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The good news is that it’s easy to send a same day international money transfer. Dive into our table to see some of the speediest transfer services around. Structure of the organised banking sector in India. Number of banks are in brackets. Banking in India, in the modern sense, originated in the last decades of the 18th century. General Bank of India, established in 1786 but failed in 1791. It originated as the Bank of Calcutta in June 1806.
In 1809, it was renamed as the Bank of Bengal. These are now called its associate banks. The Indian banking sector is broadly classified into scheduled and non-scheduled banks. The scheduled banks are those included under the 2nd Schedule of the Reserve Bank of India Act, 1934.