There are several public and private banks in India, including State Bank of India, Bank of Baroda, Canara Bank, HDFC Bank, and ICICI Bank. These banks offer various financial services to individuals and corporations, including deposits, loans, and investments.
As of 2021, the Reserve Bank of India (RBI) has authorized over 90 banks to operate in the country. India’s banking sector has seen tremendous growth over the years, with the RBI implementing various reforms and regulations to enhance the sector’s stability.
The Indian government has also introduced several initiatives to promote financial inclusion, aiming to bring more people into the formal banking system. This has resulted in the proliferation of microfinance institutions and the adoption of digital banking technologies. We’ll provide an overview of the various types of banks operating in India.
Types Of Banks In India
There are various types of banks in India, including private nationalised banks such as HDFC Bank and Canara Bank, foreign banks like Citibank and Barclays, and public sector banks including Bank of India and Central Bank of India. The Reserve Bank of India maintains a list of authorised banks in the country.
Types of Banks in India the banking sector is broadly categorized into public sector banks, private sector banks, and foreign banks. Each of these categories has distinct features that set them apart from each other. Let’s take a closer look at each of these categories and what makes them unique. Public Sector Banks: Public sector banks are banks in which the government has a majority stake.
These banks are also known as nationalized banks and are known for their extensive network across the country. They provide a wide range of services to customers, including savings and current accounts, loans, credit cards, and insurance products. Public sector banks in India are regulated by the Reserve Bank of India (RBI). Some of the top public sector banks in India include State Bank of India, Bank of India, Central Bank of India, and Canara Bank. Private Sector Banks: Private sector banks are banks that are owned and operated by private individuals or companies.
These banks often have a more personalized approach to banking and offer a wide range of products and services to customers. Private sector banks in India are regulated by the RBI and are known for their innovative approach to banking. Some of the top private sector banks in India include HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank. Foreign Banks: Foreign banks are banks that are headquartered outside of India but have a presence within the country. These banks offer a range of services to customers, including retail banking, corporate banking, and investment banking.
Foreign banks in India are regulated by the RBI and offer unique perspectives on the banking industry. Some of the top foreign banks operating in India include Citibank, Standard Chartered Bank, and DBS Bank. In conclusion, the banking sector in India is diverse and offers customers a wide range of products and services. Whether you prefer public sector banks, private sector banks, or foreign banks, there is something for everyone. Take the time to research your options and choose a bank that fits your needs and preferences.
Public Sector Banks
 IndiaPublic Sector Banks, also known as government banks, are banks where the government has a majority stake. They provide banking services to the general public, including individuals, businesses, and other organizations. There are currently 12 Public Sector Banks in India.
State Bank Of India And Its Associates
The State Bank of India (SBI), founded in 1955, is the largest Public Sector Bank in India. SBI has over 23,000 branches and 59,000 ATMs across the country. State Bank provides a range of banking services, including personal, corporate, and investment banking. SBI has five associates, which are State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, and State Bank of Travancore.
Nationalised Banks
The Nationalised Banks in India, also known as public sector banks, were established to provide banking services to the masses and to promote financial inclusion. There are currently 10 nationalised banks in India, including Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab National Bank, Union Bank of India, UCO Bank, and Allahabad Bank.
Regional Rural Banks
Regional Rural Banks (RRBs) were established to provide banking facilities in rural areas. RRBs were established under the provisions of the Regional Rural Banks Act 1976. There are currently 43 Regional Rural Banks in India, which are spread across different states and regions. Some of the popular RRBs are Andhra Pradesh Grameena Vikas Bank, Baroda Uttar Pradesh Gramin Bank, Kerala Gramin Bank, Punjab Gramin Bank, etc.
Private Sector Banks
There are several private sector banks in India, including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, and more. These banks offer a range of financial services to customers and play a crucial role in India’s banking industry.
Private Sector Banks in India are financial institutions that are operated by private entities, individuals or corporate institutions, and have been authorized to offer banking and financial services to customers. These banks have played a significant role in shaping the banking industry in India, and are known for their strong digital capabilities, specialized services, and innovative products tailored to meet the needs of modern-day customers. In this blog post, we will discuss the top seven private sector banks in India that have carved a niche for themselves in the highly competitive banking space.
Hdfc Bank
HDFC Bank is one of the most prominent private sector banks in India, with its headquarters in Mumbai. Founded in 1994, it is one of the largest banks in India, and has a network of over 5,000 branches and 13,000 ATMs across the country. The bank offers an extensive range of products and services, including personal banking, corporate banking, loans and mortgages, wealth management, and insurance products, to name a few.
