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History of Banking in India (Before & After Independence):  The banking system is considered as the  backbone of a nation's economy . Modern banking in India originated in the last decade of the 18th century. We have come up with the history of banking, before and after independence. The history of banking began when empires needed a way to pay for foreign goods and services with something that could be exchanged or facilitated easily. Prior to this, banking procedures were carried by informal methods in the ancient World. However, formal banking has been developed around the 20th century. In India, banking has developed from the primitive to the modern stage of banking in a fashion that has no parallel in world history.  Today, the Indian banking system is divided into commercial banks (Both Public, Private Banks, schedules and non-scheduled), Regional Rural Banks, Cooperative Banks, etc. In this article, we will dig deeper to make you understand different phases of the Indian