136-636: Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan , which was established in 1770 and liquidated in 1829–32; and the General Bank of India , established in 1786 but failed in 1791. The largest and the oldest bank which is still in existence is the State Bank of India (SBI). It originated and started working as the Bank of Calcutta in mid-June 1806. In 1809, it
272-529: A Mimamsa scholar, "thinks of the Veda as something to be trained and mastered to be put into practical ritual use", noticing that "it is not the meaning of the mantras that is most essential [...] but rather the perfect mastering of their sound form." According to Galewicz, Sayana saw the purpose ( artha ) of the Veda as the " artha of carrying out sacrifice", giving precedence to the Yajurveda . For Sayana, whether
408-459: A SEBI survey. As per the Reserve Bank of India (RBI), a significant portion of Indian household financial assets are held in the form of bank deposits. This is consistent with the traditional preference of Indian households for safe and liquid assets . The Vedas , ancient Indian texts, mention the concept of usury , with the word kusidin translated as "usurer". The Sutras (700–100 BCE) and
544-525: A 15% stake in its combined capital. In all this regard, the combined entity along with other group entities got permission to hold up to a maximum of 9.50% (up to 4.99% needs no permission) on six banks ( ICICI bank, Axis bank, Yes bank, Bandhan bank, IndusInd bank and Suryoday SFB). HDFC has 1 year till the permission lapses. In a first, RBI accepted October 2023 proposal of amalgamation of Fincare Small Finance Bank into AU Small Finance Bank . The combined entity to rename Fincare into AU from April 1, 2024 and
680-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
816-821: A branch in Calcutta in 1860, and another in Bombay in 1862; branches followed in Madras and Pondicherry , then a French possession. HSBC established itself in Bengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire , and so became a banking centre. The first entirely Indian joint stock bank was the Oudh Commercial Bank , established in 1881 in Faizabad . It failed in 1958. The next
952-459: A common noun means "knowledge". The term in some contexts, such as hymn 10.93.11 of the Rigveda , means "obtaining or finding wealth, property", while in some others it means "a bunch of grass together" as in a broom or for ritual fire . The term "Vedic texts" is used in two distinct meanings: The corpus of Vedic Sanskrit texts includes: While production of Brahmanas and Aranyakas ceased with
1088-500: A first of a kind move, Tier- II bond holders have been asked by RBI to write off their holdings in LVB. In January 2022, RBI asked Unity Small Finance Bank Limited (Unity SFB) to take over the operations of the private sector bank Punjab and Maharashtra Co-operative Bank (PMC), following mismanagement and one failed merger attempts with NBFC / SFBs . Unity SFB then was being created by Centrum Finance and payment provider BharatPe to absorb
1224-626: A grave sin. The Jatakas, Dharmashastras and Kautilya also mention the existence of loan deeds , called rnapatra , rnapanna , or rnalekhaya. Later during the Mauryan period (321–185 BCE), an instrument called adesha was in use, which was an order on a banker directing him to pay the sum on the note to a third person, which corresponds to the definition of a modern bill of exchange . The considerable use of these instruments has been recorded. In large towns, merchants also gave letters of credit to one another. The use of loan deeds continued into
1360-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
1496-576: A leading private sector bank. Hence undivided Dakshina Kannada district is known as "Cradle of Indian Banking". The inaugural officeholder was the Britisher Sir Osborne Smith(1 April 1935), while C. D. Deshmukh(11 August 1943) was the first Indian governor. On 12 December 2018, Shaktikanta Das, who was the finance secretary with the Government of India, begins his journey as the new RBI Governor, taking charge from Urjit R Patel. During
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#17328522404751632-430: A number of Indian joint stock banks. All these banks operated in different segments of the economy. The exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint stock banks were generally under capitalised and lacked the experience and maturity to compete with the presidency and exchange banks. This segmentation let Lord Curzon to observe, "In respect of banking it seems we are behind
1768-608: A number of older Veda manuscripts in Nepal that are dated from the 11th century onwards. The Vedas, Vedic rituals and its ancillary sciences called the Vedangas , were part of the curriculum at ancient universities such as at Taxila , Nalanda and Vikramashila . According to Deshpande, "the tradition of the Sanskrit grammarians also contributed significantly to the preservation and interpretation of Vedic texts." Yāska (4th c. BCE ) wrote
1904-507: A particular area, or kingdom. Each school followed its own canon. Multiple recensions (revisions) are known for each of the Vedas. Thus, states Witzel as well as Renou, in the 2nd millennium BCE, there was likely no canon of one broadly accepted Vedic texts, no Vedic “Scripture”, but only a canon of various texts accepted by each school. Some of these texts have survived, most lost or yet to be found. Rigveda that survives in modern times, for example,
2040-840: A region spanning the Indian subcontinent, Persia and the European area, and some greater details are found in the Vedic era texts such as the Grhya Sūtras. Only one version of the Rigveda is known to have survived into the modern era. Several different versions of the Sama Veda and the Atharva Veda are known, and many different versions of the Yajur Veda have been found in different parts of South Asia. The texts of
