"Banking system in India is almost two centuries old which during this period has undergone tremendous changes from initially being confined with the money lending at a very small level to now being spread over globally

The first commercial bank in India was established in the year 1776 in the name Bank of Hindustan at Calcutta by the British Agency House of Alexander and Company for catering to the financial needs of British Merchants Operating in India and the bank got liquidated in 1832. Indian banking system since its beginning till early of the 20th century comprises of Agency House Banks, Presidency Banks, Imperial Bank of India, Reserve Bank of India, Private/Joint Stock (old generation) Banks, State Bank of India, Associate Banks, Nationalized Banks, Private Sector Banks (new generation), Foreign Banks, Co-operative Banks, Regional Rural Banks, Small Banks, Payment Banks and Financial Institution known as Development Banks and Non-Banking Financial Companies. Period between 1906 and 1920 being inspired by the "Swadeshi" movement number of banks were established by the native Indians to serve the Indian community at large as joint stock banks such as Bank of Baroda, Central Bank of India, Catholic Syrian Bank, South Indian Bank, Bank of India, Corporation Bank, Indian Bank, Indian Overseas Bank, Syndicate Bank, Canara Bank, Vijaya Bank and Vysya Bank.