Indian joint stock banks

gowritells By gowritells, 19th May 2015 | Follow this author | RSS Feed
Posted in Wikinut>Writing>Columns & Opinions

This section gives a short note on the Indian joint stock banks and foreign banks in India.

Joint stock banks

The year 1960 is a landmark in the history of Public banks in India,as in that year the principle of the limited liability was first applied to joint stock banks. Since 1860,till the end of the 19th century a number of Indian Joint stock banks came into existence. For instance, the Allahabad Bank was started at Allahabad in the year 1865.

In the year 1875, the Alliance Bank of Shimla was started, in 1881 another Indian bank called Oudh Commercial bank was established.
In 1895, the famous Punjab National bank was established.

The swadeshi movement in India gave inspiration to many entrepreneurs which showed ways for the development of the banking in India.
During the boom period of 1906 to 1913, there was a mushroom growth of banks.The banks like Bank of India (1906),The Canara Bank (1906),The Baroda Bank(1908) and the central bank of India were established during this period.

Foreign Banks

In addition to the Indian joint stock banks, a number of multinational foreign banks called "exchange banks" with their head offices in their home nations entered the colonial banking system of India.

Exchange banks established to finance the foreign trade of the country, later gave tough competition to the Indian banks.
Mainly the exchange banks were financed by non-Indians.

Tags

Banks, Foreign Banks

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