Before the independence, the banking system in India was primarily associated with urban sector. After independence, the banks had to spread out into rural and un-banked areas and make credit available to the people of those areas. Therefore, in 1950, the Imperial Bank of India expanded its offices in rural areas also and was brought under control of the Government in July 1955 and was renamed as State Bank of India. On 19 July, 1969, the government (Prime Minister Indira Gandhi) nationalized 14 major banks with deposits over 50 crores. On 15 April, 1980, 6 more commercial private sector banks with deposits over 200 crores were nationalized. In July 1993, New Bank of India was merged with Punjab National Bank. Now, there are 27 banks in the public sector viz. State Bank of India and its 7 associates, 19 commercial banks exclusive of Regional Rural Banks, 27 private sector banks and 29 foreign bank operating in India at present. |
Reserve Bank of India |
The Reserve Bank is the central banking institution of India. It was originally constituted as a shareholder's bank and started functioning as the Central Bank of India from 1st April 1935.Before 1935, the central banking functions were divided between the Central Govt. and the Imperial Bank of India. The Reserve Bank has the sole authority to issue bank notes in India. |
After the independence of the country, the demand for the nationalization of the Reserve Bank was made. The Reserve Bank of India bill seeking transfer to public ownership was introduced in the parliament. The act was made by the parliament for giving public ownership to the bank and since 1st January 1949, the Reserve Bank is functioning as the state owned and state managed central bank of the country. |
List of Public Sector Banks(Nationalized) in India(26):
1. Allahabad Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Canara Bank
7. Central Bank of India
8. Corporation Bank
9. Dena Bank
10. Indian Bank
11. Indian Overseas Bank
12. Oriental Bank of Commerce
13. Punjab & Sind Bank
14. Punjab National Bank
15. Syndicate Bank
16. UCO Bank
17. Union Bank of India
18. United Bank of India
19. Vijaya Bank
List of State Bank of India and its subsidiary(7):
1. State Bank of India
2. State Bank of Bikaner & Jaipur
3. State Bank of Hyderabad
4. State Bank of Indore
5. State Bank of Mysore
6. State Bank of Patiala
7. State Bank of Travancore.
List of Private Sector Banks(27):
1. Bharat Overseas Bank Ltd.
2. City Union Bank Ltd.
3. Ing Vysya Bank Ltd.
4. Lord Krishna Bank Ltd.
5. SBI Commercial & International Bank Ltd.
6. Tamilnad Mercantile Bank Ltd.
7. The Bank of Rajasthan Ltd.
8. The Catholic Syrian Bank Ltd.
9. The Dhanalakshmi Bank Ltd.
10. The Federal Bank Ltd.
11. The Jammu & Kashmir Bank Ltd.
12. The Karnataka Bank Ltd.
13. The Karur Vysya Bank Ltd.
14. The Lakshmi Vilas Bank Ltd.
15. Nainital Bank Ltd.
16. The Ratnakar Bank Ltd.
17. The Sangli Bank Ltd.
18. The South Indian Bank Ltd.
19. The United Western Bank Ltd.
New Private Sector Banks(8):
1. Axis Bank Ltd.
2. Centurion Bank of Punjab Ltd.
3. Development Credit Bank Ltd.
4. HDFC Bank Ltd.
5. ICICI Bank Ltd.
6. IndusInd Bank Ltd.
7. Kotak Mahindra Bank Ltd.
8. YES Bank
List of foreign banks(29):
1. ABN Amro Bank N.V.
2. Abu Dhabi Commercial Bank Limited
3. American Express Bank Limited
4. Antwerp Diamond Bank N.V.
5. AB Bank Limited
6. Bank Internasional Indonesia
7. Bank of America NA
8. Bank of Bahrain and Kuwait B.S.C.
9. Bank of Ceylon
10. Barclays Bank PLC
11. BNP Paribas
12. Chinatrust Commercial Bank
13. Citibank N.A.
14. Calyon Bank
15. Deutsche Bank AG
16. JPMorgan Chase Bank
17. Krung Thai Bank Public Company Ltd.
18. Mashreqbank psc
19. MIZUHO Corporate Bank Ltd.
20. Oman International Bank S.A.O.G.
21. Shinhan Bank
22. Societe Generale
23. Sonali Bank
24. Standard Chartered Bank
25. State Bank of Mauritius Ltd.
26. The Bank of Nova Scotia
27. The Bank of Tokyo-Mitsubishi UFJ, Ltd.
28. The Development Bank of Singapore Ltd.
29. The Hongkong and Shanghai Banking Corpn. Ltd.
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