2176-401: A result of different pension liability provisions and accounting policies for bad loans. The merger went into effect from 1 April 2017. On 17 September 2018, the Government of India proposed the amalgamation of Dena Bank and Vijaya Bank with erstwhile Bank of Baroda , pending (namesake) approval from the boards of the three banks. The Union Cabinet and the boards of the banks approved with
2312-416: A safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus the goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By
2448-441: A single god , agnosticism , and monistic beliefs where "there is an absolute reality that goes beyond the gods and that includes or transcends everything that exists." Indra , Agni , and Yama were popular subjects of worship by polytheist organizations. Each of the four Vedas were shared by the numerous schools, but revised, interpolated and adapted locally, in and after the Vedic period, giving rise to various recensions of
2584-558: A type of credit instrument, also occurred during this period and remain in use. During the period of British rule merchants established the Union Bank of Calcutta in 1829, first as a private joint stock association, then partnership. Its proprietors were the owners of the earlier Commercial Bank and the Calcutta Bank, who by mutual consent created Union Bank to replace these two banks. In 1840 it established an agency at Singapore, and closed
2720-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
2856-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
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#17328522404752992-400: Is a Bills of Exchange Act that codifies the law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that
3128-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
3264-463: Is attested to by the preservation of the most ancient Indian religious text, the Rigveda , as redacted into a single text during the Brahmana period, without any variant readings within that school. The Vedas were orally transmitted by memorization, and were written down only after 500 BCE, All printed editions of the Vedas that survive in the modern times are likely the version existing in about
3400-535: Is broadly classified into scheduled banks and non-scheduled banks. All banks included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks. Scheduled Co-operative Banks consist of Scheduled State Co-operative Banks and Scheduled Urban Cooperative Banks. In the bank group-wise classification, IDBI Bank Ltd.
3536-628: Is derived from the root vid- "to know". This is reconstructed as being derived from the Proto-Indo-European root *weyd- , meaning "see" or "know". The noun is from Proto-Indo-European *weydos , cognate to Greek (ϝ)εἶδος "aspect", "form" . This is not to be confused with the homonymous 1st and 3rd person singular perfect tense véda , cognate to Greek (ϝ)οἶδα ( (w)oida ) "I know". Root cognates are Greek ἰδέα , English wit , Latin videō "I see", Russian ве́дать ( védat' ) "to know", etc. The Sanskrit term veda as
3672-439: Is followed by artha - bodha , perception of their meaning." Mukherjee explains that the Vedic knowledge was first perceived by the rishis and munis . Only the perfect language of the Vedas, as in contrast to ordinary speech, can reveal these truths, which were preserved by committing them to memory. According to Mukherjee, while these truths are imparted to the student by the memorized texts, "the realization of Truth " and
3808-465: Is in only one extremely well preserved school of Śåkalya, from a region called Videha , in modern north Bihar , south of Nepal . The Vedic canon in its entirety consists of texts from all the various Vedic schools taken together. There were Vedic schools that believed in polytheism in which numerous gods had different natural functions, henotheistic beliefs where only one god was worshipped but others were thought to exist, monotheistic beliefs in
3944-566: Is included in the category of other public sector bank. With the growth in the Indian economy expected to be strong for quite some time-especially in its services sector-the demand for banking services, especially retail banking , mortgages and investment services are expected to be strong. One may also expect M&As, takeovers, and asset sales. In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This
4080-512: Is not announced. With a new policy effected in late 2010, the RRBs which served a smaller locality spanning a few districts, were merged into a state level entity following the merger of nationalised banks and their equity in RRBs getting sequentially higher. This eliminated the existential competition and cooperation between RRB's and essentially making them a subsidiary bank of the promoter nationalised bank with state equity. In July 2024, RBI cancelled
4216-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
Banking in India - Misplaced Pages Continue
4352-514: Is remembered"). This indigenous system of categorization was adopted by Max Müller and, while it is subject to some debate, it is still widely used. As Axel Michaels explains: These classifications are often not tenable for linguistic and formal reasons: There is not only one collection at any one time, but rather several handed down in separate Vedic schools; Upanişads [...] are sometimes not to be distinguished from Āraṇyakas [...]; Brāhmaṇas contain older strata of language attributed to
