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History of Banks:


  • The East India Company had established three presidency banks as "The Bank of Bengal" in calcutta on 2nd june,1806; "Bank of Bombay" on 15th April,1840 and "Bank of Madras" on 1st july 1843.
  • In 1921, all the presidency banks were merged to form The Imperial Bank of India, which was run by European Shareholders.
  • It was working as a comercial bank vis-n-vis as a central bank of the country.
  • With the establishment of Reserve Bank of India under RBI Act-1934 on 1st April,1935, the status of Central bank of the country was shifted to RBI from Imperial Bank of India.
  • After this, the Imperial Bank was appointedas the principal agent of Reserve Bank of India.
  • Paper money has come in circulation in the late eighteenth century with the issue of bank notes by private banks and later by semi-government banks (Presidency Banks).
  • Out of Four currency printing presses in india, two presses are owned by the Government of India as at Nasik (Western India) and Dewas (Central India) and remaining two are owned by the Reserve Bank of India, as at Mysore (Southern India) and Salboni (Eastern India).
  • In terms of the Indian Coinage Act, 1906  the responsibility for minting coins vests with the Government of India.
  • India has adopted a decimal monetary system in 1957, when One Rupee was deemed to consist of 100 Paisa.
  • In the year 1955, The Imperial Bank of India was nationalised and was given the new name as "State Bank of India", to act as a principal agent of Reserve Bank of India to handle government transactions all over the country.
  • The Reserve Bank of India (RBI) installed its first computer in 1968, and a larger one in 1979.

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