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
NBFC & MFI in India 'Sound Monetary' system but no much appreciable success in realising social objectives of monetary policy of the country. In December 1982, Dr Manmohan Singh, Governor of RBI appointed committee under the Chairmanship of 'Prof. Sukhamoy Chakravarty' to review functioning of monetary system in India. Committee recommended assessment of links among the Banking Sector, the Non-Banking Financial Institutions and the Un-organised sector to evaluate various instruments of Monetary and Credit policy in terms of their impact on the Credit System and the Economy. Different types of NBFCs are as follows: An AFC is a company which is a financial institution carrying