Oudh commercial bank was the first commercial bank founded in India, in the year 1881 in Faizabad.
Punjab National bank is the oldest bank still existing in India, established in 1894.
Bank of Calcutta established in 1806 renamed as Bank of Bengal, in 1921 it merged with Bank of Bombay and bank of Madras in 1921, is established.
Banking Regulation Act 1949 is enacted to regulate the functions of the banks in India.
RBI established under RBI Act 1934. Came into operation from 1st April 1935, with a capital of 5 Cr.
First Governor of RBI is Sir. Osborne Smith.
Sir C.D. Deshmukh was the Governor of RBI for the duration of 11.8.1943 to 30-6-1949.
RBI is the sole authority to issue currency except Rs.1; all denominations are printed by RBI
State Bank of India Nationalized in the year 1955. Previously Imperial Bank of India.
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