Banking

• Within three months, a demand draft or a cheque has to be presented in a bank to be honored.

• HSBC stands for Hong Kong and Shanghai Banking Corporation.

• The Imperial Bank was the original name of the State Bank of India before it was nationalized.

• As of December 31, 2013, there were 151 commercial banks.

• 14 banks were nationalized in the year 1969 and another 6 banks in 1970.

• MICR stands for Magnetic Ink Character Recognition.

• The first ATM in the world was installed by Barclay’s Bank in North London on June 27, 1967.

• The first ATM in India was opened by HSBC in 1987.

• Reserve Bank of India was established in the year 1935.

• IBFT stands for Inter Bank Fund Transfer.

• Internet Banking was first introduced in the world in 1983 when the Nottingham Building Society (NBS) started the practice.

• Internet Banking in India was first introduced in 1995 by HDFC bank.

• IFSC stands for Indian Financial System Code.

• Manmohan Singh was a former Governor of Reserve Bank of India who went on to become the Prime Minister of India.

• Reserve Bank of India issues licenses to banks in India.

• Osborne Smith was the first governor of Reserve Bank of India who took charge on April 1, 1935.

• The Central Bank of India was the first Indian commercial bank fully owned and managed by Indians.

• Dubai Islamic Bank is the world’s first Islamic Bank, having been set up in 1975.