4488-523: Is the Vedic period itself, where incipient lists divide the Vedic texts into three (trayī) or four branches: Rig, Yajur, Sama and Atharva. Each Veda has been subclassified into four major text types – the Samhitas (mantras and benedictions), the Aranyakas (text on rituals, ceremonies such as newborn baby's rites of passage, coming of age, marriages, retirement and cremation, sacrifices and symbolic sacrifices),
4624-481: The Saṃhitās ; there are various dialects and locally prominent traditions of the Vedic schools. Nevertheless, it is advisable to stick to the division adopted by Max Müller because it follows the Indian tradition, conveys the historical sequence fairly accurately, and underlies the current editions, translations, and monographs on Vedic literature." Among the widely known śrutis include the Vedas and their embedded texts –
4760-522: The Nirukta , which reflects the concerns about the loss of meaning of the mantras, while Pāṇinis (4th c. BCE) Aṣṭādhyāyī is the most important surviving text of the Vyākaraṇa traditions. Mimamsa scholar Sayanas (14th c. CE) major Vedartha Prakasha is a rare commentary on the Vedas, which is also referred to by contemporary scholars. Yaska and Sayana, reflecting an ancient understanding, state that
4896-560: The Aranyakas (text on rituals, ceremonies, sacrifices and symbolic-sacrifices), and the Upanishads (texts discussing meditation , philosophy and spiritual knowledge). Some scholars add a fifth category – the Upāsanās (worship). The texts of the Upanishads discuss ideas akin to the heterodox sramana traditions. The Samhitas and Brahmanas describe daily rituals and are generally meant for
5032-615: The Banking Regulation Act, 1949 . Generally the supply, product range and reach of banking in India is fairly mature-even though reach in rural India and to the poor still remains a challenge. The government has developed initiatives to address this through the State Bank of India expanding its branch network and through the National Bank for Agriculture and Rural Development (NABARD) with facilities like microfinance . According to
5168-605: The Basel Accords . Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers ,
5304-575: The Bharatiya Mahila Bank ) with the SBI was given an in-principle approval by the Union Cabinet on 15 June 2016. This came a month after the SBI board had, on 17 May 2016, cleared a proposal to merge its five associate banks and Bharatiya Mahila Bank with itself. On 15 February 2017, the Union Cabinet approved the merger of five associate banks with SBI. An analyst foresaw an initial negative impact as
5440-804: The Brahmacharya and Gr̥hastha stages of the Chaturashrama system, while the Aranyakas and Upanishads are meant for the Vānaprastha and Sannyasa stages, respectively. Vedas are śruti ("what is heard"), distinguishing them from other religious texts, which are called smr̥ti ("what is remembered"). Hindus consider the Vedas to be apauruṣeya , which means "not of a man, superhuman" and "impersonal, authorless", revelations of sacred sounds and texts heard by ancient sages after intense meditation. The Vedas have been orally transmitted since
5576-538: The Brahmanas (commentaries on rituals, ceremonies and sacrifices), and the Upanishads (text discussing meditation, philosophy and spiritual knowledge). The Upasanas (short ritual worship-related sections) are considered by some scholars as the fifth part. Witzel notes that the rituals, rites and ceremonies described in these ancient texts reconstruct to a large degree the Indo-European marriage rituals observed in
Banking in India - Misplaced Pages Continue
5712-705: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
5848-668: The First World War (1914–1918) through the end of the Second World War (1939–1945), and two years thereafter until the independence of India were challenging for Indian banking. The years of the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian economy gaining indirect boost due to war-related economic activities. At least 94 banks in India failed between 1913 and 1918 as indicated in
5984-648: The Government of India in the annual conference of the All India Congress Meeting in a paper entitled Stray thoughts on Bank Nationalization. Thereafter, the Government of India issued the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 and nationalized the 14 largest commercial banks with effect from the midnight of 19 July 1969 each with reserves of more than Rs.50 crore. These banks contained 85 percent of bank deposits in
6120-631: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
6256-478: The Jatakas (600–400 BCE) also mention usury. Texts of this period also condemned usury: Vasishtha forbade Brahmin and Kshatriya varnas from participating in usury. By the 2nd century CE, usury became more acceptable. The Manusmriti considered usury an acceptable means of acquiring wealth or leading a livelihood. It also considered money lending above a certain rate and different ceiling rates for different castes
6392-522: The Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and the issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal,
6528-536: The Mughal era and were called dastawez (in Urdu/Hindi). Two types of loans deeds have been recorded. The dastawez-e-indultalab was payable on demand and dastawez-e-miadi was payable after a stipulated time. The use of payment directives by royal treasuries, called barattes , have been also recorded. There are also records of Indian bankers using issuing bills of exchange on foreign countries. The evolution of hundis ,
6664-563: The Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of a bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there
