So get ready to take an in-depth look at the history of banking. Even before currency emerged, starting with the first minted coins, and then adding what were known as banknotes, paper currency, banks still were around to manage the accumulation of assets. The subscribers to the bank had lent the government, the above sum of 1,200,000. at an interest of eight per cent, besides an additional annuity of 4,000. and the privilege of acting as a banking company for the term of twelve The Imperial Bank of India subsequently named the State Bank of India. Banking is such a dynamic concept that it can’t simply be summed up by just writing a check. The History of Banking. The first bank in India was the ‘Bank of Hindustan’ started in 1770 by Alexander & Co., an English agency house in Calcutta which failed in 1782 with the closure of the agency house. 2 The term shadow banking was apparently coined by McCulley (2007). In 1895, the Punjab National Bank was established in 1895. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. There was no federal banking system until 1791, when Alexander Hamilton pushed for the Bank of the United States to be chartered. This capi-tal did not consist in money, but in government stock. That banking is changing is not new, it was ever thus and a short history of banking is useful to know how we got here and what remains important despite the changes that are coming. The History of Banks. To understanding how banking has evolved, we have to look at its origins. shadow banking system decomposes the simple process of deposit-funded, hold-to-maturity lending conducted by banks into a more complex, wholesale-funded, securitization-based lending process that involves a range of shadow banks” (p. 13). The most effective way to understand and bring the organization from traditional banking to digital banking is Omni-Chan - nel approach. bank if their needs are not met. Omni-channel is a multichannel approach to customer service where all the channels are tightly integrated, keeping customer in the center of the integration. (New York: Harper and Row, 1971), p. 7. The Church directed a share of personal fortunes to its charities such as the Obras Pias. It is nigh on impossible to cover the complete history of banks in such a short piece, but we are going to give you a … The next 5 years will see an evolution of Banking continuing what has already started, with some hoping for a revolution and a changing of the guard. Egyptian and Greek Origins: Temples Protect Precious Metals • Obras Pias was a charitable foundation during the Spanish period. The first Indian-owned Allahabad Bank was set up in 1865 in Allahabad. The word itself means works of piety in Spanish. For as long as civilization has existed, banking has existed. 10 A History of Money and Banking in the United States: The Colonial Era to World War II 3Robert William Fogel, “The New Economic History: Its Findings and Methods,” in The Reinterpretation of American History, Robert William Fogel and Stanley L. Engerman, eds. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. These were the OBRAS PIAS. History of Banking in the United States Timeline Timeline Description: In the colonial era, most American colonists depended on their local governments to provide money, and used credit from local merchants or from Britain. The original capital of this bank was 1,200,000 sterling. But the first bank in the modern sense was established in the Bengal Presidency as the Bank of Bengal in 1806. In fact, even before civilization existed, there were ‘bank-like’ systems. 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