Which is the oldest bank in India? Check Establishment Year

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The banking system in India started in the late 17th century with the creation of the first banks to serve traders and businesses. Over time, more banks were established, merged, or closed, shaping the country’s financial system. Today, the Reserve Bank of India (RBI) manages and regulates all banks, ensuring financial stability, controlling money flow, and supporting economic growth. Indian banks now provide services across cities, towns, and villages, making banking accessible to everyone.

The Oldest Bank in India

The oldest bank in India, “The Madras Bank,” was established in the late 17th century. It was created to serve British traders and the East India Company. Over time, it merged with other banks, and its legacy continues in India’s biggest public sector bank today. Knowing the first bank helps us understand the start of organized banking in India.

Bank Name: The Madras Bank
Year Founded: 1683
Location: Madras Presidency (now Chennai)
Status: Merged into Bank of Madras in 1843, which later became part of the Imperial Bank of India, and then evolved into the State Bank of India (SBI)

The Oldest Bank of India estabiled in 1683

List of Top 12 Oldest Banks in India

Over the years, many banks were created across India. Some survived for decades, while others merged into bigger banks. These banks played an important role in trade, credit, and India’s financial system. The list below shows the 12 oldest banks and their key details.

Rank	Bank Name	Year Founded	Location	Status / Notes
1	The Madras Bank	1683	Madras (Chennai)	Merged into Bank of Madras → Imperial Bank → SBI
2	Bank of Bombay	1720	Bombay (Mumbai)	Closed in 1770
3	Bank of Hindustan	1770	Calcutta (Kolkata)	Liquidated in 1832
4	General Bank of Bengal and Bihar	1773	Bengal Presidency	Closed in 1775
5	Bengal Bank	1784	Bengal Presidency	Closed in 1791
6	General Bank of India	1786	India	Closed in 1791
7	Carnatic Bank	1788	Madras Presidency	Merged into Bank of Madras → SBI
8	British Bank of Madras	1795	Madras Presidency	Merged into Bank of Madras → SBI
9	The Asiatic Bank	1804	Madras Presidency	Merged into Bank of Madras → SBI
10	Bank of Calcutta (later Bank of Bengal)	1806	Calcutta (Kolkata)	Merged into Imperial Bank → SBI
11	Allahabad Bank	1865	Allahabad (UP)	Nationalized in 1969, merged with SBI in 2020
12	Punjab National Bank	1894	Lahore (now Pakistan)	One of the oldest surviving banks, still operating

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Modern-Day Banking System in India

Today, India’s banking system is very well-organized. Modern-day banking provides services like savings accounts, loans, online banking, and digital payments like UPI across the country, including rural areas. The Reserve Bank of India (RBI) regulates and supervises all banks to ensure safety and stability. A strong banking system supports India’s economy, which has a GDP of over $4 trillion, helping businesses grow and improving financial access for millions of people.

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FAQs

Q1: Which is the first bank established in India?

A: The first bank in India was The Madras Bank, founded in 1683 in the Madras Presidency (now Chennai).

Q2: Which is the oldest bank still operating in India?

A: The State Bank of India (SBI) is the oldest bank still functioning today. It started as the Bank of Calcutta in 1806 and later became SBI.

Q3: Who regulates banks in India?

A: The Reserve Bank of India (RBI) regulates and supervises all banks in the country to ensure safety, stability, and smooth operations.

Tripti Mishra

Hi, I’m Tripti, a senior content writer at Oliveboard, where I manage blog content along with community engagement across platforms like Telegram and WhatsApp. With 3+ years of experience in content and SEO optimization related to banking exams, I have led content for popular exams like SSC, banking, railways, and state exams.