Imperial Bank of India Bank of India performed all the normal functions which a commercial bank was expected to perform. In the absence of any central banking institution in India until 1935, the Imperial Bank of India also performed a number of functions which are normally carried out by a central bank. The Reserve Bank of India, which is the Central bank of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India, and the Imperial Bank of India was renamed on 30 April 1955 to the State Bank of India. This transformation from the Imperial Bank of India
Banking in India system to allow cheque truncation—the conversion of checks from physical form to electronic form when sending to the paying bank—in India, the cheque truncation system as it was known was first rolled out in the National Capital Region and then rolled out nationally. Physical as well as virtual expansion of banking through mobile banking, internet banking, tele banking, bio-metric and mobile ATMs etc. is taking place since last decade and has gained momentum in last few years. A huge data breach on debit cards issued by various Indian banks was reported in October 2016. It was estimated 3.2 million debit