History of Indian Banks – A Study on Indian Banking – Merger, Acquisition

India is one of the world’s biggest democracy, a democracy of 1.4 Billion. India’s economic progress had a huge impact on the Indian banking industry. With the development of technology and taking into account people’s requirements, significant changes in the management and banking system have been seen over time.

The History of Banking in India dates back to before India got independence in 1947. As per the research, the earlier phase of Indian banking is from 1770’s.

The banking sector development can be divided into four phases:

Phase I: Pre-Independence Period 1770 to 1947

Phase II: Pre-Nationalisation Period 1947 to 1969

Phase III: Post-Nationalisation Period 1969-1991

Phase IV: Liberalisation or the Banking Sector Reforms Phase which began in 1991 and continues to flourish till date

Here is a little study on the Indian banking system

Phase I: Pre-Independence Period 1770 to 1947

BANK NAME	MERGED WITH	YEAR OF MERGING OR ESTABLISHMENT	REMARKS (IF ANY)	CURRENT STATUS
BANK OF HINDUSTAN		1770 - 1832	The first bank of India was the “Bank of Hindustan”, established in 1770 and located in the then Indian capital, Calcutta. During the Pre Independence period over 600 banks had been registered in the country, but only a few managed to survive.	DEFUNCT
The General Bank of India		1786-1791	ESTABLISHED in 1786 & DEFUNCT on 1791	DEFUNCT
Bank of Calcutta		1806	East India Company established this bank during the British Rule	SBI (PART)
BANK OF BENGAL	BANK OF CALCUTTA (1806)	1809	BANK OF CALCUTTA RENAMED AS BANK OF BENGAL IN 1809.	SBI (PART)
Bank of Bombay		1840	East India Company established this bank during the British Rule and called them Presidential Banks	SBI (PART)
Bank of Madras		1843	East India Company established this bank during the British Rule and called them Presidential Banks	SBI (PART)
Bank of Rohilkund or Bank of Rohilkhand		1862	ESTABLISHED	DEFUNCT
Allahabad Bank		1865	ESTABLISHED	INDIAN BANK
G. Raghumathmul Bank		1870	ESTABLISHED	CANARA BANK
Oudh Commercial Bank or Awadh Commercial Bank	Bank of Rohilkund or Bank of Rohilkhand	1881-1958	ESTABLISHED in 1881, Acquired Bank of Rohilkhand, Defunct in 1958	DEFUNCT
Jalpaiguri Banking and Trading Corporation (JBTC)		1887	ESTABLISHED	UCO BANK
Punjab National Bank		1894	ESTABLISHED	FUNCTIONAL
Trivandrum Permanent Bank		1899	ACQUIRED BY CANARA BANK	CANARA BANK
Bank of Thanjavur Ltd.		1901	ESTABLISHED	INDIAN BANK
Bhavnagar Darbar Bank		1902	ESTABLISHED	SBI (PART) Earlier - State Bank of Saurashtra.
Bank of Tamil Nadu (or Bank of Tamilnad)		1903	ESTABLISHED	INDIAN OVERSEAS BANK
Illanji Bank		1904	ESTABLISHED	ICICI BANK
Punjab Co-operative Bank Ltd.		1904	ESTABLISHED	PUNJAB NATIONAL BANK Earlier - Oriental Bank of Commerce
Bari Doab Bank		1905	ESTABLISHED	PUNJAB NATIONAL BANK Earlier - Oriental Bank of Commerce
Bank of India		1906	ESTABLISHED	FUNCTIONAL
Canara Bank		1906	ESTABLISHED	FUNCTIONAL
Corporation Bank		1906	ESTABLISHED	UNION BANK OF INDIA
Bank of Baroda		1908	ESTABLISHED	FUNCTIONAL
Central Bank of India		1911	ESTABLISHED	FUNCTIONAL
The Bank of Mysore Ltd.		1913	ESTABLISHED	SBI (PART) Earlier - State Bank of Mysore
Cuttack Bank		1913	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
Comilla Banking Corporation		1914	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
Karur Vysya Bank		1916	ESTABLISHED	Karur Vysya Bank
Patiala State Bank		1917	ESTABLISHED	SBI (PART) Earlier - State Bank of Patiala
Chaldean Syrian Bank		1918	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Bengal Central Bank		1918	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
Tezpur Industrial Bank		1918	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
Bank of Indore		1920	ESTABLISHED	SBI (PART) Earlier - State Bank of Indore
P&O Banking Corporation	Allahabad Bank	1920	ACQUISITION	INDIAN BANK
IMPERIAL BANK OF INDIA (IBI)	Bank of Bengal (1809), Bank of Bombay (1840), Bank of Madras (1843)	1921	THREE PRESIDENTIAL BANKS MERGED TO FORM IBI. THE FIRST MERGER IN INDIAN HITORY	STATE BANK OF INDIA (SBI)
Nadar Bank Limited		1921	ESTABLISHED	Tamilnad Mercantile Bank Limited
Comilla Union Bank		1922	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