6800-730: The Reserve Bank of India (RBI), there are over 24.23 million fixed deposits in India, with a total of over ₹ 103 trillion (US$ 1.2 trillion) currently locked in these deposits. This figure surpasses the ₹ 18.5 trillion (US$ 220 billion) held in current accounts and ₹ 59.70 trillion (US$ 720 billion) in savings accounts , which together come to ₹ 181 trillion (US$ 2.2 trillion). The majority of research studies state that Indians have historically preferred bank deposits over other investing options because of safety and security. Over 95% of Indian consumers prefer to keep their money in bank accounts, while less than 10% choose to invest in equities or mutual funds, according to
6936-466: The Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934 . In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. However the merger of these associated banks with SBI went into effect on 1 April 2017. In 1969, the Government of India nationalised 14 major private banks; one of
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#17328522404757072-516: The Samhitas , the Upanishads , the Brahmanas and the Aranyakas . The well-known smṛtis include Bhagavad Gita , Bhagavata Purana and the epics Ramayana and Mahabharata , amongst others. Hindus consider the Vedas to be apauruṣeyā , which means "not of a man, superhuman" and "impersonal, authorless". The Vedas, for orthodox Indian theologians, are considered revelations seen by ancient sages after intense meditation, and texts that have been more carefully preserved since ancient times. In
7208-413: The State Bank of India (SBI), remain owned and operated by private persons. By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy . At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. Indira Gandhi , the then Prime Minister of India , expressed the intention of
7344-577: The Welsers , the Berenbergs , and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to
7480-494: The Ŗik (words) without understanding their inner meaning or essence, the knowledge of dharma and Parabrahman . Mukherjee concludes that in the Rigvedic education of the mantras "the contemplation and comprehension of their meaning was considered as more important and vital to education than their mere mechanical repetition and correct pronunciation." Mookei refers to Sayana as stating that "the mastery of texts, akshara-praptī ,
7616-526: The "correct tradition" ( sampradaya ) has as much authority as the written Shastra", explaining that the tradition "bears the authority to clarify and provide direction in the application of knowledge". The emphasis in this transmission is on the "proper articulation and pronunciation of the Vedic sounds", as prescribed in the Shiksha , the Vedanga (Vedic study) of sound as uttered in a Vedic recitation, mastering
7752-517: The 14th century BCE, the only epigraphic record of Indo-Aryan contemporary to the Rigvedic period. He gives 150 BCE ( Patañjali ) as a terminus ante quem for all Vedic Sanskrit literature, and 1200 BCE (the early Iron Age ) as terminus post quem for the Atharvaveda. The Vedas were orally transmitted since their composition in the Vedic period for several millennia. The authoritative transmission of
7888-474: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
8024-419: The 16th century CE. The canonical division of the Vedas is fourfold ( turīya ) viz., Of these, the first three were the principal original division, also called " trayī vidyā "; that is, "the triple science" of reciting hymns (Rigveda), performing sacrifices (Yajurveda), and chanting songs (Samaveda). The Rig Veda most likely was composed between c. 1500 BCE and 1200 BCE. Witzel notes that it
8160-404: The 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of
8296-503: The 2nd millennium BCE with the help of elaborate mnemonic techniques . The mantras, the oldest part of the Vedas, are recited in the modern age for their phonology rather than the semantics , and are considered to be "primordial rhythms of creation", preceding the forms to which they refer. By reciting them the cosmos is regenerated, "by enlivening and nourishing the forms of creation at their base." The various Indian philosophies and Hindu sects have taken differing positions on
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#17328522404758432-419: The 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks,
8568-603: The Brahmin communities considered study to be a "process of understanding". A literary tradition is traceable in post-Vedic times, after the rise of Buddhism in the Maurya period , perhaps earliest in the Kanva recension of the Yajurveda about the 1st century BCE; however oral tradition of transmission remained active. Jack Goody has argued for an earlier literary tradition, concluding that
8704-522: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
8840-541: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. Vedas Divisions Sama vedic Yajur vedic Atharva vedic Vaishnava puranas Shaiva puranas Shakta puranas The Vedas ( / ˈ v eɪ d ə z / or / ˈ v iː d ə z / ; Sanskrit : वेदः , romanized : Vēdaḥ , lit. 'knowledge'), sometimes collectively called
8976-410: The Hindu Epic Mahabharata , the creation of Vedas is credited to Brahma . The Vedic hymns themselves assert that they were skillfully created by Rishis (sages), after inspired creativity, just as a carpenter builds a chariot. The oldest part of the Rig Veda Samhita was orally composed in north-western India ( Punjab ) between c. 1500 and 1200 BCE, while book 10 of the Rig Veda, and
9112-511: The Reserve Bank of India Act, 1934. The scheduled banks are further classified into: nationalised banks; State Bank of India and its associates; Regional Rural Banks (RRBs); foreign banks; and other Indian private sector banks. The SBI has merged its Associate banks into itself to create the largest Bank in India on 1 April 2017. With this merger SBI has a global ranking of 236 on Fortune 500 index. The term commercial banks refers to both scheduled and non-scheduled commercial banks regulated under
