Indian managing an account part is developing quickly and is required to appreciate considerably more prominent development openings later on. A few Indian banks seeking after, worldwide techniques, as Indian organizations globalize and individuals of Indian starting point increment their interest in India. In India, the meaning of the matter of managing an account has been given in the Banking Regulation Act, 1949. As per Section 5(c) of the Banking Regulation Act, 1949, ‘a managing an account organization is an organization which executes the matter of keeping money in India.’ Further, Section 5(b) of the Banking Regulation Act, 1949 characterizes saving money as, tolerating, to lend or venture, of stores of cash from the general population, repayable on request or something else, and pull back capable, with check, draft, and arrange or something else.’ This definition focuses to the three essential exercises of a business bank which recognize it from the other budgetary foundations. These are: (I) Maintaining store accounts including current records, (ii) Issue and pay checks, and (iii) Collect checks for the bank’s clients.
1.1.1 HISTORY OF BANKING IN INDIA
The first bank in India, though conservative, was established in 1786.From 1786till today, the journey of Indian Banking System can be segregated into three distinct phases. They are as mentioned below:
Early phase from 1786 to 1969 of Indian Banks
Nationalization of Indian Banks and up to 1991 prior to Indian banking sector Reforms.
New phase of Indian Banking System with the advent of Indian Financial &Banking Sector Reforms after 1991.
A STUDY ON EMPLOYEE JOB SATISFACTION WITH SPECIAL REFERENCE TO PUNJAB NATIONAL BANK, BANGALORE
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PHASE -I The General Bank of India was set up in the year 1786. Next came Bank of Hindustan and Bengal Bank. The East India Company built up Bank of Bengal (1809), Bank of Bombay (1840) and Bank of Madras (1843) as free units and called it. These three banks were amalgamated in 1920 and Imperial Bank of India was set up which began as private investors banks, generally Europeans investors. In 1865 Allahabad Bank was built up and first time solely by Indians, Punjab National Bank Ltd. was setup in 1894 with base camp at Lahore. In the vicinity of 1906 and 1913, Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up. Save Bank of India came in 1935.During the principal stage the development was moderate and banks additionally experienced occasional disappointments in the vicinity of 1913 and 1948. There were roughly 1100 banks, for the most part little. To streamline the working and exercises of business banks, the Government of India thought of The Banking Companies Act, 1949 which was later changed to Banking Regulation Act 1949 according to altering Act of 1965(Act No. 23 of 1965). Save Bank of India was vested with broad forces for the supervision of managing an account in India as the Central Banking Authority. Amid those days open has lesser trust in the banks. As an after math store preparation was moderate. Side by side of it the investment funds bank office gave by the Postal division was similarly more secure. Besides ,stores were to a great extent given to merchants. PHASE II Government made real strides in this Indian Banking Sector Reform after freedom. In 1955, it nationalized Imperial Bank of India with broad saving money offices on an expansive scale particularly in rustic and semi-urban territories. It framed State Bank of India to go about as the central specialist of RBI and to deal with keeping money exchanges of the Union and State Governments everywhere throughout the nation. Seven banks framing backup of State Bank of India was nationalized in 1960 on19thJuly, 1969, noteworthy procedure of nationalization was completed. It was the exertion of the then Prime Minister of India, Mrs. Indira Gandhi. 14 noteworthy business banks in the nation were nationalized. Second period of nationalization Indian Banking Sector Reform was done in 1980with seven more banks.
A STUDY ON EMPLOYEE JOB SATISFACTION WITH SPECIAL REFERENCE TO PUNJAB NATIONAL BANK, BANGALORE
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This progression brought 80% of the managing an account portion in India under Government proprietorship. The following are the steps taken by the Government of India to Regulate Banking Institutions in the Country:
1949 : Enactment of Banking Regulation Act.
1955: Nationalization of State Bank of India.
1959: Nationalization of SBI subsidiaries.
1961: Insurance cover extended to deposits.
1969: Nationalization of 14 major banks.
1971: Creation of credit guarantee corporation.
1975: Creation of regional rural banks.
1980: Nationalization of seven banks with deposits over 200 crore. After the nationalization of banks, the branches of the public sector bank India raised to approximately 800% in deposits and advances took a huge jump by 11,000%.Banking in the sunshine of Government ownership gave the public implicit faith and immense confidence about the sustainability these institutions.