Last updated on March 29th, 2022 at 11:33 am

Find the first bank in India. Modern banking had started in the 18th century. One of the oldest Indian text ‘Vedas’ describes the practice “usury” which means lending of money at high interests. During the early Vedic period, people from different clans and dynasties also practised ‘usury’.

During the Mughal era, started the lending of loans and was known as ‘dastawez’. Then in the colonial era, before independence, the people use to borrow money from their landlords where they had to pay a high rate of interest.

The first bank in India was Bank of Hindusthan which was established in the year 1770 but failed in the year 1832. After this bank, a new bank was established named ‘Bank of India’ which was established in the year 1786 but was collapsed in 1791.

The Bank of Calcutta, was founded on 2 June 1806. It was renamed Bank of Bengal on 2 January 1809. This was one of the three banks funded by presidency government other two were the BANK OF BOMBAY and the BANK OF MADRAS.

Read Also: List Of Government Banks in India ( Public Sector Banks)

Following is the list of different banks:

Nedungadi Bank1889 (Calicut)First Private Bank

Bank of Bengal was established in the year 1806, which later had become the State Bank of India in the year 1955. This is presently one of the leading banks in India.

State Bank of India is one of the largest public sector banks in India.

As India became independent, there was a drastic change in the economy of India. It paved a way for the establishment of many banks and financial institutions in India.

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