History and information of world banking in ancient time

History and information of world banking in ancient time

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History and information of world banking in ancient time, Bank is an important part of our life today. It has become so important that without them we can not imagine our financial management. The history of the banks of our country bringing modern and new technology every day is also less interesting. From the general definition of banks, the agencies that save currency and the interest-bearing institutions have existed since the Rigvedic period. 

The origins of banking in India can also be seen by adding to the ancient Mahajan traditions, which used to lend money to the people at the time of need and used to send money to people through their hawala during their travel abroad and coming and some money in return Used to recover. During the business dealings with Egypt and similar ancient civilizations, there is mention of similar institutions but more research and reference material is not available on them. Modern banking, which we are using today,

World Banking system and ancient history of banking in ancient India

 

In ancient India, when the civilization was on its peak, there was the spirit of wealth and money all around. In such a situation, there was a need for an institution like bank to manage money.

In the Vedas, there is a mention of the post of Kusidin, which used to manage the money in that period. It is mentioned in the sources and the people.

It is understandable that this manager of wealth remained a major source of transaction between people between 2000 BC to 400 BC for about 1600 years.

In the meantime, the mention of the end or the evils of this institution was also found in these sources, which indicates that their reliability was affected over time and this ended in time.

There is also a mention of lending on Sood to the people, the agreement to be given for lending has been mentioned here as a loan letter or loan page.

Kautilya also mentions these loan papers in his book Economics, he addresses it by saying loan article.

As the Maurya period comes, state power starts functioning as banking, its evidence comes out. It is mentioned that through the state order letter, the traders used to give promissory notes to pay the money.

This practice was later adopted by traders, and in 185 BC, such a pledge came into common usage.

 

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    Banking system in medieval India World Banking

  • The loan letters which came into circulation during the Maurya period remained in vogue in the medieval period, especially during the Mughal period, and were used extensively.
  • Two types of securities are mentioned in the Mughal period documents, the documents were issued on demand, whereas document A period can be cached after a particular time, it was like a fixed deposit of that period.
  • These documents were issued only from the royal treasures but another parallel system was born which was also called Mahajani.
  • In this, a person used to lend money to arbitrarily recovering the interest. In this period traders started using the Hundi for the first time for foreign trade which can be called the ancient form of a kind of credit card.

History and information of world banking in ancient time

   Introduction of modern banking in India

  • The introduction of modern banking in India can be considered only with the beginning of the colonial era in this country, when about 200 years ago, the Dutch, the British and the French came to India with the objective of business.
  • Of these, the British got the chance to get their feet here. With the business, they needed a bank to manage their income and currency, and the British East India Company laid the foundation of the first 3 banks in India, World Banking.
  • As the influence of the British grew in Bengal first, the first bank opened in Bengal only in the name of 1809 Bank of Bengal.
  • After this he started the Bank of Bombay in 1840 and the Bank of Madras in 1843 in Bombay and Madras Presidency in his second impact areas. After the Revolution of 1857, when the East India Company was abolished in India and the rule came directly under the Queen of Britain, these three banks were merged together and given the new name Imperial Bank.
  • This Imperial Bank was the principal bank of India after Independence, which was changed to name the State Bank of India in 1955. This was a public sector bank of India.
Ancient coin

Ancient coin

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After independence, banking in India  

In the year 1949 the Reserve Bank of India was nationalized and its role as a central bank after independence was also felt by the Government of India to realize the need for an institution to regulate banking institutions and manage government money. Kept abreast, World Banking.

History and information of world banking in ancient time

  • The Reserve Bank has also given all the rights to regulate banking in India. After this, there was a major change in the banking sector of India when the Indian government made national nationalization of eight regional banks in the country through the State Bank Act of 1959 and made them subsidiary of State Bank of India.
  • State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Hyderabad, State Bank of Indore, State Bank of Mysore, State Bank of Indore and State Bank of Patiala are the major ones.
  • Inspired by this successful nationalization, the Government of India raised such a big step on July 19, 1969 and made the country’s fourteen national banks national.
  • This was a big step by now, this increased the credibility of Indian banks and strengthened the Indian banking system.
  • After this, six private banks were nationalized on April 15, 1980 after a long time.
  • The Indian banking sector made a major leap in 1993 when the Reserve Bank of India allowed domestic banks to do banking activities and private sector banks also started to offer services to the Indian public as public banks.

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