The Indian commercial banking architecture has evolved from colonial presidency institutions into a multi-tiered regulatory system regulated by the Reserve Bank of India (RBI) under the Banking Regulation Act of 1949 and RBI Act of 1934. Watershed historical transitions include the transformation of the Imperial Bank of India into the State Bank of India (SBI) in 1955 (under the Gorwala Committee recommendation) and the historic bank nationalisations of July 19, 1969 (14 major commercial banks with deposits ≥₹50 crore) and April 15, 1980 (6 additional banks with deposits ≥₹200 crore). In 2014, following the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households headed by Dr. Nachiket Mor, the RBI introduced "differentiated banking licenses" to accelerate financial inclusion. This gave rise to Payments Banks (accepting demand deposits up to ₹2 lakh, issuing debit cards and remittance services, but strictly prohibited from lending) and Small Finance Banks (SFBs, mandated to extend at least 75% of adjusted net bank credit to priority sectors).
High-yield conceptual summaries for competitive exams and rapid revision.
Fourteen major commercial banks were nationalized on July 19, 1969, followed by six more banks on April 15, 1980.
The Imperial Bank of India was reconstituted as the State Bank of India (SBI) on July 1, 1955 following the All India Rural Credit Survey Committee report.
Payments Banks were established on the recommendations of the Nachiket Mor Committee; Airtel Payments Bank was India’s first operational Payments Bank.
Payments Banks are prohibited from lending or issuing credit cards and can accept demand deposits up to a statutory ceiling of ₹2,00,000 per customer.
Small Finance Banks must allocate at least 75% of their Adjusted Net Bank Credit (ANBC) to Priority Sector Lending (PSL).
Showing 25 Curated Questions279 Total in Bank
1ID: GK-BANK-00063
hardCommercial Banks, Payment Banks & SFBs
Which historic bank, established in 1881 at Faizabad, was the first commercial bank in India with limited liability managed by an all-Indian board of directors?
Verified Explanation
Oudh Commercial Bank (also known as Awadh Commercial Bank), founded in 1881 in Faizabad, was the first bank with limited liability established and managed by an exclusively Indian board.
2ID: GK-BANK-00184
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank established in 1911 in Mumbai holds the distinction of being the first Indian commercial bank wholly owned and managed by Indians without government support?
Verified Explanation
Central Bank of India was established in 1911 by Sir Sorabji Pochkhanawala and Sir Pherozeshah Mehta, earning the distinction of being the first completely Indian commercial bank owned and operated without foreign or government control.
3ID: GK-BANK-00404
mediumCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1881 in Faizabad as the first bank in India with limited liability managed by an Indian Board of Directors?
Verified Explanation
Oudh Commercial Bank (also known as Awadh Commercial Bank) was established in 1881 in Faizabad as the first commercial bank in India with limited liability and an exclusively Indian board.
4ID: GK-BANK-00464
mediumCommercial Banks, Payment Banks & SFBs
Which bank founded in Faizabad in 1881 was the first commercial bank in India with limited liability and an exclusively Indian board of management?
Verified Explanation
Oudh Commercial Bank (established in 1881 in Faizabad, UP) was the first joint-stock bank with limited liability managed solely by an Indian board of directors. It failed in 1958.
5ID: GK-BANK-00541
hardCommercial Banks, Payment Banks & SFBs
Which pioneer commercial bank established in 1881 at Faizabad was the first limited liability bank governed by an Indian board of directors?
Verified Explanation
Oudh Commercial Bank (established in 1881 at Faizabad) was the first commercial bank in India with limited liability and managed solely by an Indian board of directors. It eventually closed down in 1958.
6ID: GK-BANK-00129
easyCommercial Banks, Payment Banks & SFBs
Which is the largest public sector commercial bank in India by assets, deposits, and branch network?
Verified Explanation
State Bank of India (SBI) is a Fortune 500 company and the largest commercial bank in India, holding more than a quarter of the total domestic banking market share.
7ID: GK-BANK-00194
easyCommercial Banks, Payment Banks & SFBs
Which industrialist and philanthropist founded the United Commercial Bank (now UCO Bank) in Kolkata in 1943 during the Quit India movement?
Verified Explanation
G. D. Birla founded United Commercial Bank in 1943 at Kolkata with an eminent board of directors representing all regions of India, establishing a premier national financial institution.
8ID: GK-BANK-00394
easyCommercial Banks, Payment Banks & SFBs
Which bank is historically recognized as the very first commercial bank established in India, founded in 1770 in Calcutta?
Verified Explanation
The Bank of Hindostan, established in 1770 in Calcutta by the agency house of Alexander and Company, is regarded as the earliest modern commercial bank in India.
9ID: GK-BANK-00465
mediumCommercial Banks, Payment Banks & SFBs
Which bank established in 1911 by Sir Sorabji Pochkhanawala proclaimed itself as the first truly Swadeshi commercial bank wholly owned and managed by Indians without foreign help?
Verified Explanation
Central Bank of India was established in 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as its first Chairman, branding itself as the first wholly Indian-owned and managed commercial bank.
10ID: GK-BANK-00522
easyCommercial Banks, Payment Banks & SFBs
Which bank, established in 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman, was proclaimed as the 'First truly Indian Swadeshi Commercial Bank' wholly owned and managed by Indians?
Verified Explanation
The Central Bank of India was founded in 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as its first Chairman, proudly described as the first completely Indian commercial bank owned, managed, and operated by Indians without European backing.
11ID: GK-BANK-00073
easyCommercial Banks, Payment Banks & SFBs
Which Indian commercial bank holds the distinction of opening the first overseas branch of an Indian bank in London in 1946?
Verified Explanation
Bank of India was the first Indian bank to open a branch outside India, establishing its overseas branch in London in 1946.
