Let’s Explore The Oldest Bank In India

Oldest Bank In India

The banking sector in India has a rich history. There are a lot of banking institutions that have a huge contribution to the upliftment of the financial topography of India.

Here is a detailed article on the oldest banks in India. 

Which Is The Oldest Private Bank in India?  

Allahabad Bank holds the designation of the oldest private bank in India. It was set up in 1865. This banking platform has seen the economic transition of India very well as it has been serving the country and its people for more than a century and a half. 

Which Is The Oldest Bank in India?  

The State Bank of India (SBI) is the oldest bank in India. It is an example of the banking legacy of India. It was developed in 1806 and was formerly known as the Bank of Calcutta. 

Top 10 Oldest Banks in India: 

Here is a list of the top 10 oldest banks in India

  • State Bank of India (SBI) 
  • Allahabad Bank 
  • Bank of Baroda 
  • Punjab National Bank (PNB) 
  • Canara Bank 
  • Indian Bank 
  • Bank of India 
  • Central Bank of India 
  • Union Bank of India 
  • Bank of Maharashtra 

oldest private bank in India

Which Is The Oldest Government Bank in India? 

The State Bank of India boasts of being the oldest government bank in India, ensuing its nationalization in 1955. The evolution from the Imperial Bank of India to SBI commemorated a substantial juncture in India’s quest for a strong and state-supported banking system.

Which Is The Oldest Commercial Bank in India?  

Allahabad Bank (now Indian Bank) is considered to be the oldest commercial bank in India. It was established in 1865. The long-standing existence emphasizes the bank’s strength and adaptability in guiding the dynamic financial landscape. 

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Which Is The Oldest Public Sector Bank in India?  

The State Bank of India is the oldest public sector bank in India and has been instrumental in directing economic resources towards nation-building. Its extensive network and wide range of services have helped it to stand out in the  Indian banking sector.

Which Is The Oldest Private Sector Bank in India? 

The Federal Bank is considered to be the oldest private-sector bank in India. It was set up in 1931 and has played a pivotal role in the advancement of the private banking sector of India. 

Which Is The Oldest Nationalised Bank in India?  

After being nationalised in 1955, the State Bank of India achieved the tag of being the oldest nationalized bank in India. This move sought to democratize access to economic services and demonstrate a more inclusive banking system.

Conclusion

To conclude, the banking sector of India is not just a group of institutions, rather it is an example of the nation’s strength, and obligation to economic exclusivity. These banks ensure the inheritance of the economic lineage of India for the upcoming generations. 

FAQs:

Q1, Why is the State Bank of India assessed as the oldest bank in India?

The State Bank of India was first established as the Bank of Calcutta in 1806. Through unions and modifications, it developed into the Imperial Bank of India before being nationalized in 1955, finally, it became the State Bank of India.

Q2. How did the nationalization of the State Bank of India influence India’s banking terrain?

The nationalization of the State Bank of India in 1955 sought to build a more inclusive and state-supported banking system. 

Q3. Which bank holds the recognition of being the oldest private sector bank in India?

The Federal Bank is the oldest private sector bank in India. It was set up in 1931.