Evolution of Banking in India – Download Free PDF

The story of banks in India starts with establishment of Bank of Hindustan in 1770 by the agency house of Alexander and Company. Bank of Hindustan failed in the commercial crisis of 1832.

The General Bank of India was established in 1786 but failed in 1791.

Three Presidency banks were set up under charter of the British East India Company:

1. Bank of Calcutta (in 1806 & later renamed as Bank of Bengal in 1809),

2. Bank of Bombay (in 1840) and,

3. Bank of Madras (in 1843).

These three presidency banks were merged in 1921 to form the Imperial Bank of India, which upon India’s independence, became the State Bank of India in 1955.

Some of the banks established in Pre-independence period which are still in existence are given below:

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