HISTORY OF BANKING IN INDIA
The banking system is the base for the economic development of a country. In this article, we are going to read about "History of Banking in India". It dates back to before India got independence in 1947. In India, changes in the banking system and management has been made with the advancement in technology and considering the needs of people . The Developments in the banking sector can be classified into three phases: Modern banking in India was originated in the late 18th Century. In this period, the Mughal Empire lost control over the country and the British East India Company began its establishment. The change in the power structure, wars and colonial inroads led to the rise of indigenous bankers, and large finance of India moved from their hands to Agency Houses who enjoyed state patronage. Many Agency Houses established their own banks during this period. Chart showing History of Banking and its evolution in India: The Bank of Hindostan (1770-1832) was establishe