12ID: GK-BANK-00141
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1906 at Mangalore under the name 'Canara Hindu Permanent Fund' before evolving into a major nationalized lender?
Verified Explanation
Canara Bank was founded as 'Canara Hindu Permanent Fund' in July 1906 by Ammembal Subba Rao Pai, later renamed Canara Bank Limited in 1910.
13ID: GK-BANK-00186
easyCommercial Banks, Payment Banks & SFBs
Which premier commercial bank was established in 1908 under the royal patronage of Maharaja Sayajirao Gaekwad III in Gujarat?
Verified Explanation
Bank of Baroda was founded on 20 July 1908 by the visionary ruler of Baroda State, Maharaja Sayajirao Gaekwad III, along with prominent industrialists.
14ID: GK-BANK-00190
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1906 in Mumbai by a group of prominent Parsi and Gujarati businessmen, with the distinctive logo of the 'Star of India'?
Verified Explanation
Bank of India (BOI) was founded on 7 September 1906 by a group of eminent businessmen led by Sir Sassoon David, taking the Star of India as its official emblem.
15ID: GK-BANK-00192
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was founded in 1907 in Madras by lawyer and nationalist leader V. Krishnaswamy Iyer as part of the Swadeshi movement following the collapse of British merchant bank Arbuthnot & Co?
Verified Explanation
Indian Bank was incorporated on 5 March 1907 in Madras by V. Krishnaswamy Iyer and other citizens to provide a reliable Indian-owned banking alternative following the Arbuthnot financial crash.
16ID: GK-BANK-00196
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1937 in Madras by M. Ct. M. Chidambaram Chettiar with the primary objective of specialising in foreign exchange and overseas banking?
Verified Explanation
Indian Overseas Bank (IOB) was founded on 10 February 1937 by M. Ct. M. Chidambaram Chettiar, opening branches simultaneously in Madras, Rangoon (Burma), and Penang (Malaysia).
17ID: GK-BANK-00198
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was founded on Vijayadashami day in 1931 at Mangalore by A. B. Shetty and other agricultural leaders to promote banking among farmers?
Verified Explanation
Vijaya Bank was established on 23 October 1931 (Vijayadashami day) at Mangalore by Attavar Balakrishna Shetty and other visionary farmers to promote thrift and financial security in coastal Karnataka.
18ID: GK-BANK-00200
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1938 by the Devkaran Nanjee family under the original name 'Devkaran Nanjee Banking Company'?
Verified Explanation
Dena Bank was established on 26 May 1938 by the family of Devkaran Nanjee, later incorporated as a public limited company in 1939 and nationalised in 1969.
19ID: GK-BANK-00202
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1935 in Pune under the leadership of V. G. Kale and D. K. Sathe to cater primarily to the financial needs of Maharashtra?
Verified Explanation
Bank of Maharashtra was registered on 16 September 1935 in Pune with the initiative of Prof. V. G. Kale and D. K. Sathe, commencing operations in February 1936.
20ID: GK-BANK-00245
easyCommercial Banks, Payment Banks & SFBs
Which major commercial bank was founded in 1906 in Mangalore by philanthropist Ammembal Subba Rao Pai under the original name 'Canara Hindu Permanent Fund'?
Verified Explanation
Canara Bank was founded on 1 July 1906 at Mangalore by Ammembal Subba Rao Pai as 'Canara Hindu Permanent Fund' and was later incorporated as Canara Bank Ltd in 1910 before nationalisation in 1969.
21ID: GK-BANK-00249
easyCommercial Banks, Payment Banks & SFBs
Which historic public sector commercial bank was founded in 1906 in Udupi by Haji Abdullah Haji Kasim Saheb Bahadur before being merged into Union Bank of India in 2020?
Verified Explanation
Corporation Bank was established in March 1906 in Udupi under the name 'Canara Banking Corporation (Udupi) Limited' by Haji Abdullah Haji Kasim Saheb Bahadur and was later amalgamated with Union Bank of India on 1 April 2020.
22ID: GK-BANK-00255
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1923 at Machilipatnam by freedom fighter and prominent national leader Dr. Bhogaraju Pattabhi Sitaramayya?
Verified Explanation
Andhra Bank was founded on 20 November 1923 by freedom fighter Dr. Bhogaraju Pattabhi Sitaramayya at Machilipatnam (Andhra Pradesh), nationalised in 1980, and merged into Union Bank of India in 2020.
23ID: GK-BANK-00259
easyCommercial Banks, Payment Banks & SFBs
Which commercial bank was established in 1943 in Lahore by Lala Harkishen Lal and later shifted its registered office to New Delhi following Partition, before being nationalised in 1980?
Verified Explanation
Oriental Bank of Commerce (OBC) was established in February 1943 at Lahore by Lala Harkishen Lal, relocated to Delhi after 1947, was nationalised on 15 April 1980, and merged into PNB in 2020.
24ID: GK-BANK-00265
mediumCommercial Banks, Payment Banks & SFBs
Which historic private commercial bank founded in 1904 at Kumbakonam is recognized as the oldest surviving private sector bank in South India operating continuously without state takeover?
Verified Explanation
City Union Bank was incorporated on 31 October 1904 in Kumbakonam, Tamil Nadu, as 'The Kumbakonam Bank Limited' by Santhanam Chettiar and others, making it the oldest private sector bank in South India.
25ID: GK-BANK-00269
mediumCommercial Banks, Payment Banks & SFBs
In 1993, which loss-making nationalised commercial bank was merged with Punjab National Bank (PNB), representing the only amalgamation between two nationalised banks prior to 2019?
Verified Explanation
In September 1993, the Government of India merged the New Bank of India (which had suffered heavy non-performing loan losses) with Punjab National Bank (PNB), the first merger between two nationalised banks.