First bank in India | Oldest bank in India | Name of first bank in India
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.
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|
||First to issue a cheque-book|
||First to get ISO certificate|
|Anyonya Co-operative Bank Limited||
||First Cooperative Bank|
|State Bank Of India||
||First to introduce mutual funds|
||First Joint Stock Bank in India|
|Bank of India||
||First to introduce branch outside India|
|Punjab National Bank||
||First to start with Indian capital|
||First Foreign Bank in India|
||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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