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Saturday, July 26, 2014

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he Government of India passed

Review Shared By Bhavya Hi Friends, I Am

comprehensive

Bhavya . Today ( 18-10-2014 ) I Had My

Banking

Regulation Act in 1949 for

safeguarding

depositors

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Clerks 2014

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of

the

Banking

interest

of

companies.

According to the Act the definition of

bank needs certain alterations, it now
comprises acceptance of time liabilities

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continue. The purpose of acceptance to

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deposits is strictly not relevant for the

definition,

though

it

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genuine

for

banking regulation. There is no need to

distinguish between loans and deposits
in the context of banking regulations.
The definition of banking should cover all

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forms of acceptance of deposits from

D Ear SSC CGL 2014 Aspirants,

the

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public

and

banking

regulations

should deal with all types of banking.

The Reserve Bank of India was

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Officers 2014
Study
Materials
Useful Tips

nationalized in 1949 (Note : RBI was

RBI Assistants Online Exam

created

2014 Results Out

Current
Affairs 2014

playing a vital role in monetary and

in

the

year

1935

and

nationalized in 1949, don't be confused

between these two years in exams) and
credit mechanism. The All India Rural
Credit Survey Committee (1954)

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2014 Study
Materials

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Preparation
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Postal /
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Clerks, SO
Exams
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Study Plan
2014-15

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Plan

SBI Specialist
Officers
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suggested that by

statutory provision,

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the Imperial Bank of India should be

From Chamba, Himachal Pradesh . I Gave

converted into State Bank of India, with

My Exam Today At Kangra, Himachal

the object of extending banking facilities

Pradesh. The Exam Was Of Typic...

in

rural

areas.

Accepting

the

recommendations of the committee, the

Govt. of India enacted the State Bank
of India Act, 1955. Consequently on
1st July, 1955, the Imperial Bank of
India was nationalized and in its

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place, the State Bank of India was

established. Thus, it was considered as
a landmark in the history of commercial
banking in India.

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2014
Review Shared By Ramkumar Hi Friends, I
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Subsequently with the passing of the

Planned My Time Before Starting The

State

Exam. My Target ...

Bank

of India

(Subsidiary

Banks) Act, 1959, the State Bank of

India took over as its subsidiaries. The
following are the subsidiary banks to
SBI.
1. State Bank of Bikaner

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2. State Bank of Hyderabad

3. State Bank of Jaipur
4. State Bank of Indore
5. State Bank of Mysore
6. State Bank of Patiala
7. State Bank of Saurashtra
8. State Bank of Travancore
In 1963, the State Bank of Bikaner
and the State Bank of Jaipur were
amalgamated into a single bank and it

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And Study
Materials

IBPS RRB Job

Notifications
For The Year
2014

was named as the State Bank of

Bikaner and Jaipur. On 13th August
2008 the State Bank of Saurashtra
merged

with

SBI,

reducing

the

number of associate state banks from

seven to six. Then on 19th June 2009
the State Bank of Indore merged

Andhra
Pradesh
Panchayat
Secretary
Exam Special

into SBI (this process completed in the

year

2010).

Now

SBI

is

planning

to merge the remaining five subsidiary

banks with itself as it prepares to fund
the economy.

IBPS IT
Officers
Study
Materials
IBPS
Specialist
Officers
Study
Materials

On 19th July 1969, 14 major private

sector

commercial

banks

deposits of over 50 crores) were

nationalized by the Govt. of India with
a view to serve the rural economy by
expanding the branch network in rural
areas. The names of thee banks are as
under :

VRO VRA
Exams Study
Materials,
Bits

BSNL TTA
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Previous
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(with

1. The Allahabad Bank

2. The Bank of Baroda

BPS Clerks II
Interview
Experiences

3. The Bank of India

Math Speed
mprovement

6. The Central Bank of India

4. The Bank of Maharashtra

5. The Canara Bank

Tests

IBPS
Specialist
Officers
Interview
Experiences

7. The Dena Bank

8. The Indian Bank
9. The Indian Overseas Bank
10. The Punjab National Bank
11. The Syndicate Bank
12. The Union Bank of India

SBI PO Study
Materials
RBI
Assistants
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Materials

Motivational
Articles

13. The United Bank of India

14. The United Commercial Bank
As a result of nationalization, 85 percent
of the banking business in terms of
deposits

was

brought

under

public

control. On 15th April 1980, six more

private

sector commercial

banks

(with deposits of over Rs. 200 crores)

were nationalized. They are :
1. The Andhra Bank
2. The Corporation Bank
3. The New Bank of India (merged
with Punjab National Bank in 1993)
4. The Oriental Bank of Commerce
5. The Punjab and SIndh Bank
6. The Vijaya Bank
Thus, 20

private sector commercial

banks were nationalized and over 90

percent

of

banking

activity

in

the

country was brought under the public

sector

and

it

brought

down

the

inequalities of income and wealth and to

ensure greater social justice. In the year
1985,

the

name

of

United

Commercial Bank was changed as

UCO Bank. On 19th November 2013
on the

occasion of the

anniversary

of

former

94th birth

Indian

Prime

Minister Indira Gandhi, the First women

Bank

of

India

"Bharatiya

Bank" was established.

Mahila

Based

on

the

Narasimhan

recommendations
Committee

of

(1975)

report, the Govt. of India began to

established

number

of

Regional

Rural Banks (RRB's) from October

1975 and onwards. At present there are
56 RRB's in India.

Entry of Private
Sector Banks
By accepting the recommendations of
Narasimhan Committee (1991), the
Reserve

Bank

of

India

permitted

setting up of private banks in the

country. UTI Bank is the first private
sector

commercial

bank

with

its

headquarters at Ahmedabad established

on 2nd April 1994. Later, several other
private banks like Global Trust Bank
(presently merged with a public sector
bank i.e., Oriental Bank of Commerce),
HDFC Bank, ICICI Bank, Times Bank,
IDBI Bank, Indus Indu Bank, Centurion
Bank,

Bank

of

Punjab

etc

were

established. The decision of RBI to allow

the private sector banks has evolved a
mixed response. One major argument in
favour of this decision was that the
allowing of private sector commercial
banks will strengthen the financial sector
reforms. The major argument against
allowing

of

the

private

sector

commercial banks was negating the

spirit of the nationalization of private
sector commercial banks in 1969 and
1980.
That's all for now friends. In our next
post we shall discuss about the types of

banks. Happy Reading :)

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