Sree Poornathrayeesa Vilasam Bank		1923	ESTABLISHED	CANARA BANK
Andhra Bank		1923	ESTABLISHED	UNION BANK OF INDIA
Coimbatore Vasunthara Bank (or Coimbatore Vasundara Bank)		1924	ESTABLISHED	INDIAN OVERSEAS BANK
Canara Industrial and Banking Syndicate Limited		1925	ESTABLISHED	CANARA BANK Earlier - Syndicate Bank
Kottayam Orient Bank		1926	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Nath Bank		1926 - 1950	ESTABLISHED in 1926 DEFUNCT in 1950	DEFUNCT
ALLAHABAD BANK (The Chartered Bank of India, Australia and China)	P&O Banking Corporation	1927	ACQUISITION	INIDAN BANK
Latin Christian Bank		1928	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
South Indian Bank		1928	ESTABLISHED	SOUTH INDIAN BANK
Travancore Forward Bank		1929	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Cochin Nayar Bank		1929	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Champakulam Catholic Bank		1929	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Prabartak Bank		1929	ESTABLISHED	INDIAN BANK Earlier- Allahabad Bank
Chalakudy Public Bank		1929	ESTABLISHED	FEDERAL BANK
Belgaum Bank		1930	ESTABLISHED	UNION BANK OF INDIA
THE PARUR CENTRAL BANK LTD.		1930	ESTABLISHED	BANK OF INDIA
Vasudeva Vilasam Bank		1930	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Seasia Midland Bank		1930	ACQUIRED BY CANARA BANK	CANARA BANK
Vysya Bank		1930	ESTABLISHED	KOTAK MAHNDRA BANK
Vijaya Bank		1931	ESTABLISHED	BANK OF BARODA
(Sri/Lord) Venkateswara Bank		1931	ESTABLISHED	INDIAN OVERSEAS BANK
Travancore Federal Bank Limited		1931	ESTABLISHED	FEDERAL BANK
Hooghly Bank		1932	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
Chettinad Mercantile Bank		1933	ESTABLISHED	ICICI BANK
Kulitalai Bank		1933	ESTABLISHED	INDIAN OVERSEAS BANK
Southern Bank		1934	ESTABLISHED	INDIAN BANK Earlier - Allahabad Bank
Mercantile Bank of Hyderabad		1935	ESTABLISHED	SBI (PART) Earlier - State Bank of Hyderabad
Srinivasa Perumal Bank		1935	ESTABLISHED	INDIAN OVERSEAS BANK
New Bank of India		1936	ESTABLISHED	PUNJAB NATIONAL BANK
Bank of Dewas		1936	ESTABLISHED	SBI (PART) Earlier - State Bank of Indore
Cochin Commercial Bank		1936	ESTABLISHED	CANARA BANK
Bank of Bankura		1936	ESTABLISHED	INDIAN BANK Earlier - Allahabad Bank
Metropolitan Bank		1936	ESTABLISHED	INDIAN BANK Earlier - Allahabad Bank
New Citizen Bank of India		1937	ESTABLISHED	BANK OF BARODA
Indo-Mercantile Bank		1937	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Indian Overseas Bank		1937	ESTABLISHED	FUNCTIONAL
Dena Bank		1938	ESTABLISHED	BANK OF BARODA
United Industrial Bank		1940	ESTABLISHED	INDIAN BANK Earlier - Allahabad Bank
Dewas Senior Bank		1941	ESTABLISHED	SBI (PART) Earlier - State Bank of Indore
Hyderabad State Bank		1941	ESTABLISHED	SBI (PART) Earlier - State Bank of Hyderabad
Bank of Alwaye		1942	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Arnad Bank		1942	ESTABLISHED	CANARA BANK
State Bank of Jaipur		1943	ESTABLISHED	SBI (PART) Earlier - State Bank of Bikaner and Jaipur
Oriental Bank of Commerce		1943	ESTABLISHED	PUNJAB NATIONAL BANK
Narang Bank of India		1943	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
United Commercial Bank		1943	ESTABLISHED	UCO BANK
State Bank of Bikaner		1944	ESTABLISHED	SBI (PART) Earlier - State Bank of Bikaner and Jaipur
Bank of New India		1944	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Hindustan Mercantile Bank		1944	ESTABLISHED	PUNJAB NATIONAL BANK EARLIER UNITED BANK OF INDIA
Bank of Kerala		1944	ACQUIRED BY CANARA BANK	CANARA BANK
Travancore Bank Ltd		1945	ESTABLISHED	SBI (PART) Earlier - State Bank of Travancore
Bank of Karad Ltd.		1946	ESTABLISHED	BANK OF INDIA
Umbergaon People's Bank		1946	ESTABLISHED	BANK OF BARODA
Benares State Bank Ltd.		1946	ESTABLISHED	BANK OF BARODA
Pandyan Bank		1946	ESTABLISHED	CANARA BANK
Umbergaon People's Bank		1946	ESTABLISHED	BANK OF BARODA
Ratnakar Bank		1943	ESTABLISHED	RBL BANK
Bank of Maharahtra		1935	ESTABLISHED	BANK OF MAHARASHTRA
Catholic Syrian Bank		1920	ESTABLISHED	CSB BANK
Kumbakonam Bank Limited		1904	ESTABKISHED	CITY UNION BANK
The Ismailia Co-operative Bank Limited		1930	ESTABLISHED	DCB BANK
Masalawala Co-operative Bank Limited		1930	ESTABLISHED	DCB BANK

