Indian BankingIndia 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 NAMEMERGED WITHYEAR OF MERGING OR ESTABLISHMENTREMARKS (IF ANY)CURRENT STATUS
BANK OF HINDUSTAN1770 - 1832The 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 India1786-1791ESTABLISHED in 1786 & DEFUNCT on 1791DEFUNCT
Bank of Calcutta1806East India Company established this bank during the British RuleSBI (PART)
BANK OF BENGALBANK OF CALCUTTA (1806)1809BANK OF CALCUTTA RENAMED AS BANK OF BENGAL IN 1809. SBI (PART)
Bank of Bombay
1840East India Company established this bank during the British Rule and called them Presidential BanksSBI (PART)
Bank of Madras 1843East India Company established this bank during the British Rule and called them Presidential BanksSBI (PART)
Bank of Rohilkund or Bank of Rohilkhand1862ESTABLISHEDDEFUNCT
Allahabad Bank1865ESTABLISHEDINDIAN BANK
G. Raghumathmul Bank1870ESTABLISHEDCANARA BANK
Oudh Commercial Bank or Awadh Commercial BankBank of Rohilkund or Bank of Rohilkhand1881-1958ESTABLISHED in 1881, Acquired Bank of Rohilkhand, Defunct in 1958DEFUNCT
Jalpaiguri Banking and Trading Corporation (JBTC)1887ESTABLISHEDUCO BANK
Punjab National Bank1894ESTABLISHEDFUNCTIONAL
Trivandrum Permanent Bank1899ACQUIRED BY CANARA BANKCANARA BANK
Bank of Thanjavur Ltd. 1901ESTABLISHEDINDIAN BANK
Bhavnagar Darbar Bank1902ESTABLISHEDSBI (PART)
Earlier - State Bank of Saurashtra.
Bank of Tamil Nadu (or Bank of Tamilnad)1903ESTABLISHEDINDIAN OVERSEAS BANK
Illanji Bank1904ESTABLISHEDICICI BANK
Punjab Co-operative Bank Ltd. 1904ESTABLISHEDPUNJAB NATIONAL BANK
Earlier - Oriental Bank of Commerce
Bari Doab Bank1905ESTABLISHEDPUNJAB NATIONAL BANK
Earlier - Oriental Bank of Commerce
Bank of India1906ESTABLISHEDFUNCTIONAL
Canara Bank1906ESTABLISHEDFUNCTIONAL
Corporation Bank1906ESTABLISHEDUNION BANK OF INDIA
Bank of Baroda1908ESTABLISHEDFUNCTIONAL
Central Bank of India1911ESTABLISHEDFUNCTIONAL
The Bank of Mysore Ltd.1913ESTABLISHEDSBI (PART)
Earlier - State Bank of Mysore
Cuttack Bank 1913ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
Comilla Banking Corporation1914ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
Karur Vysya Bank1916ESTABLISHEDKarur Vysya Bank
Patiala State Bank1917ESTABLISHEDSBI (PART)
Earlier - State Bank of Patiala
Chaldean Syrian Bank1918ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Bengal Central Bank1918ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
Tezpur Industrial Bank1918ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
Bank of Indore1920ESTABLISHEDSBI (PART)
Earlier - State Bank of Indore
P&O Banking CorporationAllahabad Bank1920ACQUISITIONINDIAN BANK
IMPERIAL BANK OF INDIA (IBI)Bank of Bengal (1809), Bank of Bombay (1840),
Bank of Madras (1843)
1921THREE PRESIDENTIAL BANKS MERGED TO FORM IBI. THE FIRST MERGER IN INDIAN HITORYSTATE BANK OF INDIA (SBI)
Nadar Bank Limited1921ESTABLISHEDTamilnad Mercantile Bank Limited
Comilla Union Bank1922ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
Sree Poornathrayeesa Vilasam Bank1923ESTABLISHEDCANARA BANK
Andhra Bank 1923ESTABLISHEDUNION BANK OF INDIA
