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Banking business has a history of over 200 years. From the times of the Bank of Bengal(1806) the sector has been witnessing qualitative and quantitative changes. Main players during the pre-independence period were Credit Lyonnais, Allahabad Bank, Punjab National Bank and Bank of India. With 1935 regulation the Reserve Bank of India was proclaimed the Central Bank of India and was vested with controlling powers over the commercial banks.
The drastic development taken place during the first 25 years since independence was Nationalization of many private banks.
With this, the central government became major policy maker for these nationalized banks.
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