What Is The First Bank In India?
Banking changed the Indian economy for better and made it a reckoning force in the global economy. The second largest populated country has a proper banking system which improved the financial status of the Indians. Now there is a bank in almost every small town in the nook and corner of India. Technology has brought ATMs to even remote places for people to deposit and withdraw money.
Failure of the first bank in India:
All these banking activities in India started with a failure of the first bank in India. The Bank of Hindustan started in the year 1770, successfully operated for nearly half a century only to be closed in the 1830s. Meanwhile, the British who were ruling India at that time for their war and other purposes opened a series of banks with the first one in 1806. It was called Bank of Calcutta and with evolution over time has become the largest and best bank in India, the SBI.
Flourishing banks in India:
Banking industry flourished in India after the Independence and brought the economic freedom for the Indians. A lot of business activities were started in India with the help of the banks. Though India is the second largest populated country, it progressed towards becoming one of biggest developing countries in the world. The bank names in India are a symbol of prosperity.
Nationalization of banks and the Indian economy:
After the nationalization of the banks in India banks were on the next level of modernizing India with the support of the Indian Government. The surplus funds of the banks were lent as farm loans and many others help agriculture, small and big businesses to start, expand and grow.
Nationalization to Liberalization of banks in India:
If the nationalization has taken most of the successful commercial banks into the Government control, it is the liberalization of the economy in the 1990s which opened the gates for private banks to flourish again. These private sector banks are of two categories. One is from the old guard, banks which were not nationalized for various reasons including their small size and area of operations. The other is the new private banks which took the Indian banking industry by a storm. Equipped with the latest technological developments they provided the best of services and facilities to revitalize the Indian banking sector.
This modernization of the banks by the private banks also caught up with the nationalized banks which resulted in the digital banking revolution in India. One of the top private banks in India is the Axis Bank with its best of services and facilities.
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