9248-406: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
9384-509: The Upanishads discuss ideas akin to the heterodox sramana -traditions. Nasadiya Sukta (Hymn of non-Eternity): Who really knows? Who can here proclaim it? Whence, whence this creation sprang? Gods came later, after the creation of this universe. Who then knows whence it has arisen? Whether God's will created it, or whether He was mute; Only He who is its overseer in highest heaven knows, He only knows, or perhaps He does not know. — Rig Veda 10.129.6–7 The Rigveda Samhita
9520-444: The Upanishads. This has inspired later Hindu scholars such as Adi Shankara to classify each Veda into karma-kanda (कर्म खण्ड, action/sacrificial ritual-related sections, the Samhitas and Brahmanas ); and jnana-kanda (ज्ञान खण्ड, knowledge/spirituality-related sections, mainly the Upanishads'). Vedas are śruti ("what is heard"), distinguishing them from other religious texts, which are called smṛti ("what
9656-496: The Veda , are a large body of religious texts originating in ancient India . Composed in Vedic Sanskrit , the texts constitute the oldest layer of Sanskrit literature and the oldest scriptures of Hinduism . There are four Vedas: the Rigveda , the Yajurveda , the Samaveda and the Atharvaveda . Each Veda has four subdivisions – the Samhitas ( mantras and benedictions ), the Brahmanas (commentaries on and explanation of rituals, ceremonies and sacrifices – Yajñas ),
9792-454: The Veda can be interpreted in three ways, giving "the truth about gods , dharma and parabrahman ." The pūrva-kāņda (or karma-kanda ), the part of the Veda dealing with ritual, gives knowledge of dharma , "which brings us satisfaction." The uttara-kanda (or jnana-kanda ), the part of the Veda dealing with the knowledge of the absolute, gives knowledge of Parabrahma , "which fulfills all of our desires." According to Holdrege, for
9928-429: The Vedas bear hallmarks of a literate culture along with oral transmission, but Goody's views have been strongly criticised by Falk, Lopez Jr,. and Staal, though they have also found some support. The Vedas were written down only after 500 BCE, but only the orally transmitted texts are regarded as authoritative, given the emphasis on the exact pronunciation of the sounds. Witzel suggests that attempts to write down
10064-450: The Vedas is by an oral tradition in a sampradaya from father to son or from teacher ( guru ) to student ( shishya ), believed to be initiated by the Vedic rishis who heard the primordial sounds . Only this tradition, embodied by a living teacher, can teach the correct pronunciation of the sounds and explain hidden meanings, in a way the "dead and entombed manuscript" cannot do. As Leela Prasad states, "According to Shankara ,
10200-480: The Vedas. Schools of Indian philosophy that acknowledge the importance or primal authority of the Vedas comprise Hindu philosophy specifically and are together classified as the six "orthodox" ( āstika ) schools. However, śramaṇa traditions, such as Charvaka , Ajivika , Buddhism , and Jainism , which did not regard the Vedas as authoritative, are referred to as "heterodox" or "non-orthodox" ( nāstika ) schools. The Sanskrit word véda "knowledge, wisdom"
10336-414: The Vedic texts towards the end of 1st millennium BCE were unsuccessful, resulting in smriti rules explicitly forbidding the writing down of the Vedas. Due to the ephemeral nature of the manuscript material (birch bark or palm leaves), surviving manuscripts rarely surpass an age of a few hundred years. The Sampurnanand Sanskrit University has a Rigveda manuscript from the 14th century; however, there are
10472-453: The advent of writing in the early first millennium CE. According to Staal , criticising the Goody -Watt hypothesis "according to which literacy is more reliable than orality", this tradition of oral transmission "is closely related to Indian forms of science" and "by far the more remarkable" than the relatively recent tradition of written transmission. While according to Mookerji, understanding
10608-488: The alphabet as a mnemotechnical device , "matching physical movements (such as nodding the head) with particular sounds and chanting in a group" and visualizing sounds by using mudras (hand signs). This provided an additional visual confirmation, and also an alternate means to check the reading integrity by the audience, in addition to the audible means. Houben and Rath note that a strong "memory culture" existed in ancient India when texts were transmitted orally, before
10744-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
10880-571: The bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards,
11016-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
11152-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
11288-456: The banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as
11424-704: The beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during
11560-404: The big banks was Bank of India . In 1980, 6 more private banks were nationalised. These nationalised banks are the majority of lenders in the Indian economy . They dominate the banking sector because of their large size and widespread networks. The Indian banking sector is broadly classified into scheduled and non-scheduled banks. The scheduled banks are those included under the 2nd Schedule of
11696-515: The business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
11832-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
11968-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
