Commercial banks in India: Types and functions
Description
commercial bank is a financial institution that performs operations related to deposit and withdrawal of money for the public, provides loans for investment, and carries out other similar activities. The two main functions of a commercial bank are lending and borrowing. They play a crucial role in the country's financial system by smoothing the flow of funds, offering banking products and services, and contributing to economic growth.
Evolution of commercial banks in India
The evolution of commercial banks in India spans several centuries, reflecting changes in economic policies, banking regulations, and technological advancements. Let's look at the evolution of commercial banks in India:
The origins of modern banking in India can be traced back to the 18th century when European trading companies established banks for conducting financial transactions.
The Bank of Hindustan (1770) and the General Bank of India (1786) were among the earliest banks in the subcontinent.
The State Bank of India (SBI) was established as the Bank of Calcutta in 1806. It later merged with the Bank of Bombay and the Bank of Madras in 1921 to form the Imperial Bank of India, eventually becoming the State Bank of India in 1955.
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