Indian banking history

India's banking history began with early informal moneylenders and trade-based transactions. The first formal bank, Bank of Hindustan, was established in 1770 but soon closed. The Reserve Bank of India (RBI), founded in 1935, became the central bank overseeing monetary policy and regulation. Post-independence, banks nationalized in 1969 to expand financial access, leading to the growth of commercial and development banks. Over time, India embraced technology, ushering in private and foreign banks, digital banking, and financial inclusion initiatives, transforming the banking sector into a modern, diverse, and crucial part of the economy.