12104-410: The cosmos is regenerated, "by enlivening and nourishing the forms of creation at their base. As long as the purity of the sounds is preserved, the recitation of the mantras will be efficacious, irrespective of whether their discursive meaning is understood by human beings." Frazier further notes that "later Vedic texts sought deeper understanding of the reasons the rituals worked", which indicates that
12240-452: The country. Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of Undertaking) Bill, and it received presidential approval on 9 August 1969. The following banks were nationalized in 1969: A second round of nationalizations of six more commercial banks followed in 1980. The stated reason for the nationalization was to give
12376-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
12512-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
12648-471: The economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy . This resulted in greater involvement of the state in different segments of the economy including banking and finance. The major steps to regulate banking included: Despite the provisions, control and regulations of the Reserve Bank of India , banks in India except
12784-595: The end of the Vedic period, additional Upanishads were composed after the end of the Vedic period. The Brahmanas , Aranyakas , and Upanishads , among other things, interpret and discuss the Samhitas in philosophical and metaphorical ways to explore abstract concepts such as the Absolute ( Brahman ), and the soul or the self ( Atman ), introducing Vedanta philosophy, one of the major trends of later Hinduism . In other parts, they show evolution of ideas, such as from actual sacrifice to symbolic sacrifice, and of spirituality in
12920-471: The exponents of karma-kandha the Veda is to be "inscribed in the minds and hearts of men" by memorization and recitation, while for the exponents of the jnana-kanda and meditation the Vedas express a transcendental reality which can be approached with mystical means. Holdrege notes that in Vedic learning "priority has been given to recitation over interpretation" of the Samhitas. Galewicz states that Sayana,
13056-493: The following table: During 1938–46, bank branch offices trebled to 3,469 and deposits quadrupled to ₹ 962 crore. Nevertheless, the partition of India in 1947 adversely impacted the economies of Punjab and West Bengal , paralysing banking activities for months. India's independence marked the end of a regime of the Laissez-faire for the Indian banking. The Government of India initiated measures to play an active role in
13192-475: The four kinds of mantras into four Samhitas (Collections). The Vedas are among the oldest sacred texts . The bulk of the Rigveda Samhita was composed in the northwestern region (Punjab) of the Indian subcontinent , most likely between c. 1500 and 1200 BCE, although a wider approximation of c. 1700–1100 BCE has also been given. The other three Samhitas are considered to date from
13328-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
13464-407: The goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only the original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by
13600-401: The government more control of credit delivery. With the second round of nationalizations, the Government of India controlled around 91% of the banking business of India. The following banks were nationalized in 1980: Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank . It was, at that time, the only merger between nationalised banks and resulted in
13736-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
13872-584: The knowledge of paramatman as revealed to the rishis is the real aim of Vedic learning, and not the mere recitation of texts. The supreme knowledge of the Absolute, para Brahman - jnana , the knowledge of rta and satya , can be obtained by taking vows of silence and obedience sense-restraint, dhyana , the practice of tapas (austerities), and discussing the Vedanta . The four Vedas were transmitted in various śākhā s (branches, schools). Each school likely represented an ancient community of
14008-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
14144-450: The legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining
14280-458: The liabilities of the scam hit bank. In a first of a kind move, RBI allowed an established cooperative bank to merge into a then being created SFB. HDFC Bank sought permission from regulators to merge with its parent HDFC and merged. This led to a lot of probable capital holding violations for which the combined entity was given a year to bring under statutory limits. Before the merger, HDFC swapped its group company Gruh Finance to Bandhan bank for
14416-563: The licences of Durga Co-operative Urban Bank, Vijayawada; Banaras Mercantile Co-operative Bank, Banaras; City Co-operative Bank, Mumbai; and Purvanchal Co-operative Bank in Ghazipur, Uttar Pradesh due to capital inadequacy and weaker earning prospects. Similarly, licences of Sumerpur Mercantile Urban Cooperative Bank, Jai Prakash Narayan Nagari Sahakari Bank, Shree Mahalaxmi Mercantile Co-operative Bank, and Hiriyur Urban Co-operative Bank have been cancelled from January 2024. The Indian banking sector
14552-445: The mantras had meaning depended on the context of their practical usage. This conception of the Veda, as a repertoire to be mastered and performed, takes precedence over the internal meaning or "autonomous message of the hymns." Most Śrauta rituals are not performed in the modern era, and those that are, are rare. Mukherjee notes that the Rigveda, and Sayana's commentary, contain passages criticizing as fruitless mere recitation of