Coimbatore Vasunthara Bank (or Coimbatore Vasundara Bank)1924ESTABLISHEDINDIAN OVERSEAS BANK
Canara Industrial and Banking Syndicate Limited1925ESTABLISHEDCANARA BANK
Earlier - Syndicate Bank
Kottayam Orient Bank1926ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Nath Bank1926 - 1950ESTABLISHED in 1926
DEFUNCT in 1950
DEFUNCT
ALLAHABAD BANK (The Chartered Bank of India, Australia and China)P&O Banking Corporation1927ACQUISITIONINIDAN BANK
Latin Christian Bank1928ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
South Indian Bank1928ESTABLISHEDSOUTH INDIAN BANK
Travancore Forward Bank1929ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Cochin Nayar Bank1929ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Champakulam Catholic Bank1929ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Prabartak Bank1929ESTABLISHEDINDIAN BANK
Earlier- Allahabad Bank
Chalakudy Public Bank1929ESTABLISHEDFEDERAL BANK
Belgaum Bank1930ESTABLISHEDUNION BANK OF INDIA
THE PARUR CENTRAL BANK LTD.1930ESTABLISHEDBANK OF INDIA
Vasudeva Vilasam Bank 1930ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Seasia Midland Bank1930ACQUIRED BY CANARA BANKCANARA BANK
Vysya Bank1930ESTABLISHEDKOTAK MAHNDRA BANK
Vijaya Bank1931ESTABLISHEDBANK OF BARODA
(Sri/Lord) Venkateswara Bank1931ESTABLISHEDINDIAN OVERSEAS BANK
Travancore Federal Bank Limited1931ESTABLISHEDFEDERAL BANK
Hooghly Bank1932ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
Chettinad Mercantile Bank1933ESTABLISHEDICICI BANK
Kulitalai Bank1933ESTABLISHEDINDIAN OVERSEAS BANK
Southern Bank1934ESTABLISHEDINDIAN BANK
Earlier - Allahabad Bank
Mercantile Bank of Hyderabad1935ESTABLISHEDSBI (PART)
Earlier - State Bank of Hyderabad
Srinivasa Perumal Bank1935ESTABLISHEDINDIAN OVERSEAS BANK
New Bank of India1936ESTABLISHEDPUNJAB NATIONAL BANK
Bank of Dewas1936ESTABLISHEDSBI (PART)
Earlier - State Bank of Indore
Cochin Commercial Bank1936ESTABLISHEDCANARA BANK
Bank of Bankura1936ESTABLISHEDINDIAN BANK
Earlier - Allahabad Bank
Metropolitan Bank1936ESTABLISHEDINDIAN BANK
Earlier - Allahabad Bank
New Citizen Bank of India1937ESTABLISHEDBANK OF BARODA
Indo-Mercantile Bank1937ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Indian Overseas Bank1937ESTABLISHEDFUNCTIONAL
Dena Bank1938ESTABLISHEDBANK OF BARODA
United Industrial Bank1940ESTABLISHEDINDIAN BANK
Earlier - Allahabad Bank
Dewas Senior Bank1941ESTABLISHEDSBI (PART)
Earlier - State Bank of Indore
Hyderabad State Bank1941ESTABLISHEDSBI (PART)
Earlier - State Bank of Hyderabad
Bank of Alwaye1942ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Arnad Bank1942ESTABLISHEDCANARA BANK
State Bank of Jaipur1943ESTABLISHEDSBI (PART)
Earlier - State Bank of Bikaner and Jaipur
Oriental Bank of Commerce1943ESTABLISHEDPUNJAB NATIONAL BANK
Narang Bank of India1943ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
United Commercial Bank1943ESTABLISHEDUCO BANK
State Bank of Bikaner 1944ESTABLISHEDSBI (PART)
Earlier - State Bank of Bikaner and Jaipur
Bank of New India1944ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Hindustan Mercantile Bank1944ESTABLISHEDPUNJAB NATIONAL BANK