Icici Bank
ICICI Bank is a leading private sector bank in India, with a presence in 17 countries across the globe. Founded in 1994, the bank has its headquarters in Mumbai and is known for its innovative products and services, including online banking, mobile banking, and social media banking. The bank has a network of over 5,000 branches and 14,000 ATMs in India and offers a wide range of banking and financial services, including personal banking, corporate banking, loans and mortgages, and investment banking.
Axis Bank
Axis Bank is another private sector bank in India that has gained a reputation for providing innovative and customer-centric banking products and services. Founded in 1993, the bank has its headquarters in Mumbai and has a network of over 4,000 branches and 12,000 ATMs across the country. The bank offers a wide range of banking services, including personal banking, loans and mortgages, investment banking, and credit cards, among others.
Kotak Mahindra Bank
Kotak Mahindra Bank is a leading private sector bank in India, with a focus on digital banking services. The bank was founded in 1985 and has its headquarters in Mumbai. It has a network of over 1,300 branches and 2,100 ATMs across the country, and offers a range of banking products and services, including personal banking, investments, insurance, and loans.
Idfc First Bank
IDFC First Bank is a private sector bank in India that was founded in 2014. It has its headquarters in Mumbai and has a network of over 600 branches and 1,800 ATMs across the country. The bank offers a range of banking products and services, including personal banking, business banking, and wholesale banking, among others.
Yes Bank
Yes Bank is a private sector bank in India that was established in 2004. It has its headquarters in Mumbai and has a network of over 1,100 branches and 1,800 ATMs across the country. The bank offers a range of banking products and services, including personal banking, business banking, and wealth management, among others.
Rbl Bank
RBL Bank is a private sector bank in India that was founded in 1943. It has its headquarters in Mumbai and has a network of over 397 branches and 1,885 ATMs across the country. The bank offers a range of banking products and services, including personal banking, business banking, and credit cards, among others.
Csb Bank
CSB Bank is a private sector bank in India that was founded in 1920. It has its headquarters in Thrissur, Kerala and has a network of over 430 branches and 290 ATMs across the country. The bank offers a range of banking products and services, including personal banking, business banking, and wealth management, among others. In conclusion, these are some of the top private sector banks in India that have a distinguished reputation for providing a range of innovative and customer-centric banking products and services. If you are looking for a private sector bank in India, you can consider one of these banks for a hassle-free banking experience.
Foreign Banks
India has a variety of private nationalised and foreign banks. Some popular foreign banks in India include DBS Bank, Citibank, Standard Chartered, Bank of America, Barclays, and Doha Bank. Check out the Reserve Bank of India’s list for different types of banks operating in India.
Foreign Banks: Apart from the various private and public sector banks in India, there are also several foreign banks operating across the country. These foreign banks are regulated by the Reserve Bank of India (RBI) and cater to a wide range of customers from individuals to large corporations. Here are some of the popular foreign banks operating in India. DBS Bank: DBS Bank is a multinational banking and financial services corporation headquartered in Singapore.
The bank currently operates 33 branches and 50 ATMs across 23 cities in India. The bank offers personal banking, business banking, institutional banking, and treasury solutions to its customers. Citibank: Citibank is a subsidiary of Citigroup, a multinational investment banking and financial services corporation headquartered in New York City. The bank currently operates 35 branches across 25 cities in India. The bank offers a wide range of banking services including savings and current accounts, loans, credit cards, and wealth management services.
Standard Chartered: Standard Chartered is a British multinational banking and financial services corporation headquartered in London. The bank currently operates 100 branches across 43 cities in India. The bank offers a wide range of banking services including personal banking, business banking, and corporate banking services. Bank of America: Bank of America is an American multinational investment banking and financial services corporation headquartered in Charlotte, North Carolina. The bank currently operates a representative office in Mumbai, India.
The bank offers a wide range of banking, investment, and financial services to its global customers. Barclays: Barclays is a British multinational investment bank and financial services corporation headquartered in London. The bank currently operates a representative office in Mumbai, India. The bank offers various banking services including corporate banking, investment banking, and wealth management services. Doha Bank: Doha Bank is a Qatari commercial bank headquartered in Doha, Qatar.
The bank currently operates a branch in Mumbai, India. The bank offers a wide range of banking services including personal banking, corporate banking, and wealth management services. In conclusion, these foreign banks have become an integral part of the Indian banking system and offer a wide range of services to their customers. Whether you are an individual or a large corporation, these banks cater to your specific banking needs.
List Of Banks
India has a wide range of banks including private and public sector banks, and foreign banks with a presence in the country. Some top private banks in India are HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank while public sector banks include State Bank of India, Bank of Baroda, and Punjab National Bank among others.
