First bank in India | Oldest bank in India | Name of first bank in India

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

Name of the Bank Year List 
Bank of Hindustan 1770 The first bank in India
HSBC Bank 1987 First ATM
ICICI Bank 1998 First for Internet Banking
Central Bank of India     – First to issue a credit card in India
Bengal Bank
First to issue a cheque-book
Canara Bank
First to get ISO certificate
Anyonya Co-operative Bank Limited
First Cooperative Bank
State Bank Of India
First to introduce mutual funds
Allahabad Bank
First Joint Stock Bank in India
Bank of India
First to introduce branch outside India
Punjab National Bank
First to start with Indian capital
HSBC
First Foreign Bank in India
Presidency Bank
  • 1833
First bank to introduce saving account

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.

 

Bank Name Largest in India (Banking Category)
SBI Largest public sector banks in India
ICICI Largest private sector banks in India
Standard Chartered Bank Largest Foreign Bank
Kerala Gramin Bank Largest Regional Rural Bank in India

Which is the first bank in india?

Bank of Hindustan is the first bank in India, 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.

Which bank introduced ATM in India?

HSBC Bank introduced first ATM in India in Mumbai on 1987.

Which is the first commercial bank in India?

State Bank of India. 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.

Which is the first Nationalised bank in India?

State Bank of India is the first Nationalised bank in India.

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