This document provides an overview of the evolution and structure of the Indian banking system. It discusses the key developments since independence, including the establishment of the Reserve Bank of India in 1934 and the current two-tier structure consisting of scheduled and non-scheduled banks. The roles and functions of RBI as the central bank and banking regulator are described. The document also summarizes the major recommendations of the Narasimham Committee reports on banking sector reforms to modernize and strengthen the Indian financial system.