Abstract
Globally, the history of banking has much in common, as it evolved with the moneylenders accepting deposits and issuing receipts in their place. The intension of this paper is to bring out some vital, fascinating facts based on Indian central banking enquiry committee, which describes that history and evolution of the Indian banking system that was far beyond the medieval time. The minute vital details of the history and evolution of banking sector in India have been consolidated in this paper with the timeline to present the comprehensive depiction of the evolution of the banking sector. It has been revealed that India‟s US$ 1.25 trillion banking industry is the backbone of the economy and continuing flourishing with a strong foothold. The sector emerged to be resilient during the global financial turmoil and proved its mettle when the developed economies were shaking during the year of 2008. Capturing major events of the Indian banking industry, this paper expects to add value to the knowledge of banking history and abet the readers to understand the evolution of the banking industry of a nation which is justifiably looking forward to be one of the largest economy in the world.