BANKING AFFAIRS

Detailed explanation-1: -Among the development banks, ICICI Bank started merchant banking in 1973, followed by IFCI(1986) and IDBI(1991).

Detailed explanation-2: -Notes: ICICI started merchant banking in 1974. ICICI Merchant Services is committed to making electronic payment acceptance fast, easy and secure for merchants of all sizes and business sectors.

Detailed explanation-3: -In 1973, SBI started the merchant banking and it was followed by ICICI. SBI capital market was set up in August 1986 as a fully-fledged merchant banker. Between 1974 and 1985, the merchant banker has promoted lot of companies. However, they were brought under the control of SEBI in 1992.

Detailed explanation-4: -It was the Grindlays Bank which started merchant banking services in 1967. In 1967, the Reserve Bank of India(RBI) granted license to ‘The National Grindlays Bank’ to perform the services relating to issue management.

Detailed explanation-5: -In India, National Grindlays Bank initiated merchant banking services in 1969. Then Citibank joined the financial service in 1970. The State Bank of India was the first Indian commercial bank to set up a separate Merchant Banking Division in 1973, followed by ICICI followed it in 1974.