Introduction: India’s banking sector is diverse and extensive, with many public and private banks serving the country’s large and growing economy. A comprehensive list of banks in India is essential for anyone involved in finance, whether you are a business owner, investor, or simply looking for a new bank account. In this post, we will discuss the top public and private sector banks in India under the subheading of List of Banks.
Bank Of Baroda
Bank of Baroda is a well-known public sector bank headquartered in Vadodara, Gujarat. It was founded in 1908 and has since grown into one of the largest banks in India, with branches all over the country and overseas. Bank of Baroda offers a range of financial products and services like personal loans, education loans, home loans, credit cards, and more.
Canara Bank
Canara Bank is another leading public sector bank in India with its headquarters in Bangalore. It was founded in 1906 and today operates over 10,000 branches across the country. Canara Bank offers a range of banking and financial services, including personal banking, corporate banking, investment banking, and more.
Federal Bank
Federal Bank is a private sector bank with its headquarters in Kerala, India. It was founded in 1931 and has since grown into one of the most respected banks in the country. Federal Bank offers a range of financial products and services, including savings accounts, loans, credit cards, and more.
Uco Bank
UCO Bank is another public sector bank headquartered in Kolkata, West Bengal. It was founded in 1943 and has over 3,000 branches across India. UCO Bank offers a range of banking services, including personal banking, corporate banking, loans, and more.
Indian Overseas Bank
Indian Overseas Bank is a public sector bank headquartered in Chennai, Tamil Nadu. It was founded in 1937 and has over 3,000 branches across the country. It offers a range of banking and financial services for both individuals and corporates.
Indian Bank
Indian Bank is another leading public sector bank with its headquarters in Chennai, Tamil Nadu. It was founded in 1907 and has since grown into a reputable bank in the country. Indian Bank offers a range of financial services, including personal banking, corporate banking, and more.
Union Bank Of India
Union Bank of India is a public sector bank headquartered in Mumbai, Maharashtra. It was founded in 1919 and has over 9,500 branches across India. Union Bank of India offers a range of banking and financial services for both individuals and corporates.
Bank Of India
Bank of India is another reputable public sector bank headquartered in Mumbai, Maharashtra. It was founded in 1906 and has since grown into one of the largest banks in the country. Bank of India offers a range of banking and financial services, including personal banking, corporate banking, loans, and more. Conclusion: In conclusion, this list of banks in India showcases the diversity and strength of the country’s banking sector. Whether you are looking for a public sector or private sector bank, there are many reputable options available to choose from. We hope that this post has been informative and useful in helping you to navigate the Indian banking landscape.
Defunct Banks
There are numerous banks in India, including private, nationalised, and foreign banks. Some of the most popular private banks in India include HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank. Meanwhile, nationalised banks like Bank of Baroda, Canara Bank, and Union Bank of India are also prominent.
Additionally, foreign banks such as DBS Bank, Citibank, and Standard Chartered operate in India.
Defunct Banks:Â
India, being a country with a vast history of banking, has seen many banks come and go over the years. Some banks have only merged or acquired by larger banks, while others have had to shut down due to various reasons such as liquidation or bankruptcy. In this section, we will take a look at some of the defunct banks in India.
Bank of Rajasthan:
Bank of Rajasthan was a private sector bank in India that was founded in 1943 as Marwar Bank. It had its headquarters in Udaipur, Rajasthan, and in 2010, was merged with ICICI Bank. Bank of Rajasthan had a banking network of 463 branches, and its merger with ICICI Bank made the latter the largest private sector bank in India.
Lord Krishna Bank:
Lord Krishna Bank was a private sector bank in India that was founded in 1934.It had its headquarters in Mumbai, Maharashtra, and in 2007, was merged with Centurion Bank of Punjab. Lord Krishna Bank had a banking network of 280 branches across 16 states in India. Bank of Madura: Bank of Madura was a private sector bank in India that was founded in 1943. It was based in the city of Madurai in Tamil Nadu. In 2001, the bank was acquired by ICICI Bank.
Bank of Madura had a banking network of 273 branches across India. In conclusion, these banks have had a rich history in India’s banking sector, but unfortunately, they were unable to continue operating. The banking industry in India has undergone significant changes over the years, and with the emergence of new-age banks and financial institutions, we can expect many more changes in the years to come.
Conclusion
To sum up, India has a vast network of banks in both public and private sectors. The banking sector in India has undergone significant growth and transformation over the years, and today, the country boasts of some of the most prominent banking institutions in the world.
Whether it’s a private or nationalized bank, each bank caters unique financial services that meet the needs and preferences of its customers. With modern banking facilities and innovative initiatives, the banking industry seems to be on a steady growth path, contributing significantly to the nation’s economy.
