Valerie Riordan November 11, at 8: Ensure robust internal controls in place and in full adherence to corporate requirements. But New York close is almost 3: Team details For thousands of people every day, we are more than just a dairy company. Fill in the email Address that you used to register or book with Thomascook.
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 a leading private sector bank. Deshmukh 11 August was the first Indian governor. During the First World War — through the end of the Second World War — , 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 and as indicated in the following table:. Nevertheless, the partition of India in 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 the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 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:.
By the s, 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 nationalisation of the banking industry. Thereafter, her move was swift and sudden. The Government of India issued an ordinance 'Banking Companies Acquisition and Transfer of Undertakings Ordinance, ' and nationalised the 14 largest commercial banks with effect from the midnight of 19 July These banks contained 85 percent of bank deposits in the country.
A second dose of nationalisation of 6 more commercial banks followed in The stated reason for the nationalisation was to give the government more control of credit delivery.
In the early s, the then government embarked on a policy of liberalisation , licensing a small number of private banks. This move, along with 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.
The new policy shook the Banking sector in India completely. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to the retail boom in India. People demanded more from their banks and received more. The Indian banking sector is broadly classified into scheduled banks and non-scheduled banks. By , the supply, product range and reach of banking in India was generally fairly mature-even though reach in rural India still remains a challenge for the private sector and foreign banks.
In quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government. 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.
In recent years critics have charged that the non-government owned banks are too aggressive in their loan recovery efforts in connexion with housing, vehicle and personal loans. There are press reports that the banks' loan recovery efforts have driven defaulting borrowers to suicide. These banks may not issue loans or credit cards, but may offer both current and savings accounts.
Payments banks may issue ATM and debit cards, and offer net-banking and mobile-banking. The banks will be licensed as payments banks under Section 22 of the Banking Regulation Act, , and will be registered as public limited company under the Companies Act, There are six  payments banks. To further the objective of financial inclusion, the RBI granted approval in to ten entities to set up small finance banks.
Since then, all ten have received the necessary licenses. A small finance bank is a niche type of bank to cater to the needs of people who traditionally have not used scheduled banks.
There are ten  small finance banks. The Banking Codes and standards Board of India is an independent and autonomous banking industry body that monitors banks in India. The IT [ clarification needed ] revolution has had a great impact on the Indian banking system. The use of computers has led to the introduction of online banking in India.
The use of computers in the banking sector in India has increased many fold after the economic liberalisation of as the country's banking sector has been exposed to the world's market.
Indian banks were finding it difficult to compete with the international banks in customer service, without the use of information technology. The RBI set up a number of committees to define and co-ordinate banking technology. The total number of automated teller machines ATMs installed in India by various banks as of end June was 99, In the Reserve Bank of India introduced a system to allow cheque truncation —the conversion of checks from physical form to electronic form when sending to the paying bank—in India, the cheque truncation system as it was known was first rolled out in the National Capital Region and then rolled out nationally.
Physical as well as virtual expansion of banking through mobile banking, internet banking, tele banking, bio-metric and mobile ATMs etc. A huge data breach of data of debit cards issued by various Indian banks was reported in October It was estimated 3.
This resulted in one of the India's biggest card replacement drive in banking history. The biggest Indian bank State Bank of India announced the blocking and replacement of almost , debit cards. From Wikipedia, the free encyclopedia. List of Banks in India. The Banking codes and standards Board of India. The Rise of Business Corporations in India, — Retrieved 12 January Famines and Poverty in India. Reserve Bank of India. State Bank of India. Retrieved 11 January The economic history of ancient India.
The Anthropology and Politics of Commodity Exchange. Economic History of Mithila. Retrieved 24 August Economic Reforms in India: From First to Second Generation and Beyond. Retrieved 28 July Archived from the original on 25 February Whereas other central banks of that era were wholly private, the BUS was more characteristic of a government bank. Treasury and Congress  and subject to Treasury Department inspection. As exclusive fiscal agent for the federal government,  it provided a number of services as part of its charter including: The chief personnel for the bank comprised twenty-five directors, five of whom were appointed by the President of the United States, subject to Senate approval.
