The first bank of limited liability managed by Indians was Oudh Commercial Bank founded in 1881. Subsequently, Punjab National Bank was established in 1894. Swadeshi movement, which began in 1906, encouraged the formation of a number of commercial banks. Banking crisis during 1913 -1917 and failure of 588 banks in various States during the decade ended 1949 underlined the need for regulating and controlling commercial banks. The Banking Companies Act was passed in February 1949, which was subsequently amended to read as Banking Regulation Act, 1949. This Act provided the legal framework for regulation of the banking system by RBI. The largest bank – Imperial Bank of India – was nationalised in 1955 and rechristened as State Bank of India. A high-level Committee, under the Chairmanship of Shri M.Narasimham was constituted by the Government of India in December 1997 to review the record of implementation of financial system reforms recommended in 1991 by the Committee on Financial System and chart the reforms necessary in the years ahead. The Committee submitted its report to the Government in April 1998.