14688-502: The meaning ( vedarthajnana or artha - bodha ) of the words of the Vedas was part of the Vedic learning , Holdrege and other Indologists have noted that in the transmission of the Samhitas , the emphasis is on the phonology of the sounds ( śabda ) and not on the meaning ( artha ) of the mantras. Already at the end of the Vedic period their original meaning had become obscure for "ordinary people", and niruktas , etymological compendia, were developed to preserve and clarify
14824-514: The meaning of the mantras, in contrast to the number of commentaries on the Brahmanas and Upanishads, but states that the lack of emphasis on the "discursive meaning does not necessarily imply that they are meaningless". In the Brahmanical perspective, the sounds have their own meaning, mantras are considered as "primordial rhythms of creation", preceding the forms to which they refer. By reciting them
14960-509: The merger on 13 September. The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020. On 30 August 2019, Finance Minister announced that Allahabad Bank would be merged with Indian Bank . The proposal would create the seventh largest PSB in the country with assets of ₹ 8.08 lakh crore (US$ 97 billion). The Union Cabinet approved the merger on 4 March 2020. Indian Bank assumed control of Allahabad Bank on 1 April 2020. In April 2020, RBI enlisted SBI to rescue
15096-555: The merger on 2 January 2019. Under the terms of the amalgamation, Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares of the Bank of Baroda, respectively, of face value ₹ 2 for every 1,000 shares they held. The amalgamation became effective from 1 April 2019. On 30 August 2019, Finance Minister announced that the Oriental Bank of Commerce and United Bank of India would be merged with Punjab National Bank , making PNB
15232-527: The merger on 4 March 2020. Canara Bank assumed control over Syndicate Bank on 1 April 2020 with Syndicate Bank shareholders receiving 158 equity shares in the former for every 1,000 shares they hold. On 30 August 2019, Finance Minister announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India . The proposal would make Union Bank of India the fifth largest PSB with assets of ₹ 14.59 lakh crore (US$ 170 billion) and 9,609 branches. The Board of Directors of Andhra Bank approved
15368-433: The one at Mirzapore that it had opened in the previous year. Also in 1840 the Bank revealed that it had been the subject of a fraud by the bank's accountant. Union Bank was incorporated in 1845 but failed in 1848, having been insolvent for some time and having used new money from depositors to pay its dividends. The Allahabad Bank , established in 1865 and still functioning today, is the oldest Joint Stock bank in India, it
15504-598: The original meaning of many Sanskrit words. According to Staal, as referenced by Holdrege, though the mantras may have a discursive meaning, when the mantras are recited in the Vedic rituals "they are disengaged from their original context and are employed in ways that have little or nothing to do with their meaning". The words of the mantras are "themselves sacred", and "do not constitute linguistic utterances ". Instead, as Klostermaier notes, in their application in Vedic rituals they become magical sounds, "means to an end". Holdrege notes that there are scarce commentaries on
15640-560: The other Samhitas were composed between 1200 and 900 BCE more eastward, between the Yamuna and the Ganges rivers, the heartland of Aryavarta and the Kuru Kingdom ( c. 1200 – c. 900 BCE ). The "circum-Vedic" texts, as well as the redaction of the Samhitas, date to c. 1000 –500 BCE. According to tradition, Vyasa is the compiler of the Vedas, who arranged
15776-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
15912-463: The present cap of 10% at present. In 2019, Bandhan bank specifically, increased the foreign investment percentage limit to 49%. It has gone up to 74% with some restrictions. The new policy shook the banking sector in India completely. Bankers, till this time, were used to the 4–6–4 method (borrow at 4%; lend at 6%; go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to
16048-510: The present such as Catholic Syrian Bank , The South Indian Bank , Bank of India , Corporation Bank , Indian Bank , Bank of Baroda , Canara Bank and Central Bank of India . The fervour of Swadeshi movement led to the establishment of many private banks in Dakshina Kannada and Udupi district , which were unified earlier and known by the name South Canara (South Kanara) district. Four nationalised banks started in this district and also
16184-432: The rapid growth in the economy of India – revitalised the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks. The next stage for the Indian banking has been set up, with proposed relaxation of norms for foreign direct investment. All foreign investors in banks may be given voting rights that could exceed
16320-614: The reduction of their number from 20 to 19. Until the 1990s, the nationalized banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy. In the early 1990s, the then government embarked on a policy of liberalisation , licensing a small number of private banks. These came to be known as New Generation tech-savvy banks , and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce , IndusInd Bank , UTI Bank (since renamed Axis Bank ), ICICI Bank and HDFC Bank . This move – along with
16456-418: The retail boom in India. People demanded more from their banks and received more. SBI merged with its associate bank State Bank of Saurashtra in 2008 and State Bank of Indore in 2010. Following a merger process, the merger of the 5 remaining associate banks, (viz. State Bank of Bikaner and Jaipur , State Bank of Hyderabad , State Bank of Mysore , State Bank of Patiala , State Bank of Travancore ); and
