IST,
Institution Building
(1960 - 1971)
పిడిఎఫ్ (110221)
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May 1960The failure of Laxmi Bank and the subsequent failure of the Palai Central Bank catalyzed the introduction of deposit insurance in India.
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1960Policy of reconstruction / compulsory amalgamation of banks introduced to consolidate the Banking sector. Powers to do so acquired by RBI Act amendment. Between 1960 to 1982 over 200 banks were merged or liquidated.
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1961Third Five Year Plan commences.
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7 Dec 1961Deposit Insurance introduced in India as a depositor protection measure. It was intended to increase the confidence of the depositors in the banking system, to facilitate the mobilisiation of deposits and promote greater stability and growth of the banking system.
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15 May 1962The Reserve Bank of India Act, 1934, the Indian Coinage Act, 1906 and the Currency Ordinance, 1940 extended to Goa, Daman and Diu consequent to their liberation.
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1 Mar 1962P.C. Bhattacharyya appointed Governor.
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May 1962New Bank Branch Licensing policy laid stress on opening of offices in 'unbanked' and 'underdeveloped' areas.
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16 Sep 1962Cash Reserve Ratio of banks was fixed uniformly at 3 % of their Demand and Time Liabilities with the flexibility to vary it between 3 and 15%.
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1962Chapter IIIA incorporated in RBI Act empowered the Bank to collect information in regard to credit facilities granted by individual banks and notified financial institutions to their constituents. 1974 the scope of the term credit information was enlarged to cover the means antecedents, history of financial transactions and the creditworthiness of any borrower or class of borrowers.
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1962The Banking Regulation Act amended. Scheduled Banks to maintain minimum liquid assets (SLR) of not less than 25% of the Demand and Time Liabilities.
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1 Jul 1962Agricultural Refinance Corporation (ARC) set up to provide Refinance to central land mortgage banks, state coop banks, scheduled commercial banks who were shareholders.
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26 Aug 1963Staff Training College established at Madras started a pilot course representing one of the early HRD endeavours in the services sector.
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1 Feb 1964RBI empowered to regulate the deposit acceptance activities of non banking institutions. New chapter IIIB inserted in RBI Act.
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Feb 1964Unit Trust of India established to extend facilities for an equity type investment to small investors and also mobilize resources and channel them into investments so as to facilitate the growth of the economy. Commenced operations in July 1964.
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1 Jul 1964IDBI established as a subsidiary of the Reserve Bank of India with the purpose of providing long term industrial finance. Took over business of Refinance Corporation for Industry in September, 1964.
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20 Nov 1965Credit Regulation introduced to align the growth of bank credit with Plan requirements. Later evolved into the Credit Authorisation Scheme (CAS).
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1 Mar 1966Operations of co-operative banking system brought under the regulatory ambit of the RBI. Banking Laws.
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Mar 1966A new Department of Non Banking Companies established at RBI Calcutta.
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6 Jun 1966Rupee devalued by 36.5 % The US Dollar which earlier was equivalent to Rs 4.75 now rose to Rs 7.50.
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2 Jul 196612 State Cooperative Banks included in Second Schedule of RBI Act.
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17 Apr 1967Size of Bank notes reduced.
Data Releases
This Section provides data on various aspects of Indian economy, banking and finance. While the current data defined as data for the past one year is available at the links provided below, researchers may also access data series available in the Database on Indian Economy link available on this page.
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పేజీ చివరిగా అప్డేట్ చేయబడిన తేదీ: సెప్టెంబర్ 27, 2025