Following the path of Bank of Hindustan, various other banks were established in India. They were:

• The General Bank of India (1786-1791)
• Oudh Commercial Bank (1881-1958)
• Bank of Bengal (1809)
• Bank of Bombay (1840)
• Bank of Madras (1843)

During the British rule in India, The East India Company had established three banks: Bank of Bengal, Bank of Bombay and Bank of Madras and called them the Presidential Banks. These three banks were later merged into one single bank in 1921, which was called the “Imperial Bank of India.”

The Imperial Bank of India was later nationalised in 1955 and was named The State Bank of India, which is currently the largest Public sector Bank.

Given below is a list of other banks which were established during the Pre-Independence period:

Pre-Indepence Banks in India
Bank Name	Year of Establishment
Allahabad Bank	1865
Punjab National Bank	1894
Bank of India	1906
Central Bank of India	1911
Canara Bank	1906
Bank of Baroda	1908

Phase II: Pre-Nationalisation Period 1947 to 1969

BANK NAME	MERGED WITH	YEAR OF MERGING OR ESTABLISHMENT	REMARKS (IF ANY)	CURRENT STATUS
Kashinath State Bank Ltd		1947 (03rd Sep 1947)	ESTABLISHED	STATE BANK OF INDIA
Shri Jadeya Shankarling Bank		1948	ESTABLISED	UNION BANK OF INDIA
Miraj State Bank		1948	ESTABLISED	UNION BANK OF INDIA
Federal Bank	Travancore Federal Bank Limited	1949	RENAMED	FEDERAL BANK
State Bank of Saurashtra	Bhavnagar Darbar Bank	1950	RENAMED	STATE BANK OF INDIA
State Bank of Saurashtra	Rajkot State Bank Porbandar State Bank Palitana Darbar Bank Vadia State Bank	1950	MERGER	STATE BANK OF INDIA
United Bank of India	Comilla Banking Corporation Bengal Central Bank Comilla Union Bank Hooghly Bank	1950	MERGER	PUNJAB NATIONAL BANK
Hyderabad State Bank	Mercantile Bank of Hyderabad	1953	MERGER	STATE BANK OF INDIA
Bareilly Corporation Bank Ltd.		1954	ESTABLISHED	BANK OF BARODA
STATE BANK OF INDIA (1955)	IMPERIAL BANK OF INDIA (1921)	1955	The Imperial Bank of India was later nationalised in 1955 and was named The State Bank of India, which is currently the largest Public sector Bank.	FUNCTIONAL
Salem Shevapet Sri Venkateswara Bank	(Sri/Lord) Venkateswara Bank	1955	RENAMED	INDIAN OVERSEAS BANK
State Bank of Hyderabad	Hyderabad State Bank	1956	RENAMED	STATE BANK OF INDIA
State Bank of Mysore	The Bank of Mysore Ltd.	1959	RENAMED AND BECOME SUBSIDERY OF SBI	STATE BANK OF INDIA
Travancore Bank Ltd	Indo-Mercantile Bank	1959	ACQUIRED
Bank of Madura	Chettinad Mercantile Bank Illanji Bank	1960
State Bank of Indore	Bank of Indore	1960	RENAMED AND BECOME SUBSIDERY OF SBI
State Bank of Patiala	Patiala State Bank	1960	RENAMED AND BECOME SUBSIDERY OF SBI
State Bank of Travancore	Travancore Bank Ltd	1960	RENAMED AND BECOME SUBSIDERY OF SBI
Bank of Baroda	New Citizen Bank of India	1961
