Sunday, 11 November 2007

Evolution of Banking system in India:

Till 100+ years back there was hardly any system dealing in banking except certain money lending communities persuing this as a matter of their traditional business.So is the position in respect of Trade Unions in banking industry.Chronologically the events leading to these systems are collected, compiled and given below to be followed up in parts:
Year

Month
Date
Event
1786
General Bank of India formed followed by another bank known as Bank of Hindustan.
1806
June
2
Bank of Calcutta established -It was later renamed as Bank of Bengal
1809
Jan
2
Bank of Calcutta becomes Bank of Bengal
1840
Apr
15
Bank of Bombay is established
1843
July
1
Bank of Madras is formed
1861
Paper Currency Act is passed
1865
Allahabad Bank is established.This was the first fully Indian owned Bank
1920
Oct
31
AITUC formed under Lala Lajpat Rai's presidentship at New Delhi
1921
Jan
27
Imperial Bank of India established by merging 3 Presidency Banks –Bank of Bengal,Bank of Bombay and Bank of Madras.
1947
May
3
INTUC formed at New Delhi
1955
July
1
State Bank of India is formed by replacing Imperial Bank of India. It becomes the first Bank in India to be nationalized.
1959
State Bank of India (Subsidiary Banks) Act is passed enabling State Bank of India to take over 8 former State associated banks as its subsidiaries.
1969
July
19
Nationalisation of Banks -14 major Banks in India nationalised
1971
Oct
01
State Bank of India’s Banyan Tree emblem changed to ‘Shoonya’ (Zero)
1980
July
15
Nationalisation of Banks -6 other Banks in India nationalized.With this Government of India owned banking in the country rose to 91%.
2007
June
29
Government of India acquires the entire Reserve Bank of India shareholding in State Bank of India consisting of over 314 million equity shares at a total amount of over 355 billion rupees.
1926
Indian Trade Unions Act comes into existence
1920
July
09
Imperial Bank of India Indian Staff Association is formed under the Benevolent Societies Act at Calcutta (now Kolkata). It was duly registered under Indian Trade Unions Act only on 24th May’1932.
1946
Aug
01
First ever Strike in Imperial Bank of India by Imperial Bank of India Indian Staff Association continuing for 46 days. It was withdrawn on the 15th September’1946.

Contnd......
Link:http://gallery-neelkanth.blogspot.in/2012/04/brief-chronology-of-events-in-banking.html
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