The Bank of Hindustan was the first bank of India, which was set up in the year 1770. Then the General Bank of India was established in 1786 but failed in 1791. The East India Company established Bank of Calcutta in 1806. Then it was reformed as Bank of Bengal. The East India Company established Bank of Bengal (1809), Bank of Bombay (1840) and Bank of Madras (1843) as Independent units and called it Presidency Banks. Later in 1920 these three banks were merged and formed as Imperial Bank of India which started as private shareholders, mostly performed as European shareholders.
In 1865 Allahabad Bank was established first time exclusively by Indians. After that Punjab National Bank Ltd was established in 1894 with its headquarters in Lahore. Between 1906 and 1913 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.