Evolution of Indian financial system

Pre-Independence Phase (Before 1947):

1. Establishment of the Bank of Hindustan in Calcutta during this period marked an early development in India's financial system.

Evolution of Financial System (1947-1991):

1. Post-Independence Phase: Following India's independence in 1947, there was a gradual evolution of the financial system.
2. Nationalization of Financial Institutions: During this period, the Indian government nationalized several financial institutions to bring them under public ownership, including major banks like the Reserve Bank of India and others.

Post-1991 Phase (1991 and Beyond):

1. The Liberalization Era: Starting in 1991, India embarked on a series of economic reforms that liberalized its economy.
2. Liberalization: This phase involved liberalizing various sectors of the economy, reducing government regulations, and opening up to foreign investment.
3. Privatization: The government started disinvesting its stake in various public-sector enterprises and allowed private players to enter previously restricted industries.
4. Globalization: India's economy became more integrated with the global economy during this period, leading to increased trade, foreign investment, and economic growth.