The banking industry is the backbone of any monetized economy. The stage of development of this industry is a good reflection of the development of the economy. The banking industry in India is governed by Banking Regulation Act of India, 1949. Since 1949, this sector has undergone phenomenal reforms due to the efforts and the vision of the policymakers. The first phase of reform began with nationalization of the 14 banks in 1969. At this stage, priority sectors were identified and banking support was given to them. The second phase was the nationalization of 6 more banks in 1980. Banking Industry
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