State Bank of Travancore	Travancore Forward Bank	1961	ACQUIRED
State Bank of Travancore	Kottayam Orient Bank	1961	ACQUIRED
State Bank of Travancore	Bank of New India	1961	ACQUIRED
United Bank of India	Cuttack Bank Tezpur Industrial Bank	1961	MERGER
Canara Bank	Bank of Kerala	1961	ACQUISITION
Canara Bank	Seasia Midland Bank	1961	ACQUISITION
Canara Bank	G. Raghumathmul Bank	1961
Canara Bank	Trivandrum Permanent Bank	1961
State Bank of Indore	Bank of Dewas	1962
Tamilnad Mercantile Bank	Nadar Bank Limited	1962	RENAMED	Tamilnad Mercantile Bank
Bank of Baroda	Surat Banking Corporation	1963
State Bank of Bikaner and Jaipur	State Bank of Bikaner State Bank of Jaipur	1963	MERGER
Govind Bank (Private) Ltd., Mathura		1963
State Bank of Travancore	Vasudeva Vilasam Bank	1963	ACQUIRED
Canara Bank	Sree Poornathrayeesa Vilasam Bank	1963
Canara Bank	Arnad Bank	1963
Canara Bank	Cochin Commercial Bank	1963
Canara Bank	Pandyan Bank	1963
United Industrial Bank	Prabartak Bank	1963	ACQU
United Industrial Bank	Bank of Bankura	1963
Indian Overseas Bank	Coimbatore Standard Bank	1963	ACQUIRED	INDIAN OVERSEAS BANK
Indian Overseas Bank	Nanjinnad Bank (or Nanjanad Bank)	1963	ACQUIRED	INDIAN OVERSEAS BANK
Cochin Union Bank		1963	ESTABLISHED	FEDERAL BANK
Bank of Baroda	Umbergaon People's Bank	1964	ACQUISITION
Bank of Baroda	Tamil Nadu Central Bank	1964	ACQUISITION
Belgaum Bank	Shri Jadeya Shankarling Bank	1964	MERGER
State Bank of Travancore	Cochin Nayar Bank	1964	ACQUIRED
State Bank of Travancore	Latin Christian Bank	1964	ACQUIRED
State Bank of Travancore	Champakulam Catholic Bank	1964	ACQUIRED
United Industrial Bank	Metropolitan Bank	1964
United Industrial Bank	Southern Bank	1964
Indian Overseas Bank	Coimbatore Vasunthara Bank (or Coimbatore Vasundara Bank	1964	ACQUIRED	INDIAN OVERSEAS BANK
Indian Overseas Bank	Kulitalai Bank	1964	ACQUIRED	INDIAN OVERSEAS BANK
Alleppey Bank		1964	ESTABLISHED	FEDERAL BANK
State Bank of Indore	Dewas Senior Bank	1965
State Bank of Travancore	Bank of Alwaye	1965	ACQUIRED
State Bank of Travancore	Chaldean Syrian Bank	1965	ACQUIRED
St. George Union Bank		1965	ESTABLISED	FEDERAL BANK
State Bank of Bikaner and Jaipur	Govind Bank (Private) Ltd., Mathura	1966	ACQUIRED
Indian Overseas Bank	Srinivasa Perumal Bank	1966	ACQUIRED	INDIAN OVERSEAS BANK
Indian Overseas Bank	Salem Shevapet Sri Venkateswara Bank	1967	ACQUIRED	INDIAN OVERSEAS BANK
United Commercial Bank	Jalpaiguri Banking and Trading Corporation (JBTC)	1967	MERGED	UCO BANK
Marthandam Commercial Bank		1968	ESTABLISED	FEDERAL BANK
Syndicate Bank	Canara Industrial and Banking Syndicate Limited	1969	RENAMED & NATIONALISED	CANARA BANK
CITY UNION BANK	Kumbakonam Bank Limited	1987	RENAMED	CITY UNION BANK
Development Co-operative Bank Limited	The Ismailia Co-operative Bank Limited Masalawala Co-operative Bank Limited	1981	MERGER	DCB BANK

