
28. ^"MICRtechnology"(http://www.1stinmicrtoner.com/historymicrtechnologytoner.htm).
29. ^"CommitteeonComputerisationinBanks(1988)"(http://www.rbi.org.in/scripts/PublicationsView.aspx?id=162).
30. ^abcINDIANBANKINGSYSTEM.I.KINTERNATIONALPUBLISHINGHOUSEPVT.LTD.2006.ISBN8188237884.
31. ^"Reformsinbankingsystem"(http://www.rbi.org.in/scripts/PublicationsView.aspx?id=162).
32. ^"Reformsofbankingsector"(http://www.rbi.org.in/scripts/PublicationsView.aspx?id=162).
33. ^Indianbankingsystem.I.K.International.2006.ISBN8188237884.
34. ^Srivastava,SamirK,"ExpansionofbankinginIndia",TheEconomicTimes,7June2008,pp.8(Availableat:http://m.economictimes.com/PDAET/articleshow/3107960.cms)

Furtherreading
TheEvolutionoftheStateBankofIndia(TheEraoftheImperialBankofIndia,19211955)(VolumeIII)

Externallinks
ReserveBankofIndia(http://www.rbi.org.in/)
Retrievedfrom"http://en.wikipedia.org/w/index.php?title=Banking_in_India&oldid=645754664"
Categories: BankinginIndia
Thispagewaslastmodifiedon5February2015,at14:38.
TextisavailableundertheCreativeCommonsAttributionShareAlikeLicenseadditionaltermsmayapply.Byusingthissite,youagreetotheTermsofUseandPrivacy
Policy.WikipediaisaregisteredtrademarkoftheWikimediaFoundation,Inc.,anonprofitorganization.