Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.
Between 1906 and 1913, Bank of India, Central Bank of India, Bank
of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set
up. Reserve Bank of India was established in 1935. During the first
phase of the Indian banking industry, the growth was very slow
and banks also experienced periodic failures between 1913 and
164 bank
ANCHOR
INDIA
1948. There were approximately 1100 banks, mostly small. To
streamline the functioning and activities of commercial banks, the
Government of India came up with The Banking Companies Act,
1949 which was later changed to Banking Regulation Act 1949.
Reserve Bank of India was vested with extensive powers for the
supervision of banking in India as the Central Banking Authority.