Phase III: Post-Nationalisation Period 1969-1991

BANK NAME	MERGED WITH	YEAR OF MERGING	REMARKS (IF ANY)
State Bank of Travancore	Cochin Nayar Bank	1964	ACQUIRED
Syndicate Bank	Canara Industrial and Banking Syndicate Limited	1969	RENAMED & NATIONALISED
Lakshmi Commercial Bank		1970
FEDERAL BANK	Cochin Union Bank Alleppey Bank St. George Union Bank Marthandam Commercial Bank	1970	ACQUIRED	FEDERAL BANK
Purbanchal Bank Ltd.		1972
United Bank of India	Hindustan Mercantile Bank	1973	ACQUIRED
Union Bank of India	Belgaum Bank	1975	ACQUISITION
Prathama Bank		1975	REGIONAL RURAL BANK BY SYNDICATE BANK
Tungabhadra Gramin Bank		1976
United Bank of India	Narang Bank of India	1976	ACQUIRED
Malaprabha Grameena Bank		1976	REGIONAL RURAL BANK BY SYNDICATE BANK
Krishna Grameena Bank		1978
Bijapur Grameena Bank		1983	REGIONAL RURAL BANK BY SYNDICATE BANK
Ganganagar Kshetriya Gramin Bank		1984	ESTABLISHED. Sponsored Regional Bank of SBBJ
Netravati Grameena Bank		1984	REGIONAL RURAL BANK BY SYNDICATE BANK
Varada Grameena Bank		1984	REGIONAL RURAL BANK BY SYNDICATE BANK
Union Bank of India	Miraj State Bank	1985	ACQUISITION
Bikaner Kshetriya Gramin Bank		1985	ESTABLISHED. Sponsored Regional Bank of SBBJ
Marwar Gramin Bank		1985	ESTABLISHED. Sponsored Regional Bank of SBBJ
Canara Bank	Lakshmi Commercial Bank	1985
UCO BANK	United Commercial Bank	1985	RENAMED	UCO BANK
Kotak Capital Management Finance		1985	ESTABLISHED	KOTAK MAHINDRA BANK
Kotak Mahindra Finance	Kotak Capital Management Finance	1986	RENAMED	KOTAK MAHINDRA BANK
Indian Overseas Bank	Bank of Tamil Nadu (or Bank of Tamilnad)	1988	ACQUIRED	INDIAN OVERSEAS BANK
Allahabad Bank	United Industrial Bank	1989
Bank Of India	Parur Central Bank Ltd.	1990
Central Bank Of India	Purbanchal Bank Ltd.	1990
Indian Bank	Bank of Thanjavur Ltd.	1990

At the time when India got independence, all the major banks of the country were led privately which was a cause of concern as the people belonging to rural areas were still dependent on money lenders for financial assistance.

With an aim to solve this problem, the then Government decided to nationalise the Banks. These banks were nationalised under the Banking Regulation Act, 1949. Whereas, the Reserve Bank of India was nationalised in 1949.

Following it was the formation of State Bank of India in 1955 and the other 14 banks were nationalised between the time duration of 1969 to 1991. These were the banks whose national deposits were more than 50 crores.

Given below is the list of these 14 Banks nationalised in 1969:

1. Allahabad Bank
2. Bank of India
3. Bank of Baroda
4. Bank of Maharashtra
5. Central Bank of India
6. Canara Bank
7. Dena Bank
8. Indian Overseas Bank
9. Indian Bank
10. Punjab National Bank
11. Syndicate Bank
12. Union Bank of India
13. United Bank
14. UCO Bank

In the year 1980, another 6 banks were nationalised, taking the number to 20 banks. These banks included:

1. Andhra Bank
2. Corporation Bank
3. New Bank of India
4. Oriental Bank of Comm.
5. Punjab & Sind Bank
6. Vijaya Bank

Apart from the above mentioned 20 banks, there were seven subsidiaries of SBI which were nationalised in 1959:

1. State Bank of Patiala
2. State Bank of Hyderabad
3. State Bank of Bikaner & Jaipur
4. State Bank of Mysore
5. State Bank of Travancore
6. State Bank of Saurashtra
7. State Bank of Indore

