The Bank of Hindustan Was the First Bank to be established in India in 1770. The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the Reserve Bank of India Act, 1934. The Reserve Bank is permanently situated in Mumbai since 1937.
The Imperial Bank of India was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central bank for British India prior to the formation of the Reserve Bank of India in 1935.