The British East India Company established "The Hindustan
Bank" in Kolkata and Mumbai in 1770 and later in 1785 established
other banks. In early nineteenth century three Presidency Banks,
i.e., Bank of Bengal, Bank of Bombay and Bank of Madras were
established. The first important event in the history of banking in
India took place in 1919 when the Presidency Banks were
amalgamated and Imperial Bank of India was set up.
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TEXT BOOK OF BANKING AND FINANCE
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