Writing Resources
Bank is a German word which means to collect Now a day a bank occupies important space in the economic growth of the developing countries A commercial bank is a profit earning business organization which dealing in money and giving advances Banks are financial institution which accepts deposits of money from general public to keep them in its safe custody It also deals in with credit i e it creates credit by giving as advances from the funds received as deposits to needy customers Somsheskar 2009 The term Bank has been defined in different ways by different economists A few definitions are According to Walter Leaf 1999 A bank is a person or corporation which holds itself out to receive from the public deposits payable on demand by cheque Horace White has defined a bank as a manufacture of credit and a machine for facilitating exchange Somsheskar 2009 Years Events 1786 set up General Bank of India 1806 Presidency Bank of Calcutta was established in 1806 it was renamed in 1809 as Presidency Bank of Bengal 1840 Presidency Bank of Bombay 1843 Presidency Bank of Madras 1920 Three presidency banks viz Bank of Calcutta Bank of Bombay and Bank of Madras amalgamated to form Imperial Bank of India 1935 Reserve Bank of India RBI was formed based on the recommendation of Hilton Young Commission setup in 1926 1949 Nationalization of Reserve Bank of India 1955 Nationalization of Imperial Bank of India which now became State Bank of India 1969 Nationalization of 14 major Banks 1980 Nationalization of another 6 major Banks 1991 Narsimhan committee First gave its recommendation 1998 Narsimhan committee Second gave its recommendation