16592-458: The sacred Vedas included up to eleven forms of recitation of the same text. The texts were subsequently "proof-read" by comparing the different recited versions. Forms of recitation included the jaṭā-pāṭha (literally "mesh recitation") in which every two adjacent words in the text were first recited in their original order, then repeated in the reverse order, and finally repeated in the original order. That these methods have been effective,
16728-587: The second largest PSB after SBI with assets of ₹ 17.95 lakh crore (US$ 220 billion) and 11,437 branches. MD and CEO of UBI, Ashok Kumar Pradhan, stated that the merged entity would begin functioning from 1 April 2020. The Union Cabinet approved the merger on 4 March 2020. PNB announced that its board had approved the merger ratios the next day. Shareholders of OBC and UBI will receive 1,150 shares and 121 shares of Punjab National Bank, respectively, for every 1,000 shares they hold. The merge came into effect since 1 April 2020. Post merger, Punjab National Bank has become
16864-463: The second largest public sector bank in India On 30 August 2019, Finance Minister announced that Syndicate Bank would be merged with Canara Bank . The proposal would create the fourth largest PSB trailing SBI, PNB, BoB with assets of ₹ 15.20 lakh crore (US$ 180 billion) and 10,324 branches. The Board of Directors of Canara Bank approved the merger on 13 September 2019. The Union Cabinet approved
17000-453: The shareholders of Fincare to receive 579 AU shares for every 2000 shares held. This eliminates Fincare's regulatory need to be listed. In a first, RBI accepted late 2023 proposal of acquisition of deeply Tier1 capital depleted and loss making SFB NE Small Finance Bank by a DBU, slice digital banking unit. slice already purchased 10 % (maximum allowed by RBI) of NE SFB in two tranches of 5% each in 2022 and 2023. The value of transaction
17136-484: The text. Some texts were revised into the modern era, raising significant debate on parts of the text which are believed to have been corrupted at a later date. The Vedas each have an Index or Anukramani , the principal work of this kind being the general Index or Sarvānukramaṇī . Prodigious energy was expended by ancient Indian culture in ensuring that these texts were transmitted from generation to generation with inordinate fidelity. For example, memorization of
17272-407: The texts "literally forward and backward in fully acoustic fashion". Houben and Rath note that the Vedic textual tradition cannot simply be characterized as oral, "since it also depends significantly on a memory culture". The Vedas were preserved with precision with the help of elaborate mnemonic techniques , such as memorizing the texts in eleven different modes of recitation ( pathas ), using
17408-514: The time of the Kuru Kingdom , approximately c. 1200–900 BCE. The "circum-Vedic" texts, as well as the redaction of the Samhitas, date to c. 1000 –500 BCE, resulting in a Vedic period , spanning the mid 2nd to mid 1st millennium BCE, or the Late Bronze Age and the Iron Age . The Vedic period reaches its peak only after the composition of the mantra texts, with the establishment of
17544-457: The times. We are like some old fashioned sailing ship, divided by solid wooden bulkheads into separate and cumbersome compartments." The period between 1906 and 1911 saw the establishment of banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to
17680-587: The troubled lender Yes Bank , in the form of investment with assistance from other lenders viz., ICICI Bank , HDFC Bank and Kotak Mahindra Bank . SBI went on to own 48% share capital of Yes bank, which it later diluted to 30% in an FPO in the following months. In November 2020, RBI asked DBS Bank India Limited (DBIL) to take over the operations of the private sector bank Lakshmi Vilas Bank whose net worth has turned negative, following mismanagement and two failed merger attempts with NBFCs . DBS India's then having just 12 branches benefited by LVB's 559 branches. In
17816-553: The various shakhas all over Northern India which annotated the mantra samhitas with Brahmana discussions of their meaning, and reaches its end in the age of Buddha and Panini and the rise of the Mahajanapadas (archaeologically, Northern Black Polished Ware ). Michael Witzel gives a time span of c. 1500 to c. 500 –400 BCE. Witzel makes special reference to the Near Eastern Mitanni material of
17952-459: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
18088-527: Was not the first though. That honour belongs to the Bank of Upper India, which was established in 1863 and survived until 1913, when it failed, with some of its assets and liabilities being transferred to the Alliance Bank of Simla . Foreign banks too started to appear, particularly in Calcutta , in the 1860s. Grindlays Bank opened its first branch in Calcutta in 1864. The Comptoir d'Escompte de Paris opened
18224-494: Was renamed as the Bank of Bengal . This was one of the three banks founded by a presidency government , the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India , which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until
18360-689: Was the Punjab National Bank , established in Lahore in 1894, which has survived to the present and is now one of the largest banks in India. Around the turn of the 20th century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian rebellion , and the social, industrial and other infrastructure had improved. Indians had established small banks, most of which served particular ethnic and religious communities. The presidency banks dominated banking in India but there were also some exchange banks and
18496-471: Was the first time an investor was allowed to hold more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by them. Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by
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