December - The Imperial Bank of India, the oldest (est. 1921) and the largest commercial bank of the India was transformed into the State Bank of India.
December 18 - Vijay Mallya, is an industrialist and two time member of parliament was born in Kolkata. He is the chairman of United Breweries Group (Kingfisher) and Kingfisher airlines.
January 1 - Sir Shanti Swaroop Bhatnagar died at the age of 60 in New Delhi. He was a famous scientist. The Council of Scientific and Industrial Research (CSIR) was set up under the chairmanship of Dr. Bhatnagar. After his death, CSIR established the Shanti Swaroop Bhatnagar Award for scientists in his honour.