EARLIER UNITED BANK OF INDIA
Bank of Kerala1944ACQUIRED BY CANARA BANKCANARA BANK
Travancore Bank Ltd1945ESTABLISHEDSBI (PART)
Earlier - State Bank of Travancore
Bank of Karad Ltd. 1946ESTABLISHEDBANK OF INDIA
Umbergaon People's Bank1946ESTABLISHEDBANK OF BARODA
Benares State Bank Ltd.1946ESTABLISHEDBANK OF BARODA
Pandyan Bank1946ESTABLISHEDCANARA BANK
Umbergaon People's Bank1946ESTABLISHEDBANK OF BARODA
Ratnakar Bank1943ESTABLISHEDRBL BANK
Bank of Maharahtra1935ESTABLISHEDBANK OF MAHARASHTRA
Catholic Syrian Bank1920ESTABLISHEDCSB BANK
Kumbakonam Bank Limited1904ESTABKISHEDCITY UNION BANK
The Ismailia Co-operative Bank Limited1930ESTABLISHEDDCB BANK
Masalawala Co-operative Bank Limited1930ESTABLISHEDDCB 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 NAMEMERGED WITHYEAR OF MERGING OR ESTABLISHMENTREMARKS (IF ANY)CURRENT STATUS
Kashinath State Bank Ltd 1947 (03rd Sep 1947)ESTABLISHEDSTATE BANK OF INDIA
Shri Jadeya Shankarling Bank1948ESTABLISEDUNION BANK OF INDIA
Miraj State Bank1948ESTABLISEDUNION BANK OF INDIA
Federal BankTravancore Federal Bank Limited1949RENAMEDFEDERAL BANK
State Bank of SaurashtraBhavnagar Darbar Bank1950RENAMEDSTATE BANK OF INDIA
State Bank of SaurashtraRajkot State Bank
Porbandar State Bank
Palitana Darbar Bank
Vadia State Bank
1950MERGERSTATE BANK OF INDIA
United Bank of IndiaComilla Banking Corporation
Bengal Central Bank
Comilla Union Bank
Hooghly Bank
1950MERGERPUNJAB NATIONAL BANK
Hyderabad State BankMercantile Bank of Hyderabad1953MERGERSTATE BANK OF INDIA
Bareilly Corporation Bank Ltd. 1954ESTABLISHEDBANK OF BARODA
STATE BANK OF INDIA (1955)IMPERIAL BANK OF INDIA (1921)1955The 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 Bank1955RENAMEDINDIAN OVERSEAS BANK
State Bank of HyderabadHyderabad State Bank1956RENAMEDSTATE BANK OF INDIA
State Bank of MysoreThe Bank of Mysore Ltd.1959RENAMED AND BECOME SUBSIDERY OF SBISTATE BANK OF INDIA
Travancore Bank Ltd Indo-Mercantile Bank1959ACQUIRED
Bank of MaduraChettinad Mercantile Bank
Illanji Bank
1960
State Bank of IndoreBank of Indore1960RENAMED AND BECOME SUBSIDERY OF SBI
State Bank of PatialaPatiala State Bank1960RENAMED AND BECOME SUBSIDERY OF SBI
State Bank of TravancoreTravancore Bank Ltd1960RENAMED AND BECOME SUBSIDERY OF SBI
Bank of BarodaNew Citizen Bank of India1961
State Bank of Travancore Travancore Forward Bank1961ACQUIRED
State Bank of TravancoreKottayam Orient Bank1961ACQUIRED
State Bank of TravancoreBank of New India1961ACQUIRED
United Bank of IndiaCuttack Bank
Tezpur Industrial Bank
1961MERGER
Canara BankBank of Kerala1961ACQUISITION
Canara BankSeasia Midland Bank1961ACQUISITION
Canara BankG. Raghumathmul Bank1961
Canara BankTrivandrum Permanent Bank1961
State Bank of IndoreBank of Dewas1962
Tamilnad Mercantile BankNadar Bank Limited1962RENAMEDTamilnad Mercantile Bank
Bank of BarodaSurat Banking Corporation1963
State Bank of Bikaner and JaipurState Bank of Bikaner
State Bank of Jaipur
1963MERGER
Govind Bank (Private) Ltd., Mathura1963
State Bank of TravancoreVasudeva Vilasam Bank 1963ACQUIRED
