Money Matters! The Incredible Journey of Indian Banking Through Time

Image Source: Linkedln

India’s banking sector has undergone a remarkable transformation, evolving from a colonial-era trade facilitator to a technology-driven financial powerhouse. The book "Revolution in Banking: Wheels of India’s Growth Story" by Nirmal Bansal and Suneel Gupta provides a comprehensive historical account, tracing the sector’s journey through six distinct eras.

1. The Evolution of Indian Banking

The book explores the pre-Independence banking system, highlighting the formation of the Reserve Bank of India (RBI) in 1935, a defining moment in financial regulation.
The post-Independence era saw the emergence of State Bank of India (SBI) in 1955, marking a shift toward rural banking and financial inclusion.

2. Nationalization & Economic Liberalization

The 1969-1990 period witnessed bank nationalization, linking financial services to socio-economic growth.
The 1991-2005 era introduced economic liberalization, bringing computerization, ATMs, and internet banking into the mainstream.

3. The Digital Banking Revolution

The 2005-2025 period saw mobile banking, digital payments, and fintech innovations reshape the industry.
The book predicts future banking trends (2026-2050), including AI-driven financial services and blockchain-based transactions.

4. A Must-Read for Banking Professionals & Academics

The book serves as a manual for bankers, policymakers, and researchers, offering insightful analysis on financial inclusion, regulatory shifts, and technological advancements.

Sources: The Hundu Business Line