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PSC Class 70: Banks in India

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1. The first bank of india, ‘Bank of Hindustan’ is established in 1770. The Bank started its working in Kolkata. Punjab National Bank is the first complete regional bank of India.

2. Reserve Bank is the central bank of India. According to the recommondation from Hilton Young Commision of 1926, Reserve Bank came into existence in 1935.

3. Five Crore Rupees is the established capital of Reserve Bank. The Bank is also called as Banker’s Bank. Reserve Bank is nationalised in 1949, January 1.

4. Reserve Bank releases the currency notes except One Rupee. It was Reserve Bank, which represents India in International Monetary Fund. The Reserve Bank did not handle the economic matters of state, Jammu and Kashmir.

5. The head quarters of Reserve Bank was in Mumbai. The first Indian to become governor is CD. Deshmukh. The first governor of Mumbai Bank is Osborn Arkal Smith.

6. In a currency note of India, the value in 17 languages were written.

7. State Bank of India is the biggest commercial bank of India. The Imperial bank of India is known as the predecessor of State Bank of India. Imperial bank is established in 1921.

8. It was in 1955 July1, the Indian Government took the control of Imperial Bank and was renamed to ‘State Bank of India’.

9. The first phase of Bank Nationalisation in India is done in 1969 July 19. About 14 banks were nationalised, which has a deposit of more than 50 crore rupees.

10. The second phase of Bank nationalisation was in 1980 April 15. About 6 banks which had a deposit capital of 200 crores is nationalised.

11. 20 Banks were nationalised in two phases. Indira Gandhi is the prime minister during this period.

12. ‘Scheduled Banks’ were included in the second schedule of Reserve Bank.

13. It was ‘Narasimha Commitee’ which had given the instruction to new private banks. UTI is the first private bank of nation, which came into existence according to Parliament motion of 1994. Now it is called as Axis Bank.

14. ICICI Bank is thesecond largest commercial bank of India. It is a private bank.

15. NABARD is known as the controller of all new systems. It came into existence in 1982 July 12. Earlier the working capital was only 100 crores. Head Quarters is at Mumbai. The full form of NABARD is National Bank for Agriculture and Rural Development.

16. NABARD is the national Bank for Agriculture and Village Development.

17. The headquaters of ‘Sidbi’ is located at Lucknow of Uttar Pradesh.

18. Nedugadi Bank is the first bank of Kerala. Upon controversy, it is merged with Punjab National Bank in 2003.

19. It was Punjab National Bank, which introduced the Voluntary Retirement Scheme for first time in India.

20. Sidbi is the bank, which is giving loans for South Malabar Gramin Bank.

21. North Malabar Gramin Bank (headquaters at Kannur) and Soth Malabar Gramin Bank (headquaters at Malappuram) were the regional rural bank of Kerala.

22. Allahabad Bank is the most oldest public sector bank of india.

23. Bank of Baroda is the indian bank, which had most branches outside India.

24. State Bank of India is the first bank, which touched the figures of eleven thousand branches.

25. Allahabad Bank is the most oldest public sector bank of India.


1. Automated Teller Machine is the complete full form of ATM.

2. The first model of ATM was introduced in 1939 by Luther George Simgiyan. It is established in New York by Citi Bank of New York.

3. The real predecessor of modern ATM is John Shepherd Baron, which was established for Barclas Bank of North London in 1967 June. Bank Barclas is the first to start the ATM Service.

4. HSBC is the first establisher of ATM in India and it was in Mumbai in 1987.

5. The first ATM establisher in Kerala is by British Bank of Middle East and it was in Thiruvananthapuram in 1992.

6. The first floating ATM of world was established in Kerala. It was started its service between Kochi and near to Vypin in a Jangar Boat. State Bank of Travancore started this service in 2004 February.

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