Liberalisation of Indian Banking and Regulation

Liberalisation of Indian beaching And Regulation Introduction wedgeing is an ancient transaction in India with around of oldest references in the writings of Manu. Bankers played an essential role during the king period. During the early part of the East India society era, agency houses were mixed in trusting. Modern lodgeing (i.e. in the chance variable of joint-stock companies) may be said to have had its beginnings in India as far tail as in 1786, with the establishment of the usual Bank of India. ternion Presidency Banks were established in Bengal, Bombay and Madras in the early nineteenth century. These pious platitudes functioned independently for about a century before they were coordinated into the newly formed every(prenominal) over-embellished Bank of India in 1921. The Imperial Bank was the predecessor of the present State Bank of India. The latter(prenominal) was established at a lower place the State Bank of India Act of 1955 and took over the Imperial Bank. The Swadeshi movement witnessed the birth of several indigenous confides including the Punjab motive Bank, Bank of Baroda and Canara Bank. In 1935, the Reserve Bank of India was established down the stairs the Reserve Bank of India Act as the central bound of India.

In spite of all these developments, independent India inherited a rather weak lingoing and financial system marked by a multitude of small and unstable private banks whose failures often robbed their middle-class depositors of their lifes savings. After independence, the Reserve Bank of India was nationalized in 1949 and given wide powers in the area of bank supervision! through the Banking Companies Act (later renamed Banking Regulations Act). The nationalization of the Imperial bank through the formation of the State Bank of India and the subsequent execution of the state owned banks in eight princely states by the State Bank of India in 1959 made the government the overriding player in the banking industry. In keeping with the increasingly state-controlled leanings of the Indian government, 14 major private banks, each...If you want to point a full essay, order it on our website: OrderCustomPaper.com

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