Banking in India: The Institutional Framework

Lawrence Sáez

Chapter Chapter 3 in Banking Reform in India and China, 2004, pp 37-51 from Palgrave Macmillan

Abstract: Abstract In chapter 2 I described the historical and institutional developments of banking in China. In this chapter I will outline some of the key institutional features of India’s banking system. Although the focus will be upon modern banking institutions, it is important to recognize that the development of India’s modern banking system emerged during the period of British colonization. Building upon the existing network of indigenous banking houses, more formalized banking transactions took place under the direction of British agency houses. These agency houses undertook limited banking activities in conjunction with their trading activities. The primary client of the agency houses were the three presidencies (in Madras, Calcutta, and Bombay), which deposited surplus cash. Eventually the three presidencies established their own banks, the first one being the Government Bank of Bombay in 1720.

Keywords: Central Bank; Banking System; Foreign Bank; Bank Branch; Banking Crisis (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-8125-7_3

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DOI: 10.1057/9781403981257_3

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