Banking system in India constitutes the bedrock of Indian Financial System. Banks had started operating in the country in the 18th Century. Before Independence more than 500 banks were established in the country but only a few could survive.
The Colonial rulers established various banks, which were nationalized after the Independence to better serve the needs of development of the economy in conformity with national policy objectives. In the 1970s, RRBs were established to extend banking services to the Rural and agricultural regions. Specialised banks such as NABARD, SIDBI, HDFC, IDBI etc. also catered to the needs of different sectors of ....
