Question

define banking in india​

Answer 1

A bank is generally understood as an institution which provides fundamental banking services such as accepting deposits and providing loans. ... For the past three decades, India's banking system has several outstanding achievements to its credit. The Banks are the main participants of the financial system in India.

right answer


Mark in brainliest

Be happy
Follow!!!!!! It’s your wish.....

Answer 2

Answer:

Modern banking in India originated in the last decade of the 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.[1][2][3][4]

The largest bank and the oldest still in existence, is the State Bank of India (S.B.I). It originated and started working as the Bank of Calcutta in mid-June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three banks founded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India[5] was established in 1935, under the Reserve Bank of India Act, 1934.[6][7]

In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. These are now called its associate banks.[6] In 1969 the Indian governmentnationalised 14 major private banks; one of the big banks was Bank of India. In 1980, 6 more private banks were nationalised.[8]These nationalised banks are the majority of lenders in the Indian economy. They dominate the banking sector because of their large size and widespread networks.[

please follow and mark brainliest