Setting Up an Off-shore Banking Unit at Gift City India – Regulatory Framework

Abstract

Banking business is very old in India and dates back to 1770 when the first bank was established in Calcutta by the name Bank of Hindustan. This bank was closed in 1832. We know the business of money landing is even older when Mahajans and money lenders used to lend money to farmers and traders and charged exorbitant interest. The first commercial bank in the history of the evolution of banking in India was Oudh Commercial Bank which was established in the year 1881.