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Banking in India: The Institutional Framework

In: Banking Reform in India and China

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  • Lawrence Sáez

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.

Suggested Citation

  • Lawrence Sáez, 2004. "Banking in India: The Institutional Framework," Palgrave Macmillan Books, in: Banking Reform in India and China, chapter 0, pages 37-51, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-8125-7_3
    DOI: 10.1057/9781403981257_3
    as

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