The banking industry in India has a long history dating back to indigenous bankers in ancient times who provided loans and credit. After independence, the Reserve Bank of India was established in 1935 to regulate the banking sector. Several public sector banks were nationalized in 1969 to expand access to credit. The banking industry is now regulated under the Banking Regulation Act of 1949. ICICI Bank was established in 1994 and helped pioneer private sector banking in India. It has since grown to become one of the largest private sector banks in the country.