2.43 Literacy Rates – All-India (Rural, Urban & Total) 1951 to 2011 12 – 2011-12 2011-12 Rural ***** CONTENTS.
Banking in India - Wikipedia, the free encyclopedia. Structure of the organised banking sector in India.
Guidelines on Financial Inclusion in October 2011, advising banks to open branches in all habitations of 5,000 or more population in under-banked districts and 10,000 or more population in other districts. Out of 3,925 such identified villages / habitations. Mobile Wallets in Emerging Economies: Driving Financial Inclusion, Retail Banking, and Consumer Sales Abstract. At the moment, retailers are.
Doc Name India - Chhattisgarh District Rural Poverty Project Keywords access to banking, access to credit, access to financial services, access to markets, accountability, accounting, Agricultural Practices, agricultural wage.
Number of banks are in brackets. Banking in India, in the modern sense, originated in the last decades of the 1. Among the first banks were the Bank of Hindostan, which was established in 1. General Bank of India, established in 1.
It originated as the Bank of Calcutta in June 1. In 1. 80. 9, it was renamed as the Bank of Bengal. This was one of the three banks funded by a presidency government, the other two were the Bank of Bombay and the Bank of Madras. The three banks were merged in 1.
Imperial Bank of India, which upon India's independence, became the State Bank of India in 1. For many years the presidency banks had acted as quasi- central banks, as did their successors, until the Reserve Bank of India was established in 1. Reserve Bank of India Act, 1. These are now called its associate banks. In 1. 98. 0, 6 more private banks were nationalised. They dominate the banking sector because of their large size and widespread networks. The scheduled banks are those included under the 2nd Schedule of the Reserve Bank of India Act, 1.
The scheduled banks are further classified into: nationalised banks; State Bank of India and its associates; Regional Rural Banks (RRBs); foreign banks; and other Indian private sector banks. The government has developed initiatives to address this through the State Bank of India expanding its branch network and through the National Bank for Agriculture and Rural Development with facilities like microfinance. History. The word kusidin is translated as usurer. The Sutras (7. 00- 1. BCE) and the Jatakas (6.
BCE) also mention usury. Also, during this period, texts began to condemn usury. Vasishtha forbade Brahmin and Kshatriyavarnas from participating in usury. By the 2nd century CE, usury seems to have become more acceptable. These were called rnapatra or rnapanna. The Dharmashastras also supported the use of loan deeds. Kautilya has also mentioned the usage of loan deeds.
1 Branch Expansion of Commercial Banks in Rural America Introduction Alternative distribution channels, such as automated teller machines (ATMs), internet banking and electronic delivery, are now prevalent in the banking industry. Use of these alternative. Rural India as well as Gen Y and develop products and services focused on their needs. Indian banks took a major step forward in customer services when the Banking Codes and Standards Board of India (BCSBI) were released in 2006. A lot has still to be done.
The considerable use of these instruments has been recorded. In large towns, merchants also gave letters of credit to one another. Two types of loans deeds have been recorded.
The dastawez- e- indultalab was payable on demand and dastawez- e- miadi was payable after a stipulated time. The use of payment orders by royal treasuries, called barattes, have been also recorded. There are also records of Indian bankers using issuing bills of exchange on foreign countries. The evolution of hundis, a type of credit instrument, also occurred during this period and remain in use. Its proprietors were the owners of the earlier Commercial Bank and the Calcutta Bank, who by mutual consent created Union Bank to replace these two banks.
In 1. 84. 0 it established an agency at Singapore, and closed the one at Mirzapore that it had opened in the previous year. Also in 1. 84. 0 the Bank revealed that it had been the subject of a fraud by the bank's accountant. Union Bank was incorporated in 1. That honour belongs to the Bank of Upper India, which was established in 1. Alliance Bank of Simla.
Foreign banks too started to appear, particularly in Calcutta, in the 1. The Comptoir d'Escompte de Paris opened a branch in Calcutta in 1. Bombay in 1. 86. 2; branches followed in Madras and Pondicherry, then a French possession. HSBC established itself in Bengal in 1. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a banking centre. The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1.
Faizabad. The next was the Punjab National Bank, established in Lahore in 1. India. Around the turn of the 2. Century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian rebellion, and the social, industrial and other infrastructure had improved. Indians had established small banks, most of which served particular ethnic and religious communities. The presidency banks dominated banking in India but there were also some exchange banks and a number of Indian joint stock banks. All these banks operated in different segments of the economy.
The exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint stock banks were generally under capitalised and lacked the experience and maturity to compete with the presidency and exchange banks. This segmentation let Lord Curzon to observe, . We are like some old fashioned sailing ship, divided by solid wooden bulkheads into separate and cumbersome compartments. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to the present such as The South Indian Bank, Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.
The fervour of Swadeshi movement led to the establishment of many private banks in Dakshina Kannada and Udupi district, which were unified earlier and known by the name South Canara (South Kanara) district. Four nationalised banks started in this district and also a leading private sector bank. Hence undivided Dakshina Kannada district is known as . Deshmukh(1. 1 August 1. Indian governor. On September 4, 2. Urjit R Patel begins his journey as the new RBI Governor, taking charge from Raghuram Rajan.
The years of the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian economy gaining indirect boost due to war- related economic activities. At least 9. 4 banks in India failed between 1. Years. Number of banksthat failed. Authorised Capital(. India's independence marked the end of a regime of the Laissez- faire for the Indian banking. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1.
This resulted in greater involvement of the state in different segments of the economy including banking and finance. The major steps to regulate banking included: The Reserve Bank of India, India's central banking authority, was established in April 1. January 1. 94. 9 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1.
RBI, 2. 00. 5b). By the 1. Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalisation of the banking industry.
Indira Gandhi, the then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled . The Government of India issued an ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1. July 1. 96. 9. These banks contained 8. The stated reason for the nationalisation was to give the government more control of credit delivery. With the second dose of nationalisation, the Government of India controlled around 9. India. Later on, in the year 1.
New Bank of India with Punjab National Bank. Until the 1. 99. 0s, the nationalised banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy. Liberalisation in the 1.
These came to be known as New Generation tech- savvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, UTI Bank (since renamed Axis Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalised the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks. The next stage for the Indian banking has been set up, with proposed relaxation of norms for foreign direct investment. All foreign investors in banks may be given voting rights that could exceed the present cap of 1. It has gone up to 7.
The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4. The new wave ushered in a modern outlook and tech- savvy methods of working for traditional banks.
All this led to the retail boom in India. People demanded more from their banks and received more.
Current period. These banks comprise Scheduled Commercial Banks and Scheduled Co- operative Banks. Scheduled Co- operative Banks consist of Scheduled State Co- operative Banks and Scheduled Urban Cooperative Banks. Scheduled Commercial Banks in India are categorised into five different groups according to their ownership and/or nature of operation: State Bank of India and its Associates. Nationalised Banks.
Private Sector Banks. Foreign Banks. Regional Rural Banks. In the bank group- wise classification, IDBI Bank Ltd. In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government. With the growth in the Indian economy expected to be strong for quite some time- especially in its services sector- the demand for banking services, especially retail banking, mortgages and investment services are expected to be strong.
One may also expect M& As, takeovers, and asset sales. In March 2. 00. 6, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 1. This is the first time an investor has been allowed to hold more than 5% in a private sector bank since the RBI announced norms in 2.
In recent years critics have charged that the non- government owned banks are too aggressive in their loan recovery efforts in connexion with housing, vehicle and personal loans.