Canara BankSree Poornathrayeesa Vilasam Bank1963
Canara BankArnad Bank1963
Canara BankCochin Commercial Bank1963
Canara Bank Pandyan Bank1963
United Industrial BankPrabartak Bank1963ACQU
United Industrial BankBank of Bankura1963
Indian Overseas BankCoimbatore Standard Bank1963ACQUIREDINDIAN OVERSEAS BANK
Indian Overseas BankNanjinnad Bank (or Nanjanad Bank)1963ACQUIREDINDIAN OVERSEAS BANK
Cochin Union Bank1963ESTABLISHEDFEDERAL BANK
Bank of Baroda Umbergaon People's Bank1964ACQUISITION
Bank of Baroda Tamil Nadu Central Bank1964ACQUISITION
Belgaum BankShri Jadeya Shankarling Bank1964MERGER
State Bank of TravancoreCochin Nayar Bank1964ACQUIRED
State Bank of TravancoreLatin Christian Bank1964ACQUIRED
State Bank of TravancoreChampakulam Catholic Bank1964ACQUIRED
United Industrial BankMetropolitan Bank 1964
United Industrial BankSouthern Bank1964
Indian Overseas BankCoimbatore Vasunthara Bank (or Coimbatore Vasundara Bank1964ACQUIREDINDIAN OVERSEAS BANK
Indian Overseas BankKulitalai Bank1964ACQUIREDINDIAN OVERSEAS BANK
Alleppey Bank1964ESTABLISHEDFEDERAL BANK
State Bank of IndoreDewas Senior Bank1965
State Bank of TravancoreBank of Alwaye1965ACQUIRED
State Bank of TravancoreChaldean Syrian Bank1965ACQUIRED
St. George Union Bank1965ESTABLISEDFEDERAL BANK
State Bank of Bikaner and JaipurGovind Bank (Private) Ltd., Mathura1966ACQUIRED
Indian Overseas BankSrinivasa Perumal Bank1966ACQUIREDINDIAN OVERSEAS BANK
Indian Overseas BankSalem Shevapet Sri Venkateswara Bank1967ACQUIREDINDIAN OVERSEAS BANK
United Commercial BankJalpaiguri Banking and Trading Corporation (JBTC)1967MERGEDUCO BANK
Marthandam Commercial Bank1968ESTABLISEDFEDERAL BANK
Syndicate BankCanara Industrial and Banking Syndicate Limited1969RENAMED & NATIONALISEDCANARA BANK
CITY UNION BANKKumbakonam Bank Limited1987RENAMEDCITY UNION BANK
Development Co-operative Bank LimitedThe Ismailia Co-operative Bank Limited
Masalawala Co-operative Bank Limited
1981MERGERDCB BANK

Phase III: Post-Nationalisation Period 1969-1991

BANK NAMEMERGED WITHYEAR OF MERGINGREMARKS (IF ANY) 
State Bank of TravancoreCochin Nayar Bank1964ACQUIRED
Syndicate BankCanara Industrial and Banking Syndicate Limited1969RENAMED & NATIONALISED
Lakshmi Commercial Bank1970
FEDERAL BANKCochin Union Bank
Alleppey Bank
St. George Union Bank
Marthandam Commercial Bank
1970ACQUIREDFEDERAL BANK
Purbanchal Bank Ltd. 1972
United Bank of IndiaHindustan Mercantile Bank1973ACQUIRED
Union Bank of India Belgaum Bank1975ACQUISITION
Prathama Bank1975REGIONAL RURAL BANK BY SYNDICATE BANK
Tungabhadra Gramin Bank1976
United Bank of IndiaNarang Bank of India1976ACQUIRED
Malaprabha Grameena Bank1976REGIONAL RURAL BANK BY SYNDICATE BANK
Krishna Grameena Bank1978
Bijapur Grameena Bank1983REGIONAL RURAL BANK BY SYNDICATE BANK
Ganganagar Kshetriya Gramin Bank 1984ESTABLISHED. Sponsored Regional Bank of SBBJ
Netravati Grameena Bank1984REGIONAL RURAL BANK BY SYNDICATE BANK
Varada Grameena Bank1984REGIONAL RURAL BANK BY SYNDICATE BANK
Union Bank of IndiaMiraj State Bank1985ACQUISITION
Bikaner Kshetriya Gramin Bank1985ESTABLISHED. Sponsored Regional Bank of SBBJ
