Reserve Bank of India on 8 November 2016. Earlier 1000 notes have been discarded by RBI. Reserve Bank of India also works as a central bank where commercial banks are account holders and can deposit money. RBI maintains banking accounts of all scheduled banks. Commercial banks create credit. It is the duty of the RBI to control the credit through the CRR, bank rate and open market operations. As banker's bank, the RBI facilitates the clearing of cheques between the commercial banks and helps the inter-bank transfer of funds. It can grant financial accommodation to schedule banks. It acts as the lender of the
Banking in India cards were compromised. Major Indian banks- SBI, HDFC Bank, ICICI, YES Bank and Axis Bank were among the worst hit. Many users reported unauthorised use of their cards in locations in China. This resulted in one of the India's biggest card replacement drive in banking history. The biggest Indian bank State Bank of India announced the blocking and replacement of almost 600,000 debit cards. Banking in India Banking in India, in the modern sense, originated in the last decade of the 18th century. Among the first banks were the "Bank of Hindustan", which was established in 1770 and liquidated in