Phase IV: Liberalisation or the Banking Sector Reforms Phase which began in 1991 – till date

BANK NAME	MERGED WITH	YEAR OF MERGING	REMARKS (IF ANY)
Punjab National Bank	New Bank of India	1993
UTI Bank		1993–2007
Bank of India	Bank of Karad Ltd.	1994
Times Bank Ltd.		1994
ICICI Bank		1994
Global Trust Bank		1994
IndusInd Bank		1994
State Bank of India	Kashinath State Bank Ltd	1995
Oriental Bank of Commerce	Punjab Co-operative Bank Ltd.	1996
Oriental Bank of Commerce	Bari Doab Bank	1997	ACQUIRED
Bank of Baroda	Bareilly Corporation Bank Ltd.	1999
Union Bank of India	Sikkim Bank Ltd.	1999
HDFC Bank Ltd.	Times Bank Ltd.	2000
ICICI Bank Ltd	Bank of Madura Ltd	2000
South Gujarat Local Area Bank		2000
Bank of Baroda	Benares State Bank Ltd.	2002
ICICI Bank	ICICI Ltd.	2002
ING Vysya Bank	Vysya Bank ING Group (Dutch)	2002	MERGED	KOTAK MAINDRA BANK
Kotak Mahindra Bank	Kotak Mahindra Finance	2003	RENAMED	KOTAK MAINDRA BANK
Oriental Bank of Commerce	Global Trust Bank	2004
Bank of Baroda	South Gujarat Local Area Bank	2004
Pragathi Gramin Bank	Tungabhadra Gramin Bank	2005	RENAMED
Karnataka Vikas Grameena Bank	Malaprabha Grameena Bank, Bijapur Grameena Bank (BGB), the Varada Grameena Bank, and Netravati Grameena Bank	2005	MERGER
State Bank of Bikaner and Jaipur	Ganganagar Kshetriya Gramin Bank Bikaner Kshetriya Gramin Bank Marwar Gramin Bank	2006	MERGER
Axis Bank Limited	UTI Bank	2007	UTI Bank renamed as Axis Bank
State Bank of India	State Bank of Saurashtra	2008
State Bank of India	State Bank of Indore	2010
Kaveri-Kalpatharu Gramin Brank	Cauaveri Grameena bank Kalpatharu Gramin Brank	2012	MERGED
Kaveri Grameena bank	Kaveri-Kalpatharu Gramin Brank	2012
Pragathi Krishna Gramin Bank	Pragathi Gramin Bank Krishna Grameena Bank	2013	MERGED
Bharatiya Mahila Bank		2013
Kotak Mahindra Bank	ING Vysya Bank	2014
Kotak Mahindra Bank	ING Vysya Bank	2014	ACQUIRED	KOTAK MAINDRA BANK
State Bank of India	State Bank of Bikaner and Jaipur State Bank of Hyderabad State Bank of Mysore State Bank of Patiala State Bank of Travencore Bharatiya Mahila Bank	2017
Bank of Baroda	Vijaya Bank Dena Bank	2019
Karnataka Gramin bank	Pragathi Krishna Gramin Bank Kaveri Grameena bank	2019	MERGED. Subsidery of Canara Bank.
Punjab National Bank	Oriental Bank of Commerce United Bank of India	2020
Canara Bank	Syndicate Bank	2020
Union Bank of India	Andhra Bank Corporation Bank	2020
Indian Bank	Allahabad Bank	2020
Bandhan Bank		2015	ESTABLISHED	BANDHAN BANK
RBL BANK	Ratnakar Bank	2014	RENAMED	RBL BANK
CSB BANK	Catholic Syrian Bank	2019	RENAMED	CSB BANK
Development Credit Bank Limited	Development Co-operative Bank Limited Citi Cooperative Bank Limited	1995	MERGED	DCB BANK
DCB BANK	Development Credit Bank Limited	2013	RENAMED	DCB BANK

The biggest development was the introduction of Private sector banks in India. RBI gave license to 10 Private sector banks to establish themselves in the country. These banks included:

1. Global Trust Bank
2. ICICI Bank
3. HDFC Bank
4. Axis Bank
5. Bank of Punjab
6. IndusInd Bank
7. Centurion Bank
8. IDBI Bank
9. Times Bank
10. Development Credit Bank

PS: This article will be updated regularly. If you have any suggestions, feedback, or appreciation kindly mail it to the original author via email at vinotgeorgec@gmail.com.

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