The banking industry in India originated in the late 18th century. The Reserve Bank of India was established in 1934 as the central banking authority and was nationalized in 1949. During the 1960s and 1980s, many commercial banks were nationalized to facilitate Indian economic development. In the 1990s and 2000s, several committees were formed and India's banking system transitioned to include more modern technologies and regulations as the economy liberalized. A bank is a financial institution that accepts deposits and uses them to engage in lending activities. The Reserve Bank of India regulates currency, maintains monetary stability, operates the credit system, and oversees functions of other banks.