Marwar Gramin Bank1985ESTABLISHED. Sponsored Regional Bank of SBBJ
Canara BankLakshmi Commercial Bank1985
UCO BANKUnited Commercial Bank1985RENAMEDUCO BANK
Kotak Capital Management Finance1985ESTABLISHEDKOTAK MAHINDRA BANK
Kotak Mahindra FinanceKotak Capital Management Finance1986RENAMEDKOTAK MAHINDRA BANK
Indian Overseas Bank Bank of Tamil Nadu (or Bank of Tamilnad)1988ACQUIREDINDIAN OVERSEAS BANK
Allahabad Bank United Industrial Bank1989
Bank Of India Parur Central Bank Ltd. 1990
Central Bank Of India Purbanchal Bank Ltd. 1990
Indian BankBank 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 NAMEMERGED WITHYEAR OF MERGINGREMARKS (IF ANY) 
Punjab National Bank New Bank of India 1993
UTI Bank1993–2007
Bank of India Bank of Karad Ltd. 1994
Times Bank Ltd.1994
ICICI Bank1994
Global Trust Bank1994
IndusInd Bank1994
State Bank of India Kashinath State Bank Ltd 1995
Oriental Bank of Commerce Punjab Co-operative Bank Ltd. 1996
Oriental Bank of CommerceBari Doab Bank1997ACQUIRED
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 LtdBank of Madura Ltd2000
South Gujarat Local Area Bank2000
Bank of BarodaBenares State Bank Ltd.2002
ICICI BankICICI Ltd.2002
ING Vysya BankVysya Bank
ING Group (Dutch)
2002MERGEDKOTAK MAINDRA BANK
Kotak Mahindra BankKotak Mahindra Finance2003RENAMEDKOTAK MAINDRA BANK
Oriental Bank of CommerceGlobal Trust Bank2004
Bank of BarodaSouth Gujarat Local Area Bank2004
Pragathi Gramin BankTungabhadra Gramin Bank2005RENAMED
Karnataka Vikas Grameena BankMalaprabha Grameena Bank, Bijapur Grameena Bank (BGB), the Varada Grameena Bank, and Netravati Grameena Bank2005MERGER
State Bank of Bikaner and JaipurGanganagar Kshetriya Gramin Bank
Bikaner Kshetriya Gramin Bank
Marwar Gramin Bank
2006MERGER
Axis Bank LimitedUTI Bank2007UTI Bank renamed as Axis Bank
State Bank of IndiaState Bank of Saurashtra2008
State Bank of IndiaState Bank of Indore2010
Kaveri-Kalpatharu Gramin BrankCauaveri Grameena bank
Kalpatharu Gramin Brank
2012MERGED
Kaveri Grameena bankKaveri-Kalpatharu Gramin Brank2012
Pragathi Krishna Gramin BankPragathi Gramin Bank
Krishna Grameena Bank
2013MERGED
Bharatiya Mahila Bank2013
Kotak Mahindra BankING Vysya Bank2014
Kotak Mahindra BankING Vysya Bank2014ACQUIREDKOTAK MAINDRA BANK
State Bank of IndiaState 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 BarodaVijaya Bank
Dena Bank
2019
Karnataka Gramin bankPragathi Krishna Gramin Bank
Kaveri Grameena bank
2019MERGED. Subsidery of Canara Bank.
Punjab National BankOriental Bank of Commerce
United Bank of India
2020
Canara BankSyndicate Bank2020
Union Bank of IndiaAndhra Bank
Corporation Bank
2020
Indian BankAllahabad Bank2020
Bandhan Bank2015ESTABLISHEDBANDHAN BANK
RBL BANKRatnakar Bank2014RENAMEDRBL BANK
CSB BANKCatholic Syrian Bank2019RENAMEDCSB BANK
Development Credit Bank LimitedDevelopment Co-operative Bank Limited
Citi Cooperative Bank Limited
1995MERGEDDCB BANK
DCB BANKDevelopment Credit Bank Limited2013RENAMEDDCB 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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