<P> Banking in India, in the modern sense, originated in the last decades of the 18th century . Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829--32; and the General Bank of India, established in 1786 but failed in 1791 . </P> <P> The largest bank, and the oldest still in existence, is the State Bank of India (S.B.I). It originated as the Bank of Calcutta in June 1806 . In 1809, it was renamed as the Bank of Bengal . This was one of the three banks funded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843 . The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955 . For many years the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934 . </P> <P> In 1960, the State Banks of India was given control of eight state - associated banks under the State Bank of India (Subsidiary Banks) Act, 1959 . These are now called its associate banks . In 1969 the Indian government nationalised 14 major private banks, one of the big bank was Bank of India . In 1980, 6 more private banks were nationalised . These nationalised banks are the majority of lenders in the Indian economy . They dominate the banking sector because of their large size and widespread networks . </P> <P> The Indian banking sector is broadly classified into scheduled banks and non-scheduled banks . The scheduled banks are those included under the 2nd Schedule of the Reserve Bank of India Act, 1934 . The scheduled banks are further classified into: nationalised banks; State Bank of India and its associates; Regional Rural Banks (RRBs); foreign banks; and other Indian private sector banks . The term commercial banks refers to both scheduled and non-scheduled commercial banks regulated under the Banking Regulation Act, 1949 . </P>

When was commercial bank first nationalised in india