Posts

History Of Banking : India

Image
The History of Banking in India dates back before India got independence in 1947 and is a key topic in terms of questions asked in various Government exams. In this article, we shall discuss in detail the evolution of the banking sector in India. The banking sector development can be divided into three phases: Phase I: The Early Phase which lasted from 1770 to 1969 Phase II: The Nationalization Phase which lasted from 1969 to 1991 Phase III: The Liberalizatio n or the Banking Sector Reforms Phase which began in 1991 and continues to flourish till date Pre Independence Period (1786-1947) The first bank of India was the “Bank of Hindustan”, established in 1770 and located in the then, Indian  capital, Calcutta. However, this bank failed to work and ceased operations in 1832. During the Pre Independence period over 600 banks had been registered in the country but only a few  managed to survive. Following the path of Bank of Hindustan, various other banks were ...
Post a Comment
Read more

History of Banking

Image
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria, India and Sumerian. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting deposits and performing the change of money. Archaeology from this period in ancient China and India also shows evidence of money lending. Many scholars trace the historical roots of the modern banking system to medieval and Renaissance Italy, particularly the affluent cities of Florence, Venice and Genoa. The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. The most famous Italian bank was the Medici Bank, established by Giovanni Medici in 1397.The oldest bank still in existence is Banca Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuo...
Post a Comment
Read more