Structure of the organised banking sector rbi forex reserves data mining India. Number of banks are in brackets. Banking in India, in the modern sense, originated in the last decades of the 18th century. General Bank of India, established in 1786 but failed in 1791.
It originated as the Bank of Calcutta in June 1806. In 1809, it was renamed as the Bank of Bengal. These are now called its associate banks. The Indian banking sector is broadly classified into scheduled and non-scheduled banks. The scheduled banks are those included under the 2nd Schedule of the Reserve Bank of India Act, 1934. Generally banking in India is fairly mature in terms of supply, product range and reach-even though reach in rural India and to the poor still remains a challenge.
Indian texts to mention the concept of usury. The word kusidin is translated as usurer. Also, during this period, texts began to condemn usury. The Jatakas also mention the existence of loan deeds. These were called rnapatra or rnapanna.
The Dharmashastras also supported the use of loan deeds. Kautilya has also mentioned the usage of loan deeds. The use of loan deeds continued into the Mughal era and were called dastawez. Two types of loans deeds have been recorded. The dastawez-e-indultalab was payable on demand and dastawez-e-miadi was payable after a stipulated time. The use of payment orders by royal treasuries, called barattes, have been also recorded.