BANKING AFFAIRS

Detailed explanation-1: -The Central Bank of India (CBI) is an Indian government-controlled bank. It is owned by India’s Ministry of Finance and is one of the country’s oldest and largest nationalised commercial banks. Its headquarters are in Mumbai, India’s financial metropolis and Maharashtra’s state capital.

Detailed explanation-2: -The organized financial system comprises Commercial Banks, Regional Rural Banks (RRBs), Urban Co-operative Banks (UCBs), Primary Agricultural Credit Societies (PACS) etc. caters to the financial service requirement of the people.

Detailed explanation-3: -The Reserve Bank of India, chiefly known as RBI, is India’s central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India.

Detailed explanation-4: -The oldest commercial bank in India, SBI originated in 1806 as the Bank of Calcutta. Three years later the bank was issued a royal charter and renamed the Bank of Bengal.

Detailed explanation-5: -State Bank of India (SBI) is the oldest bank in India. State Bank of India is also the largest bank in India. SBI was established as Bank of Calcutta in 1806. It was renamed as Bank of Bengal in 1809.