Business Environment, 1st Edition by Pearson

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Part VII: Financial Systems

paid-up capital and reserves of over INR 500,000 and which are

included in the second schedule of the Reserve Bank of India Act

are known as scheduled banks, while banks which do not fall under

this category are known as non-scheduled banks.”

4

The early modern banking business was started by the British

Agency Houses in Calcutta and Bombay. The Bank of Hindoostan

was the fi rst ever bank organized on the basis of modern banking

methods and was established in 1770. The fi rst fully Indian-owned

bank was the Allahabad Bank, established in 1865. However,

at the end of the late 18th century, there was hardly any ...