Headquartered in Philadelphia, Pennsylvania, the bank was authorized to establish branch offices where it deemed suitable and these were immune from state taxation.
The primary regulatory task of the Second Bank of the United States, as chartered by Congress in , was to restrain the uninhibited proliferation of paper money bank notes by state or private lenders,  which was highly profitable to these institutions. In this capacity, the bank would preside over this democratization of credit,   contributing to a vast and profitable disbursement of bank loans to farmers, small manufacturers and entrepreneurs, encouraging rapid and healthy economic expansion.
Historian Bray Hammond describes the mechanism by which the Bank exerted its anti-inflationary influence:. Receiving the checks and notes of local banks deposited with the [BUS] by government collectors of revenue, the [BUS] had constantly to come back on the local banks for settlements of the amounts which the checks and notes called for.
It had to do so because it made those amounts immediately available to the Treasury, wherever desired. Since settlement by the local banks was in specie i. This loss of specie reduced their power to lend. Under this banking regime, the impulse towards over speculation, with the risks of creating a national financial crisis, would be avoided, or at least mitigated.
The architect of the Second Bank of the United States was William Strickland — , a former student of Benjamin Latrobe — , the man who is often called the first professionally trained American architect.
Latrobe and Strickland were both disciples of the Greek Revival style. Strickland would go on to design many other American public buildings in this style, including financial structures such as the New Orleans , Dahlonega , Mechanics National Bank also in Philadelphia and Charlotte branch mints in the mid-to-late s, as well as the second building for the main U. Mint in Philadelphia in Strickland's design for the Second Bank of the United States is in essence based on the Parthenon in Athens, Greece , and is a significant early and monumental example of Greek Revival architecture.
On top of these, Strickland placed eight severe Doric columns, which are crowned by an entablature containing a triglyph frieze and simple triangular pediment. The building appears much as an ancient Greek temple, hence the stylistic name.
The interior consists of an entrance hallway in the center of the north façade flanked by two rooms on either side. The entry leads into two central rooms, one after the other, that span the width of the structure east to west.
The east and west sides of the first large room are each pierced by large arched fan window. The building's exterior uses Pennsylvania blue marble, which, due to the manner in which it was cut, has begun to deteriorate from the exposure to the elements of weak parts of the stone. Construction lasted from to The Greek Revival style used for the Second Bank contrasts with the earlier, Federal style in architecture used for the First Bank of the United States , which also still stands and is located nearby in Philadelphia.
This can be seen in the more Roman-influenced Federal structure's ornate, colossal Corinthian columns of its façade, which is also embellished by Corinthian pilasters and a symmetric arrangement of sash windows piercing the two stories of the façade. The roofline is also topped by a balustrade and the heavy modillions adorning the pediment give the First Bank an appearance much more like a Roman villa than a Greek temple. Since the bank's closing in , the edifice has performed a variety of functions.
The structure is open to the public free of charge and serves as an art gallery, housing a large collection of portraits of prominent early Americans painted by Charles Willson Peale and many others. The building was designated a National Historic Landmark in for its architectural and historic significance. The federal-style façade was saved and installed in the American Wing of the Metropolitan Museum of Art in From Wikipedia, the free encyclopedia.
Second Bank of the United States. National Register of Historic Places. A Guide to the City 2nd ed. Gales and Seaton, , A Chapter in the History of Central Banking. Archived from the original on A History of Banking in Antebellum America: Stresses how all banks promoted faster growth in all regions. The Awakening of American Nationalism: The American Congress , pp 93— Govan, Thomas Payne Nicolas Biddle, Nationalist and Public Banker, — University of Chicago Press.
Holt, Rinehart and Winston, Inc. Princeton, Princeton University Press. Great Issues in American History: From the Revolution to the Civil War, — University Press of Kansas, The Second Bank of the United States: Soltow, and Richard Sylla. The Evolution of the American Economy: Growth, Welfare, and Decision Making. Andrew Jackson and the Bank War: A Study in the Growth of Presidential Power Andrew Jackson and the Course of American Freedom, — Statesman for the Union.
Schlesinger, Arthur Meier Jr. Age of Jackson