Current RBI Bank Rates in Indian Banking - 2020
| Repo Rate | Reverse Repo Rate | CRR | SLR | MSF | Base Rate |
| 4% | 3.35% | 3% | 18% | 4.25% | 8.15% - 9.40% |
History of Banking in India
- Reserve Bank of India (RBI) was established in 1935 and Nationalized in 1949.
- Sir Osborne Smith was the first Governor of Reserve Bank.
- Chintaman Dwarkanath Deshmukh was the First Indian Governor of RBI.
- The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission.
- Cheque system was first introduced by Bengal Bank which was established in 1784.
- In 1833, Presidency Bank started Savings Account system in India.
- Allahabad Bank is the oldest public sector bank in India which was founded in Allahabad in 1865. Now, it merged with the Indian Bank.
- Bank of India founded in 1906, is the first Indian Bank to open overseas branch. It established a branch in London in 1946.
- In 1955 Imperial Bank of India became State Bank of India.
- On 19th July 1969, 14 commercial banks were nationalized in India. These were Bank of India, Punjab National Bank, Central Bank of India, Bank of Maharashtra, Bank of Baroda, Canara Bank, Dena Bank, United Commercial Bank, United Bank, Syndicate Bank, Indian Bank, Indian Overseas Bank, Allahabad Bank and Union Bank.
- In 1980 - 6 more commercial Banks nationalized. These include - Andhra Bank, Corporation Bank, Oriental Bank of Commerce, New Bank of India, Punjab & Sindh Bank and Vijaya Bank.
- Hongkong and Shanghai Banking Corporation (HSBC) introduced first time ATM in India in 1987, Mumbai.
- Central Bank of India was the first public bank to introduce credit card.
- Central Bank of India is the first commercial bank which was managed by Indians.
- ICICI Bank was the first Indian Bank to provide internet banking facility and Mobile ATM.
- SBI has the total number of maximum branches and holds 2nd position in the world.
- India's first "talking" Automated Teller Machine (ATM) for visually impaired was today inaugurated in Ahmedabad by Union Bank of India.
- RuPay is an Indian domestic card payment service conceived and launched by the National Payments Corporation of India on 26 March 2012.
- India's first non-bank owned ATM (White Label ATMs) opens in Maharashtra.
- Tata Communications Payments Solutions Ltd, opened first White Label ATM at Chandrapada in Thane district, in Maharashtra.