Technology is changing in Indian banking sector

The Indian banking sector has been evolving since the year 1770 when the Bank of Hindustan was established in Calcutta and subsequently in its various avatars-when the General Bank of India, which came into existence in 1886 again in Calcutta; and then Bank of Calcutta (later Bank of Bengal – 1806 ), Bank of Bombay and Bank of Madras merging in 1921 to become the Imperial Bank of India which became the State Bank of India ( SBI) in 1955.
The Indian banking system saw another phase of metamorphosis in 1969 when all the leading commercial banks were nationalised by the then prime minister and finance minister, Indira Gandhi. The third phase which actually started changing the face of the Indian banking was the post-1991 economic liberalisation which opened up the banking sector to increased competition and transformation offering better fare to customers.

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