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1991 - India Bank Housing Limited was incorporated as a subsidiary 1994 - India fund Management Limited was established to manage the operations of Indian Bank Mutual Fund 2006-07 - The bank entered into a strategic alliance with Oriental Bank of Commerce and Corporation Bank
The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [ 1 ] The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks.
The corporation was incorporated by taking over two security presses at Nashik and Hyderabad, two currency note presses at Dewas and Nashik, four mints at Mumbai, Kolkata, Hyderabad and Noida and one security paper mill at Narmadapuram which were working under the direct administrative control of the Ministry of Finance and the Department of Economic Affairs.
In India, the paper currency was first issued during British East India Company rule. The first paper notes were issued by the private banks such as Bank of Hindostan and the presidency banks during late 18th century. Via the Paper Currency Act of 1861, the British Government of India was conferred the monopoly to issue paper notes in India. [5]
The first $10 National Bank Note issued by The First National Bank of Hawaii at Honolulu, Territory of Hawaii (1900), signed by Cecil Brown (President) and W.G. Cooper (Cashier). The vignette at left shows Benjamin Franklin conducting the famous Kite experiment. The 5550 in brown ink (and large numerals on the reverse) is the issuing bank's ...
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The first demonetisation of India was carried out in the year 1946 when, under the then Governor General of India, Field Marshal Archibald Wavell, 1st Earl Wavell, the Reserve Bank of India demonetised notes of ₹500, ₹1000, and ₹10,000 in order to check black market operations and tax evasions. This was done via 2 ordinances.