1. Briefly trace the history of banking in India, from the establishment of the first bank to the nationalization of banks in 1969.

• Modern banking began in the 18th Century with English Agency Houses.
• Three presidency banks (Bengal, Bombay, Madras) were established in early 19th Century.
• Private and foreign banks entered after limited liability in 1860.
• Joint stock banks emerged in early 20th Century.
• In 1921, presidency banks merged to form Imperial Bank of India.
• Imperial Bank performed commercial and some central bank functions until 1935.
• RBI was established in 1935.
• After independence, Imperial Bank was transformed into SBI in 1955.
• In July 1969, government nationalized 14 major commercial banks.